News: NAB UPDATE 1-NAB's annual profit beats estimates on provisions release

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Nov 9 (Reuters) - National Australia Bank (NAB) reported a 76.8% jump in annual profit that also beat analysts' estimates on Tuesday, as it released funds set aside to cover for potential loan losses stemming from the pandemic.

Australian banks have recovered from the pandemic earlier than their global peers, as record low interest rates and the country's swift economic rebound have driven up both property prices and credit growth.

NAB said it would not directly finance greenfield gas extraction projects outside Australia as part of its environmental, social and corporate governance policy, while limiting it to projects within Australia that play a role in national energy security.

Cash profit rose to A$6.56 billion ($4.85 billion) for the year ended Sept. 30, compared with A$3.71 billion last year, and beating a Refinitiv estimate of A$6.43 billion.

Australian housing lending grew 4% over the year, NAB said. The country's largest business lender released A$217 million of provisions it had kept aside for the pandemic's fallout.

The bank, which announced a A$2.50 billion share buyback programme in August, a final dividend of 67 Australian cents a share, more than double from last year's payout of 30 Australian cents. ($1 = 1.3517 Australian dollars)