on Thursday posted a 36.6% fall in annual profit, hurt by higher loan loss provisions for the COVID-19 pandemic, customer and payroll remediation, and higher wages.
NAB reported full-year cash earnings of A$3.71 billion , compared with a restated figure of A$5.85 billion last year. Analysts polled by Reuters on average expected cash earnings of A$3.82 billion. “While the outlook remains uncertain, I am optimistic for Australia and New Zealand,” said Ross McEwan, chief executive of NAB, the largest business lender in both countries.
Expenses rose 10% in the year to September 2020, and NAB forecast another 2% increase in fiscal 2021, excluding notable items such as remediation costs. Subdued demand for credit would prevail until confidence returns, it said.