Shares of National Australia Bank (ASX:NAB) have increased as much as 1.9% to A$28.87, their highest level since May 2.

The bank, currently Australia’s second largest, reported Q3 cash earnings of A$1.90 billion ($1.24 billion), demonstrating growth when compared to A$1.80 billion a year earlier and surpassing a Visible Alpha consensus of A$1.80 billion.

Furthermore, NAB has announced a A$1.5 billion share buyback to progress its common equity tier 1 ratio towards the target range of 11% - 11.5%.

As of end-June, the CET1 ratio was 11.9%, versus 12.2% as of end-March.

For the April-June quarter, the company posted a net interest margin of 1.72%, as opposed to 1.77% as of March 31.

Citi analysts noted a mixed result in a report, highlighting generally soft operating trends but a robust balance sheet.

However, Citi continued to acknowledge better trends and value elsewhere in the banking sector.

As of the last close, NAB stock had dropped approximately 5.8% this year, while a 3.4% rise was reported on the benchmark index.

National Australia Bank offers banking services including personal, business, and private banking, along with insurance and investment services.