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National Australia Bank (ASX: NAB) reported stronger third-quarter cash earnings on Monday, supported by lower credit impairment charges and continued lending growth, even as the Australian banking giant warned of increasing economic pressures on customers.
Australia’s largest business lender posted unaudited cash earnings of A$1.83 billion for the quarter, up 2% compared with the first-half quarterly average after excluding the impact of a significant notable item recorded earlier in the year. Statutory net profit climbed 32% to A$1.81 billion.
NAB said its third-quarter performance benefited from continued volume growth and progress on key strategic priorities. However, the bank highlighted a more challenging environment for households and businesses, citing elevated Australian interest rates, recent federal budget tax changes and geopolitical uncertainty linked to the Middle East conflict.
Australian business lending increased 2% during the quarter, with Business & Private Banking recording stronger growth of 4%. Total customer deposits also rose 2%, demonstrating continued momentum across the lender’s core operations.
Revenue increased 2% compared with the first-half quarterly average, while underlying profit remained broadly unchanged. NAB’s net interest margin, a closely watched measure of bank profitability, declined by 2 basis points to 1.79%. The margin improved, however, when the impact of Markets & Treasury operations was excluded.
The bank maintained a solid capital position during the period. Its Common Equity Tier 1 (CET1) ratio stood at 11.93%, comfortably above NAB’s operating target of more than 11.25%.
Looking ahead, NAB reiterated its fiscal 2026 target of delivering more than A$450 million in productivity savings as it focuses on controlling costs and improving operational efficiency. The lender also expects operating expense growth in FY2026 to remain below the 4.6% increase recorded in FY2025.
Despite economic and geopolitical headwinds, NAB’s latest quarterly results indicate that lending and deposit growth continue to support earnings while the bank maintains capital levels above its internal target.
