06 May 2021

Spotlight on NAB Half Year Results

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NAB today announced its Half Year Results, which showed cash earnings up to $3.34 billion, 94.8 per cent higher than its Half Year Results last year. The bank lifted the 2021 interim dividend to 60 cents per share.

NAB CEO Ross McEwan said he was very pleased with the result, which reflected growing momentum in the bank and improving economic conditions.

“Broadly speaking, we are optimistic about the future for Australia and New Zealand – and for NAB,” Mr McEwan told media on Thursday morning.

He added NAB had delivered “a clean set of results with no large notable items”.

Mr McEwan said health and economic outcomes in Australia and New Zealand had improved much faster than expected over the past six months, although NAB was mindful of the ongoing situation overseas, particularly in countries such as India, Brazil and large parts of Europe.

“Here in Australia, the economy has returned to pre-pandemic levels and we are expecting GDP growth of 3.7 per cent this calendar year,” he said.

“Businesses are leading the recovery. Confidence and conditions are improving strongly. New jobs are being created.

“Against this improving economic backdrop, there is growing momentum across our bank reflecting our investment in key strategic priority areas.

“While there is still much to do, we are progressing on our ambition to deliver better outcomes for customers and colleagues. Focus and execution remain key,” he said.

Highlighting a number of key developments, Mr McEwan said “We are reinvigorating our leading Business Bank, with more bankers and a growing share of SME business lending. Volumes rebounded in March and our pipeline of new business is significantly higher than last year.”

However, Mr McEwan said that it remained “a challenging and competitive banking environment in Australia and New Zealand.”

“As I’ve said previously, in environments like these, it is important to be disciplined on costs – and we have been. But there is more work to do.”

NAB’s ASX documents can be viewed here.

To view or download a video of Mr McEwan discussing NAB Half Year Results, please click here.

Related news: Find out more about why “growth” is the word on the tip of the tongue of many businesses in this NAB News article.

Related news: And you can read about NAB’s transition to hybrid working and the lessons we’ve learned in this NAB News opinion piece.

 

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