National Australia Bank, the nationâ€™s largest bank, said Thursday that net profit rose 7.1 percent on strong lending growth for the half year ending March 31.
Profit for the half year ending March 31 was $2.136 billion, up from $1.994 billion in the same half year period a year ago.
â€œThe cash earnings of both Australian banking and wealth management showed strong improvement, particularly in the areas of business lending, retail deposits and investment sales,â€ Chief Executive Officer John Steward said in the statement
Mr Steward added that the data said it was a â€œgood all-round resultâ€
Total lending - including gross loans, advances and acceptances - rose by 13.7 percent to $367 billion in the first half.
Cash earnings from ongoing operations rose 22.8 per cent to $2.196 billion.
â€œWe increased revenue and lending, with flat operating costs and a stable net interest margin.,â€ Steward said. â€œThis demonstrates our progress in improving all aspects of our business.â€