It caused a stir in the banking world but figures are showing that the National Australia Bank’s (ASX:NAB) controversial ‘break-up’ advertising campaign has certainly paid off. Since the Valentine’s Day launch of the ‘break-up’ ads, the bank has welcomed 175,000 new customers. The bank grew its mortgage book by 1.2 per cent in April, and deposits lifted to double the rate of the bank’s competitors. The bank’s group executive for personal banking, Lisa Gray, told today’s Australian Financial Review that the figures are proof that customers are voting with their feet. She said the bank felt people: “had the right to go down the street and get a better deal.” In the six months to March this year, NAB (ASX:NAB) reported a profit of $2.4 billion.
NAB Price at posting:
$24.30 Sentiment: None Disclosure: Held
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