National Australia Bank profits up 6.5%

National Australia Bank - Six months ending March 31 cash profit of AUD 3.3bn ($2.47bn), up 6.5% YoY, due to lower charges for bad debts.

Lower charges for bad debts have supported National Australia Bank's 6.5 per cent rise in cash profit to $3.3 billion in the first half.

The statutory measure of earnings, which includes the impact of NAB selling its United Kingdom business in the half, was an interim $1.74 billion loss.

The result was well received in the market, with NAB shares rising 3.2 per cent by late morning, to $28.17.

Revenue rose 3.3 per cent in the six months ended March 31 and bad debt charges fell year-on-year.