OPINION: Two years after taking charge of the troubled National Australia Bank, Ross McEwan is showing the laggards why good banking is pretty simple.
National Australia Bank’s latest half-year results show that chief executive Ross McEwan is giving his rivals a master class in how to turn around a troubled bank.
National Australia Bank CEO Ross McEwan has just delivered the strongest half-year result in NAB’s history.NAB did that under previous leadership, but for various reasons this did not translate to growth in the bottom line. When McEwan took over as CEO in December 2019, NAB had just reported its lowest net profit before abnormal items in six years., buoyed by the 10 per cent increase in lending and 12 per cent growth in deposits. First-half earnings rose 4 per cent and revenue firmed 4.
“You’ve got to be very careful of the cost structure and what you give away in that business and David Gall and his team are doing a very good job. That being said, business is going well.” “We were so focused on taking costs out of the business, we’d stopped to invest properly, and we weren’t executing.
McEwan refuses to comment on the performance of other banks but he could not resist pointing out that UBank, NAB’s digital banking arm, did more home lending in the six months to March than one of the big four. He says 90 per cent of NAB customers have the capability of borrowing more money, which is a good indicator of the quality of the credit assessment by the bank.
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