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National Australia Bank FY Profit Rises

National Australia Bank Ltd. (NAUBF.PK,NABZY.PK, NAB.AX) reported that its net profit attributable to owners of the company for fiscal year 2022 rose to A$6.89 billion or 205.6 cents per share from A$6.36 billion or 185.2 cents per share in the prior year.

Cash earnings were A$7.10 billion or 211.7 cents per share up from A$6.56 billion or 191.0 cents per share in the previous year.

The company stated that cash earnings rose 8.3% and all businesses contributed to underlying profit growth of 11.5%. The outcome reflects continued execution of strategy including targeted volume growth and a disciplined approach to managing costs while investing for growth. After 11 years of interest rate reductions, earnings have also benefitted in fiscal year 2022 from the rising interest rate environment.

Net interest income for the year grew to A$14.85 billion from A$13.80 billion last year. Other operating income was A$3.44 billion up from A$3.01 billion in the prior year.

Revenue increased 8.9%. Excluding the impact of the Citi consumer business, revenue rose 7.8% mainly reflecting higher volumes and slightly higher margins excluding Markets & Treasury (M&T).

The company said it is well positioned for a changing Australian home lending market with slowing credit demand combined with heightened refinancing activity and competitive pressures expected.

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