National Australia Bank said it would pass through the Reserve Bank’s latest quarter of a percentage point increase to borrowers as soon as next week.
National Australia Bank will pass through the Reserve Bank’s latest quarter of a percentage point cash rate increase to borrowers from May 12,The bank will also increase savings rates for NAB Reward Saver and NAB iSaver accounts by the same amount.
” for the banks, highlighting the impetus for them to pass the increases through to borrowers as quickly as possible.“The net interest margin impact of the estimated benefit of cash rate increases from October 2022 is expected to be lower,” Mr Wiles said in a note, adding that the NIM benefits on unhedged deposits peaked in the first half of 2023.
NAB chief executive Ross McEwan has stressed the bank does not need to write unprofitable business and will instead direct more capital toward its business bank, which has starkly higher margins.But Citi analyst Brendan Sproules said the latest Australian Prudential Regulation Authority statistics showed business lending had slowed markedly.
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