NAB flags 8.1% cash profit drop in FY24, but says growth story is still there

National Australia Bank Ltd (ASX:NAB) has posted an 8.1% drop in cash profit for the 2024 Fiscal Year compared to the prior comparative period, but said its performance during the second half of the year indicated rebound from a sluggish first half.

The bank’s cash profit for the second half of FY24 was $7.1 billion, while its final dividend for FY24 was 85 cents per share – a rise of one cent per share compared to FY23.

NAB CEO Andrew Irvine said the results still indicated growth was present in a variety of areas.

“Our FY24 performance has benefitted from focused execution of our strategy and a more stable operating environment over the second half of the year,” he said.

“Cash earnings were 8.1% lower than the strong levels of FY23, but stable over 2H24 compared with 1H24.

“Consistent investment to deliver better customer outcomes has supported another year of strong growth in our leading SME franchise, with Business & Private Banking (B&PB)
increasing deposits by 7% and business lending by 8%.

“In Australian housing, our growth was sub-system at 3% as we balanced growth against competitive pressures. We will continue to manage portfolio returns through a disciplined
approach in this dynamic market.”

NAB has been trading at $39.25

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