- Reuters
Aussie lender NAB reports lower profit but hints bank margin squeeze is easing
(Reuters) -National Australia Bank posted a double-digit drop in first-half earnings on Thursday but talked up the strength of the economy and said a margin-crunching struggle for the vital home loan market showed signs of easing. The first of Australia's big four banks to front up to investors this reporting season, NAB's results were closely watched for signs that the squeeze on profits from tough mortgage and deposit competition is coming to an end. Cash earnings for the six months ended March 31 fell 13% versus a year earlier to A$3.55 billion ($2.32 billion) as costs for the nation's second-biggest mortgage lender rose and competition tightened margins.
- Insider Monkey
20 Biggest Financial and Banking Companies in Australia, 2024
In this article, we will look into the 20 biggest financial and banking companies in Australia in 2024. If you want to skip our detailed analysis, you can go directly to the 5 Biggest Financial and Banking Companies in Australia, 2024. Australian Economy and the Financial Sector According to the IMF, Australia boasts a GDP […]
- Reuters
National Australia Bank cash earnings beat estimates
(Reuters) -National Australia Bank shares surged on Wednesday to their highest in about nine years after the bank's first-quarter cash profit beat market estimates, and the lender said it remains optimistic about Australia's economy. The country's top business lender said income from its markets and treasury portfolio drove revenue higher by about 1% for the quarter. Australia's second-biggest bank by market valuation however posted a 16.9% slump in cash earnings due to higher cost pressures, deposit costs and competitive lending, which in turn impacted margins.
