NAB boosts profit and dividend on home, business lending growth

National Australia Bank has delivered an 8.3 per cent lift in cash earnings to $7.1 billion on the back of stronger business lending and miniscule bad debts and lifted its dividend, beating market expectations.

“After 11 years of interest rate reductions, earnings have also benefitted in financial year 2022 from the rising interest rate environment,” Mr McEwan said. NAB said for the full year to September 30 its revenue was up 8.9 per cent. Its loan books rose by 9.3 per cent on the back of a 13.3 per cent lift in deposits.

Earnings in the consumer bank fell by 3.6 per cent to $1.5 billion “primarily reflecting the impact of home lending competition on margins”, NAB said. The business and private bank performed better, with cash earnings up 21.5 per cent to $3 billion.

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