National Australia Bank reports 8.8% lift in cash profit to $7.7bn

Strong competition for mortgage customers is putting pressure on its margins, NAB says

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National Australia Bank has recorded a strong lift in its cash profit to $7.7bn, while flagging that strong competition for mortgage customers has started to depress margins.

The cash result, up 8.8%, was booked during a 12-month period of fast-rising interest rates that has helped the wider banking sector print profits by increasing borrowing rates at a faster pace than deposits.

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