National Australia Bank first-half cash profit beats estimates, doubles dividend

NAB announced an interim dividend of 60 cents per share, higher than the 30 cents per share it declared last year.

SYDNEY: National Australia Bank Ltd on Thursday beat estimates for first-half cash profit and doubled its dividend, as a rapid economic recovery encouraged the country's third biggest lender to release funds set aside to cover potential COVID-19 losses.

Australia's success in controlling the outbreak, along with unprecedented monetary and fiscal stimulus, has helped jobs and the housing market rebound, allowing major banks to ease loan loss provisions set aside at the start of the health crisis.