The bank’s net interest margin declined in the second half, reflecting intense competition for mortgages.
National Australia Bank lifted cash profit by 8.8 per cent to $7.7 billion for the 2023 financial year and boosted its final dividend to 84¢ a share.
NAB CEO Ross McEwan, who will brief the market on its full-year results on Thursday, at the bank in Sydney this week.Chief executive Ross McEwan said home loans were still a key market for the bank, but NAB is assessing challenges in the mortgage market and slowing loan growth. The segment’s cash earnings fell 9.1 per cent to $1.4 billion over the financial year.
Ninety-day arrears and gross impaired assets jumped 9 basis points to 0.75 per cent in the half, with the key drivers “higher delinquencies across the group’s home loan and business lending portfolios”.Mr McEwan said NAB is still the leading business bank in Australia, with lending in this segment up 8 per cent year-on-year and earnings up 10 per cent to $3.3 billion.
“We expect further challenges as the economic transition continues but we remain confident in the outlook. The Australian economy is proving resilient our balance sheet settings are strong and we continue to have attractive growth options across our business.”to increase interest rates on its variable home loans by 25 basis points on Wednesday afternoon, responding to the Cup day rate hike from the RBA.
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