National Australia Bank Ltd (ASX:NAB) has posted cash earnings of $1.1 billion for the three months to June 30, in line with the quarterly average of the first half of the year.
Personal banking cash earnings in the June quarter increased, compared to the average for the prior first half, NAB attributing the growth to progress in building the franchise.
CEO Cameron Clyne says NAB's fee and interest rate initiatives have been received positively from both customers and stakeholders.
Mr Clyne advises that personal banking saw growth is home loans and, new transaction account growth was nine times the level achieved in the 2009 June quarter.
The bank reports that around $24 billion of wholesale funding has been raised to date, within the target range of $20 to $25 billion for the year.
National Australia Bank reported a profit of $2.6 billion for the year to 30 September 2009.
NAB Price at posting:
$25.05 Sentiment: None Disclosure: Held
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