NAB boss Ross McEwan said inflationary pressure and tighter monetary policy weighed on the bank’s results, even as it posted an 8.8 per cent jump in profit and upped its dividend.
The National Australia Bank has posted a sharp jump in profit despite its boss saying there were challenges in its operating environment including inflationary pressures and monetary policy tightening and an uptick in delinquencies.
The bank announced a fully-franked final dividend of 84 cents a share, compared with 78 cents a share in 2022. “Challenges in our operating environment became more evident as the 2023 financial year progressed with the impacts of monetary policy tightening and inflationary pressures increasingly weighing on households and the economy,” he said.
However, McEwan said the bank “took a more measured approach to growth” in Australian housing this year with a focus on returns, with competition in home lending partly offsetting its margins.
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