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The National Australia Bank Logo is seen on a branch in central Sydney, Australia, February 8, 2018. That has left NAB, ranked third for mortgages but first for business loans, in a prime position as the country's retail lenders look elsewhere for growth. We're not abandoning (mortgages), we're tilting towards our business bank." Larger mortgage rival Westpac (WBC.AX) also posted a higher annual profit on Monday, despite a decline in home loan profit. The company's net interest margin, a closely-watched bank metric of lending interest income minus payouts to deposit accounts, shrank to 1.71% as of Sept. 30, from 1.77% at March-end.

Persons: Daniel Munoz, Ross McEwan, We're, Azib Khan, Roushni Nair, Archishma Iyer, Shounak Dasgupta, Jamie Freed Organizations: National, REUTERS, NAB, SYDNEY, National Australia Bank, Westpac, P, Thomson Locations: Sydney, Australia, Bengaluru

☆ National Australia Bank's second-half cash profit falls as inflation persists
▼ + stars: | 2023-11-09 | by ( Roushni Nair | ) www.reuters.com time to read: +2 min

The National Australia Bank Logo is seen on a branch in central Sydney, Australia, February 8, 2018. But for the half-year ended Sept. 30, cash earnings sank as the impact of monetary policy tightening and inflationary pressures crippled households and the economy. The annual performance of its business and institutional banking divisions stood out with of 10.1% and 14.9% in cash profits respectively, while the personal banking division was a drag on its results, posting a 9.1% decline in cash earnings to A$1.45 billion. The bank reported a jump in its credit impairment charge for the year to A$802 million, up from just A$125 million a year ago, which it said reflected volume growth and worsening asset quality. The bank declared a final dividend of 84 Australian cents per share, up from 78 Australian cents apiece a year earlier.

Persons: Daniel Munoz, Ross McEwan, Roushni Nair, Archishma Iyer, Shounak Dasgupta, Jamie Freed Organizations: National, REUTERS, National Australia Bank, NAB, Thomson Locations: Sydney, Australia, Bengaluru

☆ Australia hurt by inflation but unlikely to enter recession - NAB CEO
▼ + stars: | 2023-08-24 | by ( ) www.reuters.com time to read: +2 min

A customer looks at products marked with discounted prices on display at a chemist in a shopping mall in central Sydney, Australia, July 25, 2018. "Inflation, while slowing, has hurt Australians more during the past 18 months than it has for three decades," National Australia Bank (NAB) CEO Ross McEwan said in a speech at the Australia-Israel Chamber of Commerce. "There is a lot of discussion as to whether Australia will head into a recession as we do have many headwinds. NAB and the three other large lenders which dominate Australia's A$2 trillion ($1.3 trillion) mortgage market have recorded only modest increases in late repayments as unemployment remains near record lows. Immigration to Australia has returned to levels similar to before COVID-19 prompted global border closures, leading to a shortage of housing and underpinning prices.

Persons: David Gray, Ross McEwan, McEwan, Byron Kaye, Himani Sarkar Organizations: REUTERS, Rights, National Australia Bank, NAB, Israel Chamber of Commerce, Reserve Bank, Thomson Locations: Sydney, Australia, Israel, COVID, Lincoln

☆ Aussie lender NAB's quarterly margins decline on stiff competition
▼ + stars: | 2023-08-14 | by ( ) www.reuters.com time to read: +2 min

The National Australia Bank Logo is seen on a branch in central Sydney, Australia, February 8, 2018. A high interest rate environment has benefited Australian banks, but they now face headwinds from rising bad debt and increasing competition for mortgages. Last week, the country's biggest lender Commonwealth Bank of Australia (CBA.AX) posted record annual profit on the back of rising interest rates, but warned higher living costs were pushing up debt arrears and competition was squeezing margins. NAB's net interest margin - a key measure of profitability - slipped to 1.72% in the April-June quarter from 1.77% as at March 31. The country's second-biggest lender, however, reported a 5% increase in cash earnings from higher interest rates.

Persons: Daniel Munoz, NIM, Ross McEwan, Upasana Singh, Archishma Iyer, Shilpi Majumdar, Shinjini Organizations: National, REUTERS, National Australia Bank, Commonwealth Bank of Australia, NAB, CBA, Analysts, Thomson Locations: Sydney, Australia, 3Q23, Bengaluru

☆ Aussie lender NAB's Q3 margins decline; shares up on cash earnings beat
▼ + stars: | 2023-08-14 | by ( Archishma Iyer | ) www.reuters.com time to read: +2 min

The National Australia Bank Logo is seen on a branch in central Sydney, Australia, February 8, 2018. Shares of the country's second-biggest bank rose 1.3% to trade at A$28.70 at 0115 GMT. Last week, the country's biggest lender Commonwealth Bank of Australia (CBA.AX) posted record annual profit but warned higher living costs were pushing up debt arrears and competition was squeezing margins. "Consensus NIM expectations might need to moderate down, but the current run rate in earnings would suggest NAB is on track to deliver on fourth quarter FY23 cash earnings expectations," analysts from UBS wrote. It posted cash earnings of A$1.90 billion, compared with A$1.80 billion a year earlier and beating a Visible Alpha consensus of A$1.83 billion.

Persons: Daniel Munoz, NIM, Ross McEwan, Upasana Singh, Archishma Iyer, Shilpi Majumdar, Shinjini, Sohini Organizations: National, REUTERS, National Australia Bank, Commonwealth Bank of Australia, NAB, UBS, Thomson Locations: Sydney, Australia, 3Q23, Bengaluru

NatWest lifer Rose climbed up the ranks over more than three decades from graduate trainee to boardroom, becoming the first woman to run one of Britain's major banks. "You can be a hero one day, a zero the next, as Alison Rose has found out." Davies lamented the "sad moment" while Rose paid tribute to colleagues who had helped her build solid foundations for the bank, in a statement accompanying the news. RBS TO NATWESTRose succeeded Ross McEwan as CEO of NatWest in 2019, becoming the lender's first female boss. But under Rose's supervision, the bank became one of Britain's biggest participants in government-designed loan schemes to keep ailing businesses afloat.

Persons: Alison Rose, Nigel Farage, NatWest lifer Rose, Coutts, Rishi Sunak, Rupert Younger, Rose, Howard Davies, Rose's, Davies, Charlie Nunn, Farage, impinging, NATWEST Rose, Ross McEwan, McEwan, Stephen Hester, Fred Goodwin, Lawrence White, Conor Humphries Organizations: NatWest's, Brexit Party, NatWest, Oxford University's, Lloyds Banking Group, Britain's, RBS, NATWEST, Royal Bank of Scotland, Thomson Locations: Europe, Westminster, Britain

2 lender, fell short of analyst forecasts in half-year profit released on Thursday and took a hit to its share price after warning that the windfall from rising interest rates had peaked. The update signals a tough new phase for Australia's lenders which have benefited from a year of rising interest rates by charging more to borrowers while limiting the amount they pay deposit-holders. "What the market's concerned about is the exit NIM (net interest margin)," said Hugh Dive, chief investment officer at Atlas Funds Management which holds bank stocks. In personal banking, which includes mortgages, profit shrank slightly due to a A$393 million impairment charge. The bank had telephoned 7,000 borrowers deemed to be most vulnerable to rising interest rates and just 13 had requested assistance.

☆ National Australia Bank cash profit jumps on loan growth
▼ + stars: | 2023-02-15 | by ( Sameer Manekar | ) www.reuters.com time to read: +2 min

SummarySummary Companies Q1 cash profit up 19%, beats estimatesLoan growth, high interest rates boost profitNet interest margin rises 12 bpsFeb 16 (Reuters) - National Australia Bank (NAB.AX) said on Thursday its first-quarter cash profit jumped 19%, helped by a rise in lending deposits for the country's second-largest bank. "The higher interest rate environment, resulting from central bank actions to curb inflation, has benefited our revenue this period," Chief Executive Officer Ross McEwan said. However, speaking of higher interest rates, McEwan said it was "also causing economic growth and house prices to soften, and loan repayments to increase". The country's second-largest lender posted cash earnings of A$2.15 billion ($1.48 billion) for the quarter ended Dec. 31, compared with A$1.80 billion a year ago. Analysts had expected cash earnings of $2.01 billion, according to Visible Alpha consensus.

☆ Australia's NAB flags slowing lending growth from rising rates, shares fall
▼ + stars: | 2022-11-09 | by ( Sameer Manekar | ) www.reuters.com time to read: +2 min

[1/2] A National Australia Bank (NAB) logo is pictured on an automated teller machine (ATM) in central Sydney September 12, 2014. The country's second-largest lender also warned that economic uncertainty created by rising interest rates owing to soaring inflation could challenge some customers, however, said it expects strong employment conditions and substantial home and business savings helping it weather the impact. NAB forecasts a steep decline in business and housing lending volumes in fiscal 2023 in Australia, with business credit growth seen decelerating to 3.6% from 14.7% in fiscal 2022. NAB, the country's biggest business lender, recorded strong growth in its business and home lending during the year ended September, with windfall benefit from rising interest rates boosting its cash earnings to A$7.10 billion ($4.62 billion). That compares with A$6.56 billion reported a year earlier and analysts' estimate of A$7.08 billion, according to Refinitiv Eikon.

☆ Australia's NAB beats cash profit estimates on lending growth, rising rates
▼ + stars: | 2022-11-08 | by ( Sameer Manekar | ) www.reuters.com time to read: +2 min

SummarySummary Companies FY cash earnings A$7.10 bln, up 8.3%Full-year total dividend of A$1.51/shareRise in home, business lending boost earningsNov 9 (Reuters) - National Australia Bank (NAB.AX), the country's second-largest lender, on Wednesday logged a better-than-expected annual cash profit helped by robust home and business lending growth and margins that were supported by rising interest rates. The lender warned that ongoing economic uncertainty, stemming from rising interest rates owing to soaring inflation, could challenge some customers, but was confident of standing strong on the back of strong employment and substantial home and business savings. However, rapidly rising interest rates and inflation could impact household budgets, dampening consumption and overall growth, Chief Executive Officer Ross McEwan said. "This outcome reflects continued execution of our strategy including targeted volume growth and a disciplined approach to managing costs while investing for growth," McEwan said. The Melbourne-based bank declared a final dividend of 78 Australian cents per share, compared with 67 Australian cents apiece last year.

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