National Australia Bank Shares Hit Record on Profit Gains

National Australia Bank Ltd.’s shares rose to a record high after first-quarter results showed business banking growth and strength in home lending.

Unaudited cash profit rose 16% from a year earlier to A$2.02 billion ($1.4 billion) in the three months ended Dec. 31, according to a statement Wednesday. The stock climbed as much as 5.8%, the biggest intraday gain since April.