NAB delivers $7.1 billion profit in battle for home loan customers

National Australia Bank chief executive Andrew Irvine delivered a $7.1 billion profit in his first financial results in the top job, largely in line with analyst expectations.

NAB’s cash earnings in the year to September 30 fell 8.1 per cent compared to last year as intense competition in the mortgage market squeezed the bank’s profits.

“The Australian economy has remained resilient, however the impact of higher interest rates and cost of living is challenging for our customers, and we are here to help them,” Irvine said.

“Not unsurprisingly, asset quality deteriorated over [the financial year], but we have maintained prudent balance sheet settings. We will continue to focus on keeping our bank and customers safe through the cycle.”

The bank declared a dividend of 85c per share, fully franked.

Analysts had forecast NAB would post profits of $7.06 billion.

More to come.

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