NAB shares are on a tear

Yasuyoshi Chiba/AFP/Getty Images

Shares in the NAB jumped after the bank posted a strong December quarter update on its financial performance.

At the close, they were up 2.3% to $28.90. The other major banks were in positive territory but only marginally so.

The NAB announced unaudited statutory cash earnings of $1.65 billion, up 3% on the same three months last year.

Bad and doubtful debt charges fell 23% to $160 million.

CEO Andrew Thorburn says the bank is on track to deliver full year targets.

“Against a favourable economic backdrop including improving business confidence and continuing strength in business conditions, we are optimistic about growing our bank by serving our customer better,” he says.

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