Rising interest rates boost NAB’s quarterly profit to $2.15bn

National Australia Bank warns cash rate increase ‘also causing economic growth and house prices to soften’

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National Australia Bank has reported a leap in profit, backed by the rising interest rates that are driving strong returns across the country’s major financial institutions.

NAB, the second member of Australia’s big four banks to report improved margins this week, recorded cash earnings for the December quarter of $2.15bn, up by 18% compared with the average of the two previous quarters.

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