In a full year results summary issued on Tuesday, NAB also reported a net profit of $6.364 billion and a fully franked dividend of 67 cents per share (up 30 cents paid last year).
Revenue for the year fell by 2.2 per cent, however gross loans and advances were up by 5.9 per cent, while housing lending and non-housing lending were up by 5.3 and 6.6 per cent, respectively.
NAB CEO Ross McEwan said the results reflect safe growth across the business despite a challenging environment brought on by the COVID-19 pandemic.
“Asset quality outcomes improved, and cost growth was limited to 1.8 per cent, reflecting a balance between productivity and investment. FY21 has been a difficult period for markets and treasury income but excluding this, revenue was stable over the year and 2 percent higher in 2H21 compared with 1H21,” Mr McEwan said.
“Our strategy is achieving results. While there is still much to do, I am encouraged by our progress as we execute with discipline and focus.”
Moving forward, NAB is optimistic about the Australian economy’s recovery as restrictions around the country continue to ease and expects higher cash rates to follow from mid-2023.
“Our bank has momentum, our strategy is clear and as lockdown restrictions ease, a pick-up in activity is expected,” Mr McEwan said.
“While some uncertainties exist in the outlook including the impact of tapering support, our balance sheet settings are strong, and we are well positioned for the expected economic rebound in Australia and New Zealand.”
Neil Griffiths
Neil is the Deputy Editor of the wealth titles, including ifa and InvestorDaily.
Neil is also the host of the ifa show podcast.
