NAB has reported statutory net profit of $3.6 billion as of March 2022, while also confirming a spike in cash earnings.
The cash earnings were up 4 per cent on 1H21 to $3.5 billion. Revenue also increased by 4.6 per cent from March 2021 - due to reported higher volumes, increased fees and commission income, offset by lower margins - as did lending (10 per cent) and deposits (12 per cent).
NAB also confirmed it will pay an interim dividend of 73 cents per share, fully franked.
Following the release of the results, NAB CEO Ross McEwan said capital levels remain above targets despite the $2.5 billion buyback it completed in March, with another to commence at the same figure in May.
On the back of the buyback, Common Equity Tier 1 (CET1) was reported at 12.48 per cent, 52 basis points lower than September last year and closer to its target range of 10.75 to 11.25 per cent.
Mr McEwan said that the FY22 term funding is also “well advanced”.
“The lift in our interim dividend reflects progress of our strategy, confidence in the sustainability of our performance and our continued optimism in the medium term outlook for the Australian and New Zealand economies," he said.
Neil Griffiths
Neil is the Deputy Editor of the wealth titles, including ifa and InvestorDaily.
Neil is also the host of the ifa show podcast.
