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National Australia Bank Provides 2019 First Quarter Trading Update

07 Feb 2019  |  17:41:00  |  Associate analysts  |  Increase  |  Decrease  |  

Original announcement: NAB 2019 First Quarter Trading Update

National Australia Bank provided trading update stating that cash earnings were up 2% compared to the 2H18 quarterly average but 3% lower than 1Q18. Revenue was stable with good volume growth offset by lower margins and lower markets and treasury income. Net interest margin declined primarily due to pressures in housing lending and lower markets and treasury earnings. Expenses decreased by 3% given productivity initiatives, and lower Royal Commission and marketing spend. Asset quality remained sound with the ratio of 90+ days past due and gross impaired assets to gross loans and acceptances broadly stable at 0.72%. Credit impairment charges fell 5% to $193m and included a $62m increase in the drought-related Forward Looking Adjustment (FLA).

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