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News: NAB boosts Q1 profit, passes on rate cut

  1. National Australia Bank Limited (ASX:NAB) has boosted its quarterly cash profit and announced it will pass on the Reserve Bank of Australia’s (RBA) rate cut in full. 

    The bank improved its cash profit by 6 per cent to $1.65 billion in the first quarter of its 2015 financial year while its statutory net profit came in at $1.8 billion. 

    NAB has also today cut its standard variable home loan rate to 5.63 per cent per annum which it says is the lowest in almost 40 years. 

    The move comes after the RBA slashed the key cash rate to a record low on Tuesday, Commonwealth Bank of Australia (ASX:CBA) and Westpac Banking Corporation (ASX:WBC) lowered rates yesterday and ahead of ANZ Banking Group’s (ASX:ANZ) interest rate decision tomorrow. 

    National Australia Bank reported a net profit of $5.29 billion in the year to the end of September 2014.  

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