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National Australia Bank H1 cash profit rises 6.5 pct

Published 05/05/2016, 08:13 am
Updated 05/05/2016, 08:20 am
© Reuters.  National Australia Bank H1 cash profit rises 6.5 pct
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SYDNEY, May 5 (Reuters) - National Australia Bank NAB.AX , the country's No. 1 lender, on Thursday posted a 6.5 percent rise in first-half cash profit as its wealth business boasted double-digit earnings growth.

Cash profit for the first six months to end of March rose to A$3.31 billion ($2.47 billion) compared with A$3.1 billion a year ago and analysts' estimate of A$3.35 billion.

The result comes in a week of forecast lagging performances from No.3 lender Westpac Banking Corp WBC.AX and No. 4 ANZ Banking Group ANZ.AX , confirming the negative trend for the country's banks as they battle a downturn in commodities prices and tougher capital requirements. ($1 = 1.3414 Australian dollars)

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