NAB CEO Says Business Bank Clients Face Challenge on Economy

National Australia Bank Ltd. Chief Executive Officer Andrew Irvine highlighted the challenges facing customers in its largest division after the lender missed first-half profit estimates on higher software costs and the deteriorating economy pushed up credit provisions.

Cash earnings came in at A$2.64 billion ($1.91 billion) in the six months to March 31, falling short of the A$3 billion average forecast of analysts polled by Bloomberg. The stock slipped as much as 4%, with the shares currently trading at the lowest since August.