BNZ helps fill National Australia's coffers

For the half-year ended March NAB made a net profit of A$2.025 billion, with earnings per share jumping more than 26% to A$1.25 per share.

CEO Frank Cicutto says the strong result demonstrates the bank's strategy is working.

"The National's unique combination of business and geographic diversity is delivering profits and providing significant growth opportunities.

"Offshore earnings from continuing operations contributed 41% of our net profit and represented export income for Australia of almost A$800 million."

The bank's wealth management division earned an after tax profit of A$189 compared with A$65 million last year before the acquisition of MLC.

The Bank of New Zealand contributed profit of A$172 million, an increase of 34.4% from the previous corresponding period but a fall of 6.0% from the prior period.

Net interest income grew strongly, increasing by 24.7% over the previous corresponding to $288 million. thanks to higher lending volumes, particularly in relation to housing following the launch of the bank's GlobalPlus Home Loans brand.

Comments from our readers

No comments yet

Add your comment:

Your name:
Your email:	Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Anti-spam verification:

Type the text you see in the image into the field below. You are asked to do this in order to verify that this enquiry is not being performed by an automated process.

Related News:

Daily ShareChat: National Australia Bank