National Australia Bank (NAB), the country's largest lender, saw net profits increase 16% to A$2.17bn (€1.28bn) in the six months to March despite being hit by a A$360m loss from rogue currency options trading earlier this year.

The bank's first half results were helped by a A$315m profit from selling stakes in St George Bank, Australia's fifth largest bank, AMP, the Australian financial group and HHG, the UK life insurance business. The sales were part of NAB's pledge to regulators to shore up its balance sheet.