In Brief: National Australia Sees HomeSide Deal Success

This year's acquisition of HomeSide Inc. contributed notably to National Australia Bank's third-quarter earnings, the bank said.

National Australia reported a 9.3% increase in net interest income for the quarter, to $3.63 billion, and a 35.9% increase in noninterest income,to $2.45 billion.

The February deal for HomeSide contributed $211 million to the latter, the bank said.

Since the deal HomeSide has booked a net profit of $57 million, the bank said.

"A key feature of the latest results is the obvious success of the group's geographic and income stream diversification," said Don Argus, a bank managing director.

"This gives us a clear advantage over our major competitors in Australia in terms of earnings growth potential and shareholder value," he said.

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