By Alice Uribe 
 

SYDNEY--National Australia Bank Ltd. more than doubled its final dividend, after Australia's second-largest lender reported a strong uptick in profit as it limited cost growth.

The bank said net profit for the 12 months through September rose to 6.36 billion Australian dollars (US$4.72 billion), compared with A$2.56 billion a year earlier.

Cash earnings--a profitability measure tracked closely by analysts--rose by 77% to A$6.56 billion.

Directors of the company raised its final dividend to A$0.67 per share, compared with A$0.30 in fiscal 2019.

The group's common equity tier 1 capital ratio was 13.00%, up from 11.47% the previous year. NAB said it plans to manage CET1 over time toward a target range of 10.75-11.25%.

 

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

 

(END) Dow Jones Newswires

November 08, 2021 16:42 ET (21:42 GMT)

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