NAB reports $1.4 billion quarterly cash profit: Midday roundup

NAB has reported a quarterly profit of $1.4 billion while saying it remains positive about its outlook despite dipping confidence among businesses and consumers.

However, shares in the company have fallen 1% to $24.27 this morning.

Cash profit for the first nine months of the year comes in at $4.23 billion, while net profit was $1.2 billion.

“This quarter’s result is set against a backdrop of ongoing challenges in the global economy with continued uncertainty in the euro zone and the United States, volatility in global financial markets, and slowing growth in the big emerging economies,” chief executive Cameron Clyne said in a statement.

“Although subdued business and consumer confidence continue to affect the Australian economy, we remain positive about the outlook.”

The bank’s total charge for bad debts in June was just $524 million, down 7% from the previous quarter.

Online business activity declines: MYOB

An increase in the number of businesses running their own websites in the past three months has not been matched by online activity, according to the MYOB July business monitor published today.

The MYOB survey of 1,004 small and medium enterprises found the proportion of SMEs with a website rose slightly to 38%, compared with 36% in March.

However, those using online transactions, email marketing and social media declined to 24%, down from 31%.

“The decline in popularity of online business activities was completely unexpected, particularly that of online marketing and social media,” MYOB chief executive Tim Reed said in a statement.

Domino’s expects 15% profit jump

Domino’s Pizza Enterprises is expecting a 15% increase in profit during the next financial year, and will open between 70 and 80 new stores after posting a solid rise in annual profit.

For the full year ending July 1, Domino’s posted a net profit of $26.936 million, a 25.5% rise on the previous corresponding period.

Revenue from ordinary activities gained 7.39% to $264.887 million.

Domino’s will pay a final dividend of 14.1 cents, fully franked, taking the total dividend to 27.1 cents.

Shares rise despite weak Wall Street lead

The Australian sharemarket has opened higher despite a weak lead from the United States overnight.

The benchmark S&P/ASX200 index was up 14 points or 0.3% to 4297.6 at 12.00 AEST, while the Australian dollar stayed flat at $US1.05.

In the United States, the Dow Jones Industrial Average fell 38 points or 0.3% to 13,169.