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SYDNEY, Feb 16 (Reuters) - National Australia Bank Ltd posted a pickup in quarterly profit from the previous two quarters on Tuesday as it wound back pandemic-driven bad loan provision charges, and pointed to encouraging signs on the economy.
The country’s No.2 lender by market value reported cash earnings of A$1.65 billion ($1.28 billion) for the three months ended Dec. 31. The result was flat on a year ago but a 47% improvement to the average quarterly result in the previous half, the bank said in a limited quarterly earnings update.
“Improving economic and health outcomes in Australia and New Zealand are encouraging,” Chief Executive Ross McEwan said in a statement.
Fundie names 5 ASX shares with good growth prospects
Tristan Harrison | January 3, 2021 10:47am |
More on: Image source: Getty Images
Clime Capital Ltd (ASX: CAM) is a listed investment company (LIC) that runs a portfolio that targets both large ASX shares and small ASX shares.
Some of the largest positions in Clime’s portfolio at the end of November 2020 were:
APN Property Group Ltd. (ASX: APD),
City Chic Collective Ltd(ASX: CCX),
Macquarie Telecom Group Ltd.(ASX: MAQ) and
Clime explained what happened with its portfolio about some of its November movements, and the current thinking behind each idea:
The fund manager said that the approximately 25% return of NAB shares in November reflected both the earnings result and positive developments on the economic front.
Why ASX banks are licking their lips right now
Tony Yoo | December 16, 2020 8:56am |
More on: Image source: Getty Images
Despite near-zero interest rates, the big ASX-listed banks have some excellent news to see in the new year.
Evidence from multiple sources is showing that the housing market is heating up for a massive post-COVID surge.
“It seems likely that residential property transactions will increase by a quarter in 2021 as, in addition to homebuyers, we’re now seeing property investors also returning to the fold lured by the prospect of neutral-to-positively geared investments,” said BuyersBuyers.com.au chief operating officer Pete Wargent.