Finance
National Australia Bank Shares Tumble as Competition Bites
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National Australia Bank Ltd.’s shares slid as much as 8.6% after first quarter earnings declined due to competition that pinched margins, while credit impairments rose at the nation’s biggest business lender.
The Melbourne-based bank reported unaudited net profit of A$1.7 billion ($1.1 billion) in the three months ended Dec. 31, according to a statement Wednesday. The stock was down 6.8% as of 10:37 a.m. Wednesday in Sydney after earlier falling the most since March 2020.