NAB profit surges to more than $4bn in six months, driven by interest rate hikes

National Australia Bank describes outcome as ‘good, strong set of results’ but acknowledges more customers showing signs of financial distress

• Follow our Australia news live blog for the latest updates
• Get our morning and afternoon news emails, free app or daily news podcast

National Australia Bank has recorded a 17% surge in its six-month cash profit to $4.07bn on the back of interest rate hikes, and issued an upbeat outlook for the economy.

At a time when company profits are being heavily scrutinised amid cost of living pressures, NAB increased its margins while acknowledging a growing number of customers were showing signs of financial distress.

Sign up for Guardian Australia’s free morning and afternoon email newsletters for your daily news roundup