NAB third quarter trading update

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NAB today delivered its Q3 trading update. The announcement can be found here.

In relation to the update, NAB CEO Ross McEwan said:

“We have delivered a sound 3Q23 result, following a very strong 1H23 outcome. Our performance during these periods has benefited from the consistent and disciplined execution of our strategy, against a backdrop of higher interest rates but also slowing growth, inflationary pressures and elevated competition.

“Growing our SME franchise remains a priority and over the June quarter SME business lending rose 4%. During the same period, we chose to maintain our disciplined approach in the competitive Australian home lending market with below system growth of 1%.

“Our strategy is also delivering productivity, which is key to helping us manage inflationary impacts while still investing in our key priorities. We continue to target productivity savings of approximately $400 million in FY23.

“We know this environment is challenging for our customers, but pleasingly, most are proving resilient with only a modest deterioration in asset quality in 3Q23. Consistent with our strategy, we are focused on keeping our customers and our bank safe and maintaining prudent risk and balance sheet settings. Capital levels remain healthy even after allowing for our latest on-market share buy-back announced today. Liquidity and collective provision coverage are strong and we raised $37 billion of term funding by end July.

“We will continue to execute our long term strategy with discipline and improve customer and colleague outcomes to deliver sustainable growth and improved shareholder returns.”

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