National Australia Bank reports business banking growth

·       Business and private banking division lending balances grew by 4% in the June quarter.

·       Following the announcement, the National Australia Bank share price was up at $41.20.

·       The bank stated that the performance reflects continued customer resilience and ongoing strategic focus.

National Australia Bank (ASX:NAB) reported that its business and private banking division increased lending balances by 4% during the June quarter.

This growth marked the strongest June monthly performance for the division since the 2022 financial year.

"Business and private banking have continued to perform well in a challenging economic environment," said National Australia Bank Group Executive B&PB Andrew Auerbach.

The division also recorded a 1% increase in deposit balances alongside a 2% rise in home lending balances during the same period.

Following the announcement, the National Australia Bank share price was up at $41.20.

The division focuses heavily on regional and agri banking operations as well as business transaction deposits.

Further details regarding the quarterly performance will be released during the upcoming third quarter trading update on Aug. 17.