By Alice Uribe 
 

SYDNEY--National Australia Bank Ltd. said profit in its fiscal first quarter was up on the same time a year earlier, helped by a strong lending business and rising deposits.

NAB, one of the country's major banks, recorded an unaudited net profit of 1.80 billion Australian dollars (US$1.29 billion) in the December quarter. No comparable figure was disclosed, but it compares with a profit of A$1.70 billion reported by the bank in last year's first quarter.

Cash earnings, a measure of profit adjusted for fair value and hedging movements and is the basis for calculating dividend payouts, was also A$1.80 billion for the quarter.

This was 12% higher than the quarterly average for the second half of fiscal 2021, primarily driven by strong volumes over the quarter with lending and deposits each up A$18 billion, NAB Chief Executive Ross McEwan said.

Still, he noted that disruptions to supply chains and labor markets caused by the recent spread of the Omicron variant of Covid-19 present challenges.

"While this creates uncertainty, we remain optimistic about the outlook for Australia and New Zealand and are well positioned to continue to grow with a strong balance sheet and disciplined execution of a clear strategy," he said.

The bank said first-quarter revenue grew by 8%, partly reflecting higher volumes of home loans and business lending.

 

Write to Alice Uribe at alice.uribe@wsj.com

 

(END) Dow Jones Newswires

February 09, 2022 16:33 ET (21:33 GMT)

Copyright (c) 2022 Dow Jones & Company, Inc.
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