National Australia Bank Ltd (ASX:NAB) has posted a better than expected 16 per cent improvement in first half earnings on the back of a 20 per cent drop in bad debt charges.
In the six months to 31 March the bank’s net profit climbed from $2.1 billion last year to $2.43 billion.
Total cash profit jumped 21.7 per cent to $2.67 billion, boosted by 30 per cent growth in the bank’s wholesale banking division.
CEO Cameron Clyne remains upbeat about Australia’s economy, noting that unemployment is relatively low and there are early signs that businesses are looking to invest again.
A fully franked interim dividend of $0.84 has been declared.
In the year to 30 September 2010, National Australia Bank reported a net profit of $4.2 billion.
