Latest news with #NationalAustraliaBankLtd.
Mint
07-05-2025
- Business
- Mint
National Australia Bank Profit Tops Estimates, Margins Bite
(Bloomberg) -- National Australia Bank Ltd.'s earnings topped analyst expectations in the first half of the year as the firm's key unit of lending to businesses grew, despite continued pressure on margins. Cash profit rose 1% to A$3.58 billion ($2.33 billion) in the six months ended March 31, the firm said in a statement on Wednesday. That compared with the A$3.47 billion average estimate of analysts surveyed by Bloomberg. Chief Executive Officer Andrew Irvine is one year into his role atop the Melbourne-based lender and is facing an economy where interest rates are expected to keep falling, weighing on the profitability of banks. Shares in rival Westpac Banking Corp. earlier this week slipped as analysts warned its push in business lending is being hurt by a tighter funding market. 'We are optimistic about the underlying growth outlook for the Australian and New Zealand economies,' Irvine said in the statement. 'However, escalating global trade tensions are a key source of uncertainty. Against this backdrop, we have maintained strong balance sheet settings.' The firm's business and private banking division saw lower impairment charges, while lower margins offset volume growth. Expenses were slightly higher due to investments to support business growth. Profit slipped within the unit of personal banking, which includes mortgages, which the firm described as 'challenging.' While market volatility and shifts in global trade policy are impacting the economy, Australia is well placed to withstand the changes, Irvine said. 'Uncertainty might be uncomfortable for businesses and households, but overall Australia entered this period in good shape,' Irvine said. 'Low unemployment, easing inflation and anticipated growth are all helping. This provides capacity for future cash rate cuts to help offset any further global headwinds.' Net interest margin was stable at 1.70%. Excluding the contribution from markets and treasury operations, it dipped by three basis points. NAB will pay an interim dividend of 85 Australian cents per share. (Adds CEO quote in fourth paragraph, more details on result from fifth) More stories like this are available on
Bloomberg
23-03-2025
- Business
- Bloomberg
Aussie Dollar to Snap Losing Streak on RBA Stance, China Support
The Australian dollar may be headed for its first annual gain since 2020, as the central bank keeps interest rates high and the economy benefits from expected Chinese stimulus. The Aussie will climb as high as 68 cents by December, according to Westpac Banking Corp. and Bank of America Corp., which would imply a gain of 8.4% from Friday's close. National Australia Bank Ltd. and Westpac see the currency rising to 65 cents by the end of June, after some initial volatility.
Bloomberg
18-03-2025
- Business
- Bloomberg
NAB Bets New Business Chief Will Fend Off Competition
National Australia Bank Ltd. is confident that a leadership change in its prized business banking division will fend off increasing competition from local rivals, its chief executive said. NAB announced Monday that Andrew Auerbach will head up business and private banking, replacing Rachel Slade. 'We're continuing to invest in our leadership position because we know that it's competitive out there and that's one of the reasons that I brought Andrew Auerbach back in,' NAB Chief Executive Officer Andrew Irvine told the Australian Financial Review Banking Summit in Sydney on Tuesday.
