The NAB's local Australian business performs as it lifts cash profits 9%

Photo: Vince Caligiuri/Getty Images.

The NAB posted a 9% rise in cash profit to $1.75 billion for the third quarter, driven by better revenue from core operations in Australia and New Zealand.

The result is 6% above the quarterly average of the 2015 half year result. On a statutory basis, unaudited net profit was $1.85 billion.

Revenue increased 4% and expenses increased by about the same.

CEO Andrew Thorburn says the bank has maintained a clear focus on the core Australian and New Zealand business.

“We have continued to invest in a disciplined way in our priority customer segments of home lending, SME and specialised business, to deliver a better experience for customers and improve returns to shareholders,” he says.

The NAB is in the process of selling its troubled UK business and has raised $5.5 billion in new capital to facilitate the sale.

It’s also completed the sale of its South Dakota-based Great Western Bank.

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