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 alice.uribe@wsj.com

 

(END) Dow Jones Newswires

May 05, 2021 18:41 ET (22:41 GMT)

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