Key Points
SummaryCompaniesFY2023 cash earnings up 8.8%, but H2 down 10%H2 net interest margin of 1.71% below H1 at 1.77%Sees macroeconomic headwinds continuing..
Nov 9 (Reuters) - National Australia Bank (NAB.AX) on Thursday reported a rise in annual cash profit as it benefited from higher interest rates, but cautioned elevated competition and inflationary pressures that crimped second-half earnings by 10% would persist...
The country's second-largest lender reported stronger annual earnings on deposits and capital against the backdrop of higher interest rates, which has allowed Australian lenders to widen their margins and capitalise on higher borrowing costs...
But for the half-year ended Sept. 30, cash earnings sank as the impact of monetary policy tightening and inflationary pressures crippled households and the economy...
The annual performance of its business and institutional banking divisions stood out with of 10.1% and 14.9% in cash profits respectively, while the personal banking division was a drag on its results, posting a 9.1% decline in cash earnings to A$1.45 billion...
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