The expected boost to bank profits from higher interest rates has evaporated, casting a pall over a result that tells the story of NAB’s turnaround.
would appear to be the perfect note for chief executive Ross McEwan to go out on.
“For me, the job is never done until the day’s over. We’re pushing pretty hard,” he tells Chanticleer. “The next six months is a little bit more difficult.”That’s certainly the view of investors, who were in no mood to celebrate strong numbers in the first half, and instead focused on what they fear is a growing profit squeeze in the year ahead.
Instead, NAB has pushed harder into its traditional heartland of business lending, where McEwan says activity levels remain strong and margins are still fat; NAB’s NIM in its business and private banking division rose from 2.8 per cent in the prior year to 3.27 per cent. NAB has contacted 7000 borrowers it thinks could strike trouble – mainly first-time borrowers who took out mortgages during the pandemic housing market peak – but McEwan says just 13 wanted extra help.
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.
Outgoing National Museum of Australia director pushes for cultural institutions to 'be honest' about Indigenous historyAs he announces his resignation, National Museum of Australia director Mathew Trinca urges historical institutions to 'be honest' about the conflicts that marked Australia's colonisation.
Read more »
Mark Butler outlines Labor’s plan for Medicare during National Press Club addressHealth Minister Mark Butler outlined the government’s plan for Medicare and cracking down on vaping during his National Press Club address on Tuesday.
Read more »
AUKUS as much about jobs as it is national security, Albanese saysAnthony Albanese says Australia’s contentious new joint nuclear submarine program with allies Britain and the United States is as much about providing domestic jobs and economic prosperity as it about national security.
Read more »
AUKUS as much about jobs as it is national security, Albanese saysAlbanese said the AUKUS pact – which will see a new model built at Osborne shipyard in Adelaide by the 2040s – was not just about the common interests of Australia, the UK and the US to uphold the international rule of law, but about “jobs and more jobs”.
Read more »
Australia news LIVE: Aged care workers get ‘historic’ wage boost; Migration reforms could cut low-paid immigrant numbers to AustraliaAged care workers in Australia to get ‘historic’ wage boost, migrant reforms could cut the population and Anthony Albanese visits UK shipyards where AUKUS submarines will be built.
Read more »
Australia news LIVE: Aged care workers get ‘historic’ wage boost; Migration reforms could cut low-paid immigrant numbers to AustraliaAged care workers in Australia to get ‘historic’ wage boost, migrant reforms could cut the population and Anthony Albanese visits UK shipyards where AUKUS submarines will be built.
Read more »