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NAB profits soar on higher interest rates

National Australia Bank reported cash earnings of $7.7 billion for the 2023 fiscal year.

National Australia Bank reported cash earnings of $7.7 billion for the 2023 fiscal year. Photo: AAP

National Australia Bank has lifted first-half cash earnings by 17 per cent to $4.07 billion, helped by higher interest rates and increased business lending.

Statutory net profit for the six months to March 31 was up 11 per cent on the same period a year ago to $3.96b, while operating revenue jumped 19.3 per cent to $10.53b.

NAB chief executive Ross McEwan attributed the strong profit growth to the bank’s “long-term strategy, which has allowed us to make deliberate choices to target growth in higher returning segments combined with the impact of the higher interest rate environment”.

The lender will pay a fully franked first-half dividend of 83 cents a share, up from 73 cents a share for the same period last year.

– AAP

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