National Australia posts June profit jump

The bank has announced an after tax profit of A$829 million for the period, an increase of 18.9 per cent on the A$697million earned in June last year.

The bank's Australian operations provided the star turn, with an 18.2 percent profit increase to A$409 million, but a depressed exchange rate has dulled the shine of the Bank of New Zealand's latest results.

The NAB says its New Zealand profit for the nine months to June 2000 is $176 million - just 4.8 per cent higher than the previous corresponding period.

But if the impact of exchange rate movements is excluded, the latest nine months result was in fact 10.8 per cent higher.

Altogether the NAB's international operations in New Zealand, Europe, the US and Asia now account for 50.7 percent of after tax operating profit.

The National's MD, Frank Cicutto says the latest result is a solid performance particularly as it was achieved against a backdrop of difficult trading conditions for HomeSide investment in the United States.

He says HomeSide continues to encounter difficult trading conditions and has recently announced a number of major initiatives, which are expected to result in a return to growth.

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