Australia's NAB half-year profits up 23%

National Australia Bank posted a 22.8 percent jump in first-half net profit Thursday on the back of higher revenue from personal and wholesale banking. Australia's fourth biggest lender said it booked a profit of Aus$2.52 billion (US$2.56 billion) in the six months to March 31. Cash earnings, which strip out volatile items and are the measure more closely watched by analysts, rose 3.1 percent to Aus$2.92 billion, "mainly due to higher earnings in personal banking and wholesale banking". "NAB has delivered a solid March half-year result, with continued growth in the Australian and New Zealand businesses and a stronger balance sheet," NAB chief executive Cameron Clyne said. He added that the bank's review of its struggling British businesses, particularly the Clydesdale and Yorkshire banks, was ahead of plan. "The UK banking business is managing a smaller and stronger balance sheet following the transfer of the vast majority of its commercial real estate portfolio to National Australia Bank Limited in October 2012," he said. Last year, NAB said it was planning to restructure its British arm, slashing more than 1,400 jobs by 2015 due to weak economic conditions. The bank provided no outlook, but said its recently updated business strategy and technology upgrade would improve customer service, reduce errors and cut costs.