National Australia Bank (NAB) has registered an unaudited cash profit of A$1.7bn ($1.2m) in the first quarter ended 31 December 2015, a rise of 8% rise compared to the year ago quarter.
Unaudited attributable net profit on a statutory basis was A$1.5bn, the bank said in its trading update.
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On a continuing operations basis, excluding the spun-off Clydesdale business, revenues increased 2% while expenses soared 5%.
The bank’s Common Equity Tier 1 ratio was 10.1% as at the end of 31 December 2015.
NAB Group CEO Andrew Thorburn said: "Our performance in the first quarter demonstrates continued momentum across our Australian business and our focus on delivering a great customer experience, particularly in key customer segments.
"In our core business, investment in priority segments is delivering improving results. This is particularly the case in Australian Banking which this period recorded improved revenue growth on higher volumes and stronger margins, and improved pre-provision profit. While competition in Business Banking remains intense and funding costs have risen, we have a strong franchise and pleasingly the rate of business lending margin decline is moderating."
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