Despite the decline in earnings, freshly minted NAB boss Andrew Irvine hinted that the competitive home loan market was easing.
Net interest margin – a key metric of bank profitability that calculates the difference the bank is earning in interest on loans compared to what it is paying in interest on deposit – was 1.7 per cent – five basis points lower than its previous half-year result.Unveiling a $40m reduction in bad debts across the bank, Mr Irvine, who replaced longstanding NAB chief Ross McEwan last month, said the struggling parts of the economy had been “overemphasised”.
Freshly minted NAB chief executive Andrew Irvine said most of the bank’s customers were ‘doing OK’. Picture: NCA NewsWire / David Geraghty Underpinning the falling half-year earnings was declining profitability in NAB’s personal banking business, down 29.6 per cent in the last 12 months to $553m.
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