Australia Bank sees profits up

Tim Wallace
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NATIONAL Australia Bank (NAB) saw profits increase in the first quarter of 2013 as its UK units – the Yorkshire and Clydesdale banks – began to improve, the group reported yesterday.

Cash profits for the first three months of the bank’s financial year came it at A$1.45bn (£950m), up four per cent on each quarter of the second half of last year.

“This is a pleasing result, especially given operating conditions remain challenging both in Australia and the UK, notwithstanding recent improvements in financial markets,” said chief executive Cameron Clyne.