(Compares with estimate, adds background)
May 6 (Reuters) - National Australia Bank Ltd (NAB) on Thursday beat estimates for first-half cash profit and doubled its dividend, as a rapid economic recovery encouraged the country's third biggest lender to release funds set aside to cover potential COVID-19 losses.
Australia's success in controlling the outbreak, along with unprecedented monetary and fiscal stimulus, has helped jobs and the housing market rebound, allowing major banks to ease loan loss provisions set aside at the start of the health crisis.
Cash profit rose about 95% to A$3.34 billion ($2.59 billion) for the half year, beating an estimate of A$3.05 billion, according to a Reuters poll
NAB wrote back credit impairment of A$128 million for the half, compared with bad debt charges of A$1.16 billion last year.
The lender announced an interim dividend of 60 cents per share, higher than the 30 cents per share it declared last year.
($1 = 1.2908 Australian dollars)
News: NAB UPDATE 1-National Australia Bank first-half cash profit beats estimates, doubles dividend
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Last
$44.09 |
Change
0.300(0.69%) |
Mkt cap ! $135.0B | |||
| Open | High | Low | Value | Volume |
| $43.89 | $44.24 | $43.64 | $179.4M | 4.075M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 1 | 700 | $44.09 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $44.14 | 3280 | 1 |
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| Last trade - 16.10pm 16/09/2025 (20 minute delay) ? |
| NAB (ASX) Chart |