NAB 1st Half Profit Rises 11%, Increases Dividend
May 04 2022 - 6:51PM
Dow Jones News
By Alice Uribe
SYDNEY--National Australia Bank Ltd. reported an 11% rise in
interim profit and increased its dividend by almost 22% after
experiencing strong growth in lending and deposits.
Australia's second largest lender by market share on Thursday
said its net profit rose to 3.55 billion Australian dollars
(US$2.57 billion) in the six months through March.
Cash earnings--a measure closely tracked by analysts that strips
out non-core items such as revenue hedges and treasury shares--rose
by 4.1% to A$3.48 billion. The bank declared an interim dividend of
A$0.73 per share, compared with A$0.60 a year earlier.
Consensus forecasts compiled by FactSet projected NAB's
first-half profit would be A$3.45 billion, with an interim dividend
of A$0.69 per share.
NAB's Common Equity Tier 1 capital ratio--a key measure of a
bank's ability to withstand financial shocks--was 12.48%. This was
52 basis points lower than Sep. 2021, which the bank said reflected
the impact of a now-completed A$2.5 billion on-market share
buy-back.
Write to Alice Uribe at alice.uribe@wsj.com
(END) Dow Jones Newswires
May 04, 2022 18:36 ET (22:36 GMT)
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