NAB in huge profit announcement

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    National Australia Bank, the third of the big four to announce first half profits, has beaten estimates to return a figure of $3.34 billion – and the big bank is confident that business is going to continue to do well.

    The $3.34 billion figure is 95% more than the same period in COVID-stricken 2020, allowing the bank to declare an interim dividend of 60c.

    The bank’s home loan lending through its retail banking channel dropped $3.7 billion to $100.1 billion, but the loans through the broker channel continued to grow.

    NAB’s NZ business continued to provide the group with substantial profits as cash earnings rose nearly 10% to over $600 million.

    “We’re seeing individuals interested in the housing market, and that’s very, very strong,” Ross McEwan said. “We do expect the housing market, and businesses to continue to borrow through this year and into the next.

    “There is a lot of confidence in the market, and it is our view that this will continue into 2022, and possibly into 2023.”

    And the big bank is seeing plenty of business momentum. “Even things like coffee machines are up 155%,” said McEwan.

    1H21 results so far (billion)

    Westpac $3.54

    NAB $3.34

    ANZ $2.98

    Original Article