SYDNEY - National Bank of the Australia, one of the largest lenders in the country, has reported increased nearly 16 percent in net profits in the first half Thursday in the midst of a strong economy, less bad debts and an increase in loans to businesses.
Net profit for the six months to March 31 was 2.43 billion Australian dollars ($2.61 billion), compared to $ 2.1 billion in the same period last year, the Bank based in Melbourne, said in a news release. Cash earnings rose 21.7% to AU 2.67 billion.
"I think that, in General, we see still some positives in the economy," said CEO Cameron Clyne. "Unemployment is relatively low, and there is an early sign that firms seek to invest yet."
Clyne also credited the decision of the Bank to reduce bank fees and low interest rates, which helped attract customers away from other large banks of Australia.
"This result is a sign that there is some momentum in this strategy," he said.
Fresh for bad debts and doubtful fell 19.7% to AU 988 million in the same period a year ago.
The Bank declared an interim dividend of 84 cents per share, up cents 74 a year earlier.
Clyne said he only expected loans to companies to continue to strengthen by the end of the year.
Shares rose to $0.33 or 1.25%, 26.72 AU $ in exchange for early in the morning.
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