NAB has today released its 2022 first quarter trading update to the market.

NAB CEO Ross McEwan said Australia’s biggest business bank has started the 2022 financial year well.

“Cash earnings increased 12% compared with the quarterly average of 2H21, asset quality remained benign and good momentum has continued across our business despite the environment remaining competitive. Volumes have been strong over the quarter with lending and deposits each up $18 billion.

“In Australia, over the three months to December 2021, home lending grew 2.6% and SME business lending increased 3.4%, and we gained market share across our core lending and deposit products. New Zealand loan growth was also strong at 2.2% over the same period.

“These results reflect an ongoing focus on executing our strategy, making the bank simpler for customers and colleagues.

“This is evident in our improving customer net promoter scores in consumer and business over 1Q22, which are pleasingly no longer negative.

“There is more work to do but we are moving in the right direction.

“Disruptions to supply chains and labour markets caused by the recent spread of Omicron present challenges for some of our customers.

“While this creates uncertainty, we remain optimistic about the outlook for Australia and New Zealand and are well positioned to continue to grow with a strong balance sheet and disciplined execution of a clear strategy.”

For full details, see the ASX announcement available to download on the right side of this page.