National Australia Bank Ltd (ASX:NAB) has beat market expectations to reveal an 18 per cent lift in first-quarter cash profit.
In the three months to 31 December 2010 NAB says its unaudited cash profit was $1.3 billion, up from $1.1 billion from the same time the year before.
The result was underpinned by stronger revenues from its retail bank, coupled with re-pricing of existing loans from its business bank, and puts NAB on course to post a record half year profit.
However NAB has warned that funding costs remain high and demand for credit is still subdued.
Chief executive Cameron Clyne says the first quarter result is pleasing and reflects the progress NAB has made against the group's strategic priorities.
In the 2010 financial year National Australia Bank booked a net profit of $4.2 billion.
NAB Price at posting:
$25.62 Sentiment: None Disclosure: Held
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