National Australia profit slumps as bad-debt charges swell

 National Australia Bank Ltd. full-year profit slumped as the coronavirus-induced recession swelled bad-debt charges, rounding out the worst earnings season for the nation’s lenders in a decade.

Cash earnings fell 37% to A$3.71 billion ($2.7 billion) in the 12 months ended Sept. 30, the Melbourne-based bank said Thursday. The result includes a previously disclosed A$450 million charge for customer compensation and other impairments. Bad-debt provisions tripled to A$2.76 billion in anticipation of a tough 2021.

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