NAB Cash Earnings Slide 16.9 Percent to $1.8 Billion, but Beat Market Expectations

Published on February 21, 2024

National Australia Bank (NAB) has reported unaudited cash earnings of $1.8 billion (US$1.2 billion) in the first quarter of 2024, down 16.9 percent compared to the prior corresponding quarter. However, this result beat market expectations, with the NAB share price rising 0.36 percent, closing at $33.61 on the Australian Stock Exchange (ASX). For perspective, Commonwealth Bank of Australia shares shed 1.99 percent on Feb. 21, while Westpac shares fell 0.04 percent. NAB’s lending balances increased 1 percent during the quarter, including 2 percent growth in small and medium enterprise lending, and a 1 percent boost in Australian home lending. Additionally, the bank reported (pdf) a 2 percent higher customer deposit balance across business, private, and personal banking....

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