National Australia Bank has lifted first-half earnings and interim dividends on the back of higher interest rates and increased lending in its business and institutional segment.
The earnings came below market expectations, prompting a slide in its share price as investors accounted for a toughening growth outlook amid rising interest rates.
The lender reported a half-year cash profit of $4.07 billion (US$2.72 billion), a 17 percent improvement from the same period a year ago but below analyst estimates for a $4.15b (US$2.77 billion) profit.
Statutory net profit for the six months to March 31 was up 11 percent to $3.96b (US$2.65 billion), while operating revenue jumped 19.3 percent to $10.53b (US$6.72)….