NAB shares rise on strong earnings as its rivals continue to slide

(Photo by Richard Heathcote/Getty Images)

Shares in National Australia Bank reversed part of Wednesday’s losses after the lender posted a 2.3% increase in cash profit today.

The result helped NAB sidestep the sell-off its main rivals are witnessing. A short while ago, shares in NAB were up 0.4% at $33.205.

The ANZ, Commonwealth and Westpac all continues their descent for the third consecutive day. The benchmark S&P/ASX200 index was 0.3% lower at 5,873.30 points.

NAB said cash earnings, which excludes one-time items, for the six months to March 31 were $3.29 billion, in line with expectations.

Statutory net profit stood at $2.54 billion compared with a loss last year, the Melbourne-based lender said in a statement Thursday.

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