National Australia Bank Limited (ASX:NAB) has increased its cash earnings by 8.5 per cent in the first half of the year to March. Australia’s fourth largest bank lifted earnings to $3.15 billion which narrowly missed analysts expectations.
Net profit attributable to owners was $2.85 billion, which represents an increase of 15.8 per cent or $390 million.
CEO Cameron Clyne said the economic environment continued to improve during the period, with confidence and growth rising in the UK.
Mr Clyne said confidence in Australia was up, but that competition is elevated and regulatory costs are rising.
The NAB share price has remained flat on the news, trading at $33.84.
