By Alice Uribe

SYDNEY--National Australia Bank Ltd. said the rising interest rate environment helped its annual profit to increase by 8.3%, with the lender lifting its final dividend by 16%.

The bank said net profit for the 12 months through September rose to 6.89 billion Australian dollars (US$4.48 billion). Analysts had expected a full-year net profit of A$7.16 billion, according to FactSet's consensus estimate.

Cash earnings--a profitability measure tracked closely by analysts--rose by 8.3% to A$7.10 billion. Directors of the company raised its final dividend to A$0.78 per share, compared with A$0.67 a year ago.

The group's Common Equity Tier 1 capital ratio was 11.51% at the end of September, compared with 13% the previous year.

Write to Alice Uribe at alice.uribe@wsj.com

(END) Dow Jones Newswires

November 08, 2022 16:40 ET (21:40 GMT)

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