NAB lifts first-half cash profit to $3.48bn



National Australia Bank has lifted first-half cash earnings by 4.1 per cent from the the same period a year ago to $3.48 billion, helped by stronger lending and deposit volumes in its business and institutional segments.

Statutory net profit for the six months to March 31 was up 10.7 per cent to $3.55 billion, while operating revenue rose 4.6 per cent to $8.83 billion.

“We are producing better and faster experiences and getting the basics right more consistently. This has been achieved during a period of increased customer activity across all divisions of the bank, including the fastest growth in business lending since the GFC,” NAB chief executive Ross McEwan said on Thursday.

The lender will pay a fully franked first-half dividend of 73 cents a share, up from 60 cents a share for the same period last year.

NAB’s profit jump came a day after another big four bank, the ANZ, posted a 4 per cent rise in its first-half cash profit to $3.1 billion.

ANZ said on Wednesday that its  statutory net profit for the six months to March 31 was up 20 per cent from the previous corresponding period to $3.5 billion as it wound back provisions worth a net $284 million amid improving economic conditions.

-with AAP

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