BusinessBusiness

NAB Beats Expectations

Australia's biggest bank, National Australia Bank (NAB), revealed record first-half profits of US$1.22bn.

The figures are 11% up on the same period last year. NAB now joins ANZ Bank and Westpac Banking Corp., both of whom announced record interims in the last couple of weeks.

NAB chief executive Frank Cicutto said: 'We are on track to delivering more than 10% cash earnings growth and group cash earnings per share growth of 7-10% for the full year.' He also announced an extension of the bank's buyback program by an additional US$540m in the absence of any impending acquisitions.

The return to profit will be welcomed by the bank. Its performance has been under a cloud since announcing it lost almost US$2.3bn at its US-based HomeSide Lending Unit last year.

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