NAB posts $1.7bn profit, down on previous quarters

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NAB posts $1.7bn profit, down on previous quarters

National Australia Bank profits have slipped due to competition among lenders, plus increased anti-crime expenses.

Releasing quarterly results on Wednesday, NAB points to its internal wage bill and competition in the financial sector as reasons for a dip in cash earnings.

In the three months to the end of December, NAB recorded a $1.7bn net profit, down 1 per cent on the average of the previous two quarters.

Camera IconNational Australia Bank chief executive Andrew Irvine says cost savings are ‘keeping our bank safe’. NewsWire / Martin Ollman Credit: News Corp Australia

Cash earnings fell 2 per cent, driven by a “small decline in net interest margin” because of higher funding costs and competition in lending and deposits.

The bank’s expenses rose 2 per cent because of “higher personnel and financial crime-related costs, along with increased technology spend”, it says in the results. Income tax expenses rose 6 per cent.

“The economic

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is improving,” chief executive Andrew Irvine said.

“But cost of living and interest rate challenges persisted during 1Q25.

“While most customers are proving resilient, we have maintained prudent balance sheet settings to allow us to support customers while keeping our bank safe.”

NAB instantaneously joined the other big four banks on Tuesday to confirm the RBA cash rate cut would be passed onto its customers.

NAB’s share price lags behind Commonwealth and Westpac for gains in the past year, up a shade more than 19 per cent.

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