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National Australia Bank Limited (ASX:NAB) is the first of the big four banks to respond to yesterday’s Reserve Bank interest rate cut after announcing it will lower its rate by 20 basis points.
The cut is below the RBA’s 25 basis point reduction and follows yesterdays 20 point response from Bank of Queensland Limited (ASX:BOQ) and ING Direct, which passed on the full 25 basis points.
NAB’s new standard variable rate of 6.38 per cent will come into effect next Monday.
Personal banking group executive Lisa Gray says the bank wants to strike a balance between funding costs and competitive customer rates.
NAB will also reduce its standard variable business rate lending products by 20 basis points.
National Australia Bank achieved net profit of $4.1 billion in fiscal 2012.
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