NAB lifts H1 cash profit

Lender's first-half revenue falls short of analyst expectations, will pay interim dividend of 99c.

National Australia Bank (NAB) has lifted its cash profit by 8.5% in the first half as improved performances across all of the lender's banking businesses offset higher conduct-related charges from its UK operations.

Cash earnings lifted to $3.150 billion in the first half, from $2.903bn in the previous corresponding period and largely in line with analysts expectations of $3.17bn.

Net profit attributable to members came in at $2.856bn, a 15.8% increase on the $2.466bn posted in the first half of 2013.  

Revenue from ordinary activities increased 4.2% to $9.204bn, but fell short of analyst expectations of $9.54bn.

NAB will pay a fully-franked interim dividend of 99 cents per security to shareholders on the register at May 16.

The results will be the last delivered by chief executive Cameron Clyne, who announced in April he will retire from his position in early August, to be replaced by Andrew Thorburn.

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