National Australia Bank has bumped up annual earnings to more than $7 billion following a “pleasing” year during which it reaped the rewards of rising interest rates.
Australia’s largest business-focused bank reported cash earnings of $7.1 billion for fiscal 2022, up 8.3 per cent from the previous year.
Cash earnings are the banking industry’s preferred measure of operational strength because it strips out volatile and one-off items.
NAB’s bottom line net profit also rose 8.3 per cent, to $6.9 billion, in the year ending September 30.
“Our FY22 results are pleasing,” CEO Ross McEwan said on Wednesday.
The result was attributed to volume growth and cost management, and interest rates….