News: NAB NAB Posts HY Cash Earnings Of A$3,548 Mln

May 2 (Reuters) - National Australia Bank Ltd (NAB) :

• HY CASH EARNINGS A$3,548 MILLION VERSUS A$4,070 MILLION REPORTED LAST YEAR
• DECLARES INTERIM DIVIDEND OF 84 AU CENTS PER SHARE
• HY NET INTEREST MARGIN 1.72%
• AS AT HY-END, GROUP CET1 RATIO OF 12.15%
• IN HY, RATIO OF 90+ DAYS PAST DUE AND GROSS IMPAIRED ASSETS TO GROSS LOANS AND ACCEPTANCES INCREASED 13 BPS TO 0.79%
• IN HY, CREDIT IMPAIRMENT CHARGE (CIC) WAS A$363 MILLION
• IN PERSONAL BANKING WE REMAINED FOCUSED ON PROVIDING SIMPLER, MORE DIGITAL BANKING EXPERIENCES
• IN FY24 WE CONTINUE TO TARGET PRODUCTIVITY BENEFITS OF APPROXIMATELY A$400 MILLION
• REAL GDP GROWTH IS EXPECTED TO REMAIN BELOW-TREND OVER THE NEAR TERM IN AUSTRALIA
• OVER 1H24, OUR CREDIT CARD BALANCES AND MARKET SHARE INCREASED
• ARE WELL PLACED TO CONTINUE MANAGING OUR BUSINESS FOR THE LONG TERM
• PRESSURE EASED IN LABOUR MARKET AND WAGE GROWTH EXPECTED TO SLOW FROM ELEVATED RATES IN 2023 IN AUSTRALIA
• OUR DIGITAL HOME LENDING PLATFORM CONTINUES TO DELIVER FASTER TURNAROUND TIMES AND BETTER BANKER PRODUCTIVITY
• OUTLOOK FOR THE AUSTRALIAN ECONOMY REMAINS RESILIENT
• IN NZ, IMPACTS OF SIGNIFICANT MONETARY POLICY TIGHTENING AND SLOWER GLOBAL ECONOMIC GROWTH CONTINUING TO WEIGH ON ECONOMIC ACTIVITY
• DESPITE A SOFTER ECONOMIC ENVIRONMENT, BUSINESS LENDING REMAINED STRONG, UP 8.6% OVER THE YEAR TO MARCH
• SEES RISK OF FURTHER DECLINE IN REAL GDP GROWTH IN THE FIRST HALF OF 2024 IN NZ
• COMPETITIVE DYNAMICS IN THE AUSTRALIAN HOME LENDING MARKET HAVE BEEN CHALLENGING

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