National Australia Bank 1st Half Net Profit Rises to A$3.21 Billion
By Alice Uribe
SYDNEY--National Australia Bank Ltd.'s first-half net profit
more than doubled as the Australian and New Zealand economies
rebounded from the pandemic more strongly than expected.
The Australian bank said its statutory net profit totaled 3.21
billion Australian dollars (US$2.49 billion) in the six months
through March, up from A$1.31 billion at the corresponding stage of
the 2020 fiscal year.
Cash earnings--a measure closely tracked by analysts that strips
out non-core items such as revenue hedges and treasury shares--rose
by 95% to A$3.34 billion. This was ahead of consensus expectations
for cash earnings of A$2.95 billion.
Directors of the lender declared an interim dividend of A$0.60
per share, doubling its midyear payout of last year. Consensus
expectations were for a A$0.56-a-share dividend.
The group's common equity tier 1 capital ratio was 12.37% at the
end of March, up 90 basis points from six months earlier.
Write to Alice Uribe at email@example.com
(END) Dow Jones Newswires
May 05, 2021 18:41 ET (22:41 GMT)
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