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SYDNEY, Feb 7 AAP

February 07 2013, 08:47AM

National Australia Bank's first-quarter profit has fallen by 20 per cent due to lower values on some of its assets.

NAB's unaudited net profit in the three months to December 31 was approximately $1.26 billion, it said on Thursday, down from $1.6 billion in the same period in the previous year.

The bank's unaudited cash earnings in the three months to December were about $1.45 billion, up from $1.4 billion in the same period the previous year.

The main reasons for the difference between profit and cash earnings were losses on fair value and hedging impacts, NAB said.