National Australia Bank has delivered a strong full-year result despite intense market competition as customers sought the best interest-rate deals.
National Australia Bank has lifted its annual profit by almost nine per cent, despite the challenges posed by rising interest rates and high inflation . Australia's largest business bank reported cash earnings of $7.7 billion for the 2023 fiscal year, up 8.8 per cent from the year before. Its statutory net profit rose 7.6 per cent to $7.4b.
"This is all leading to some of the thinnest mortgage margins I've seen in my time in Australian banking." NAB on Wednesday passed on this week's interest rate increase by the central bank to variable rate borrowers. Rates have been rising since May last year when the Reserve Bank of Australia began hiking the cash interest rate in a bid to head off inflationary pressures in the economy.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
NAB ASX: National Australia Bank boosts profits and dividendThe bank’s net interest margin declined in the second half, reflecting intense competition for mortgages.
Read more »
NAB the first bank to pass through Cup day rate riseNAB will pass on the full 0.25 percentage points jump to its standard variable home loan customers from November 17.
Read more »
RBA interest rates” $A slumps after Reserve Bank of Australia’s ‘reluctant’ rate increaseThe Australian dollar and bond yields dropped as traders drastically trimmed bets of further rate increases amid caution in the statement.
Read more »
PwC to cut more than 330 jobs in Australia after scandal over misuse of Treasury informationConsultancy giant will close ‘skilled service hub’ in South Australia with more redundancies across national workforce
Read more »
Matildas, Socceroos to earn record pay under new CBA dealAustralia’s national teams are set to share in any future success in major international tournaments.
Read more »
NAB becomes first of big four banks moves to hike rates after RBA decisionNAB has become the first of the big four banks to hike its variable home loan rate following the Reserve Bank&x27;s interest rates increase.
Read more »