NAB today released its 3Q Trading Update. Our ASX announcement can be accessed here.
Comments from NAB CEO, Ross McEwan are also included below.
“Our performance this quarter is encouraging. Cash earnings rose 10.3% compared with 3Q last year, supported by significantly better credit impairment outcomes.
“Particularly pleasing is the strong momentum across our business. In Australia, housing lending rose 2% and SME business lending grew 4.3%, both outpacing system in recent months. Our New Zealand business also delivered robust growth with lending up 2.7%. These outcomes are a result of the decisions and investments we are making, which are having a positive impact for customers and colleagues.
“We have a clear focus on where and how we will continue to grow. The exit of MLC Wealth is now complete, and the acquisitions of 86 400 and Citigroup’s Australian consumer business will help accelerate our growth strategy.
“Continued COVID-19 outbreaks and lockdowns are creating uncertainty and challenges for some of our customers. Through this we will support them while keeping the bank safe. However, we remain optimistic about the long-term outlook for Australian and New Zealand. The strong economic momentum leading into this period, ongoing government support and customers’ relatively healthy starting positions give us confidence that once restrictions are eased, the economy will bounce back.”