In a statement to the market on Thursday, NAB said it had achieved an unaudited statutory net profit of $1.8 billion in the first quarter of 2022, alongside a 9.1 per cent boost in cash earnings to an equal $1.8 billion.
NAB reported strong volumes 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 per cent and SME business lending increased 3.4 per cent.
New Zealand loan growth was also strong at 2.2 per cent over the same period.
"These results reflect an ongoing focus on executing our strategy, making the bank simpler for customers and colleagues," said NAB CEO Ross McEwan.
"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," Mr McEwan said.
NAB's net interest margin (NIM) declined 5 basis points (bps) to 1.64 per cent including a modest negative impact from M&T and higher liquids. Excluding these impacts, NIM declined 2 bps due to competitive pressures and housing lending mix, partly offset by lower funding and deposit costs.
Maja Garaca Djurdjevic
Maja's career in journalism spans well over a decade across finance, business and politics. Now an experienced editor and reporter across all elements of the financial services sector, prior to joining Momentum Media, Maja reported for several established news outlets in Southeast Europe, scrutinising key processes in post-conflict societies.
