27 October 2010
National Australia Bank (NAB) has announced that its UK profits have risen by 53% after it advanced £4.7 billion of new loans and saw fewer bad debts.
Despite subdued demand for credit, NAB, which owns Clydesdale and Yorkshire banks, revealed it should successfully deliver a two-year lending commitment of £10 billion made last year.
Mortgage balances more than 90 days overdue as a percentage of the portfolio were significantly lower than the industry at 0.76% in September, NAB said.
The UK company has been the subject of deal speculation in recent months after it failed in the auction of 318 branches put up for sale by Royal Bank of Scotland, a deal later secured by Spanish giant Santander.
NAB's UK chief executive Lynne Peacock said: "While national economic recovery will provide further challenges, Clydesdale and Yorkshire Bank is in a strong position and continues to send a a clear message to new and existing customers that they have real choice and support in the market."
Stuart Cocks - Money Workout.
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