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| National Australia Bank Ltd. |
National Australia Bank Ltd., the nation´s fourth-largest lender, posted an 18 percent increase in first-quarter profit and said it´s well placed to absorb fallout from government banking reforms and natural disasters. Unaudited cash earnings for the three months ended Dec. 31 rose to A$1.3 billion ($1.3 billion), the Melbourne-based bank said in a statement today. That compares with A$1.1 billion profit reported in the same period a year earlier. Chief Executive Officer Cameron Clyne has stoked earnings by expanding the bank´s business lending, which outpaced rivals in the quarter, after Australia´s regulator rejected his bid for asset manager Axa Asia Pacific Holdings Ltd. The shares rose to the highest in three months after Clyne said he expects to see demand for business lending accelerate this year. "The market´s assessment of the risk associated with NAB will continue to decline each time the bank delivers a sound `business as usual´ outcome, as they have today," said Angus Gluskie, who manages about $350 million at White Funds Management Pty in Sydney. "The continued reduction in bad debts, and limited impact of recent weather events were important issues the market was looking for."
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