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National Australia Bank Q1 Cash Earnings Up 3%

Australian lender National Australia Bank Ltd. (NAUBF.PK,NABZY.PK, NAB.AX) reported that unaudited cash earnings for the first-quarter were A$1.65 billion, up 3 percent from last year.

"We are on track to deliver the targets announced with the FY17 results, including an estimated $1.5 billion increase in investment by the end of FY20. Cost savings of more than $1 billion continue to be targeted by end FY20," said Chief Executive Officer Andrew Thorburn.

Operating expenses for the first-quarter rose 4 percent due to the higher investment spend and personnel costs including Enterprise Bargaining agreement increases. The bank continues to expect expenses to grow 5%-8% in fiscal year 2018, then targeted to remain broadly flat over fiscal year 19-20.

Revenue for the first-quarter grew 1 percent.

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