Did National Australia Bank Ltd. Just Make $1.65b in 3 Months?

National Australia Bank Ltd. (ASX: NAB), Australia’s fourth-largest bank by market capitalisation, reported a $1.65 billion quarterly profit on Thursday.

NAB’s first-quarter filing with the ASX revealed a 3% rise in unaudited cash earnings/profit, to $1.65 billion, compared to the prior corresponding period.

“The acceleration of our strategy is well underway and we are pleased with early progress,” NAB CEO Andrew Thorburn, said. “We are on track to deliver the targets announced with the FY17 results, including an estimated $1.5 billion increase in investment by the end FY20.”

Like Commonwealth Bank of Australia (ASX: CBA), NAB has continued its push to using innovative technology to deliver better outcomes for its customers. Recently, the bank teamed up accounting software business Xero Limited (ASX: XRO), a move which brings the two companies closer together. NAB also partnered with realestate.com.au owner, REA Group Ltd (ASX: REA).

“We are providing a better experience for our customers by simplifying our business and reshaping our workforce,” Mr Thorburn noted.

During the quarter, NAB’s revenue went up 1% thanks to growth from both Business & Private Banking and Corporate & Institutional Banking.

“Our financial performance for 1Q18 has been sound. Revenue is up, and asset quality and balance sheet strength are again highlights.”

NAB’s charges for bad and doubtful debts fell 34% to to $160 million from $243 million last quarter.

Importantly, NAB also said its regulatory capital buffer, commonly referred to as a CET1 ratio, was 10.2%, an increase from last quarter’s CET1 ratio of 10.1%.

NAB shares were trading 0.7% higher at $28.44 on Thursday.