NAB announced a 2.3% increase in its H1 cash profit to $3.29 billion, which was largely in line with the street’s expectations, but much better than the $1.74 billion loss for the March 2016 half-year result.
While cash earnings grew, net interest margin fell 11 basis points to 1.82%. Charges for bad debts were up 5.1% to $394 million.
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The bank maintained its interim dividend at 99 cents per share, fully franked.
Shares of NAB raced to a high of $33.80 at the open but have now settled back into the low $33.00 handle. Our near-term target is around the January lows of $30.50.
