National Australia Bank (NAB) has reported an adjusted net profit of A$2.53bn for the first half of the fiscal year 2018, an increase of nearly 1.4% compared to A$2.49bn in the same period last year.

For the period ended 31 March 2018, the banking group’s net operating income stood at A$9.09bn, an increase of 2.4% from A$8.87bn a year ago.

Its net interest income also climbed by 5.5% from A$6.39bn to A$6.75bn on a year-on-year basis.

The bank’s cash earnings before tax and distributions dipped 15.5% to A$3.97bn from A$4.7bn a year earlier.

The underlying profit of the group also slipped to A$4.34bn from A$5.08bn a year ago.

NAB in its earnings statement noted that it paid A$1.4bn taxes which includes income tax, GST, FBT, payroll tax and other relevant taxes borne by the bank in the six months ended 31 March 2018.

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NAB CEO Andrew Thorburn said: “The acceleration of our strategy announced with the Group’s 2017 Full Year Results, including an estimated additional A$1.5 billion investment over three years, is now well underway.

“We are improving the experience of our customers, reshaping our workforce and growing our bank in an environment of rapid technological and regulatory change.”