NAB Reports Jump in Profit, Increases Dividend

SYDNEY—National Australia Bank lifted its dividend by almost 14%, and reported a 19% increase in interim profit, helped partly by a strong performance in its business banking unit and higher interest rates.

Australia’s second largest lender by market capitalization said its net profit rose to 3.97 billion Australian dollars (US$2.64 billion) in the six months through March, from A$3.55 billion a year prior. Analysts had expected an interim net profit of A$4.10 billion, according to FactSet’s consensus estimate.