NAB reports solid quarter

National Australia Bank (NAB) has reported a solid first quarter with average cash earnings increasing by 12% and cash earnings before tax and credit impairment charges increasing by 13%.

The big banking group reported to the Australian Securities Exchange (ASX) today that revenue increased 8% reflecting higher volumes across housing and business lending, increased fees and commissions and recovery in Markets and Treasury income.

In his commentary on the quarterly result released to the Australian Securities Exchange (ASX), NAB chief executive, Ross McEwan said the company had started the financial year well.

He said the results reflected an ongoing focus on executing the bank’s strategy, making the bank simpler for customers and colleagues.

McEwan noted disruptions to supply chains and labour markets caused by the recent spread of Omicron which had presented challenges for some of NAB’s customers.

“While this creates uncertainty, we remain optimistic about the outlook for Australia and New Zealand and are well positioned to continue to grow with a strong balance sheet and disciplined execution of a clear strategy.