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NAB posts solid results

by Staff Reporter7 minute read

National Australia Bank has delivered an unaudited profit of $1.3 billion for the first quarter of 2011.

The cash profit is approximately 9 per cent above what the bank made in both the third and fourth quarter of 2010.

And these profits are expected to climb higher still in the following quarters as the banks higher mortgage rates take effect.

NAB lifted its standard variable rate in November last year after offering the cheapest rate of the big four for more than 12 months.

The current quarterly results only took into account about one month worth of the higher rates. As such, the next quarter should receive the full benefit of the higher pricing.

In other good news, the bank also managed to grow its market share by 0.31 per cent last quarter to 13.6 per cent.

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