Rising Interest Rates Help Deliver $7.4 Billion Profit to National Australia Bank

The bank’s net operating income soared 12.9 percent to $20.7 billion .

A man walks past a National Australia Bank (NAB) branch in Melbourne, Victoria, Australia, on Oct. 27, 2023. Susan Mortimer/The Epoch Times

National Australia Bank’s (NAB) net profit grew 7.6 percent to $7.4 billion (US$4.7 billion) during the 2023 financial year.

The bank reported net interest income had risen 13.2 percent on the previous financial year to $16.8 billion (US$10.8 billion).