NAB reports $6.891 billion net profit
National Australia Bank (NAB) has reported an 8.3% increase in full year statutory net profit to $6.891 billion on the back of cash earnings of $7.104 billion.
In a result which NAB chief executive, Ross McEwan described as “pleasing” he said it reflected the company’s continued execution of strategy including targeted volume growth and a disciplined approach to managing costs while investing for growth.
He noted that after 11 years of interest rate reductions, the bank’s earnings had also benefitted from the rising interest rate environment.
The board declared a final dividend of 78 cents per share fully franked.
The company said it was entering the 2023 financial year well positioned for what is likely to be a more challenging environment.
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