NAB profit forecasts upgraded

Equity analysts upgraded their profit forecasts for National Australia Bank by as much as six per cent in the wake of the bank’s March 2005 profit, which fell over 12 months but increased over the last six months. NAB’s shares traded at a 10-month high the day after the bank reported its profit. NAB’s management, though, has warned that it will under-perform its major bank peers for the rest of the year.