Banking giant NAB has reported a $7.7bn increase in cash earnings despite warning a more “challenging environment” is to come.
The 8.8 per cent increase in cash earnings was revealed as part of the big four bank’s full-year results for 2023 released on Thursday.“NAB is focused on delivering better outcomes for our customers and colleagues – regardless of the environment,” he said.
“This is a great franchise, with great customers and bankers, and we’re determined to keep investing in it to make it even better.” “However, our results softened in the second six months amid intense competition as customers seek the best deal. “We also saw the broader environment get more challenging, as higher rates and inflation weighed on households.”“The RBA’s decision to again increase the official cash rate because of persistent inflation will increase the pressure on households,” he said.
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