Strong competition for mortgage customers is putting pressure on its margins, NAB says
National Australia Bank has recorded a strong lift in its cash profit to $7.7bn, while flagging that strong competition for mortgage customers has started to depress margins.
“That market remains competitive for us,” McEwan said on Thursday. “To say that competition has backed off, I just don’t think that’s the case.” The bank’s credit impairment charge increased $677m across its lending portfolio, as borrowers grappled with a fast-paced series of rate rises since May last year.
“Are households coping better than expected, or is the stress simply building up to a major shake-up next year,” one analyst told Guardian Australia on Thursday.
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