By Alice Uribe

SYDNEY--National Australia Bank said increased lending and deposits in its business-related divisions helped its annual profit to increase by 7.6%, with the lender lifting its final dividend by almost 8%.

The bank said net profit for the 12 months through September rose to 7.41 billion Australian dollars (US$4.74 billion). Analysts had expected a full-year net profit of A$7.71 billion, according to FactSet's consensus estimate.

Cash earnings--a profitability measure tracked closely by analysts--rose by 8.8% to A$7.73 billion. Directors of the company raised the final dividend to A$0.84 per share, compared with A$0.78 a year ago.

The group's Common Equity Tier 1 capital ratio was 12.22% at the end of September, compared with 11.51% the previous year.

Write to Alice Uribe at alice.uribe@wsj.com

(END) Dow Jones Newswires

November 08, 2023 16:34 ET (21:34 GMT)

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