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NAB has reported “good growth in mortgages” along with an 11.1 per cent rise in profits.
The major lender posted a statutory net profit of $1.4 billion for the three months to 31 December 2013, compared with $1.26 billion the year before.
Cash earnings grew 7 per cent year-on-year from $1.45 billion to $1.55 billion. Revenue grew 1 per cent after also expanding 3 per cent the year before.
Chief executive Cameron Clyne said NAB had increased its share of the mortgage market during the quarter.
“The group achieved a solid first-quarter result, with a continuation of the trends evident in the 2013 result, including further improvement in asset quality and good growth in mortgages.”
