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National Australia Bank has posted a better than expected $1.5 billion net profit for the June quarter despite ongoing financial pain from the COVID-19 pandemic on customers. The unaudited result compares with the quarterly average of the half-year result reported in April, a $1.3 billion net profit. Revenue was up 10 per cent, reflecting higher markets and treasury income. The steadily rising trend of loans that are overdue by more than 90 days continues to surge, reaching 1.06 per cent in the June quarter, up from 0.97 per cent previously, primarily related to home loans.
Gold miner Newcrest has booked a 15 per cent rise in full-year net profit after a surge in the precious metal’s price more than offset a fall in production. The company posted earnings for 2019-20 of $US647 million ($A905.7 million) after a 5 per cent lift in revenue, with the realised gold price up 21 per cent at an average of $US1530 an ounce over the period. The gold price continues to ride high amid global economic turmoil caused by the coronavirus pandemic, last week breaking records at more than $US2060 an ounce, although it has since settled back to above $US1950 an ounce. Newcrest produced 2.17 million ounces during the 12 months to June 30, down 13 per cent on last financial year.
Mineral sands miner Iluka Resources has posted a 17 per cent fall in first-half net profit and decided against paying an interim dividend as COVID-19 dents sales volumes. The company posted a result of $113 million, down 17 per cent from the previous corresponding period, after a 16.3 per cent drop in revenue.
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