National Australia Bank noted over 10% jump in its 1H FY2022 net profit.

National Australia Bank Limited (ASX: NAB) reported a 4.6% jump in its revenue in 1H FY2022 compared to the previous corresponding period. The growth in the revenue was driven by e higher volumes, increased fees and commission income, offset by lower margins.

Net Interest Margin declined 11 basis points (bps) to 1.63%. However, after excluding the impact from Markets and Treasury and higher holdings of liquid assets, NIM declined 3bps.

Expenses increased 2.6%, reflecting additional bankers and resources to support growth, combined with salary growths and investment in technology. This was partly offset by productivity benefits attained via simplification and third party savings, plus lower occupancy costs.  

By the end of 1H FY2022, NAB’s net profit from continuing operations stood at AU$3,571 million, up 10% on PCP.

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