SYDNEY, Nov. 9 (UPI) -- A leading Australian banker says another interest rate hike is likely next year.
John Stewart, chief executive officer of the National Australia Bank, Friday announced a record $4.27 billion profit by the bank -- up 4.2 percent on the previous figure.
Speaking to the Australian Broadcasting Corp., Stewart commented on the Reserve Bank's action in raising the official interest rate by 0.25 percent this week to 6.75 percent.
"Could there be more interest rate rises?," he said. "It would not surprise me. I think our chief economist is predicting another rate rise early next year."
Stewart said all of NAB's businesses had reported double-digit growth in cash earnings and shareholders will receive an increased final dividend of 88 cents a share.
