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NAB's Quarterly Profit Decline Amid Industry Competition and Rising Costs

NAB's Quarterly Profit Decline Amid Industry Competition and Rising Costs

NAB's Quarterly Profit Decline Amid Industry Competition and Rising Costs?w=400

National Australia Bank (NAB) has reported a $1.7 billion net profit for the final quarter of 2024, reflecting a 1 percent decrease compared to the average of the prior two quarters.

The dip in profits is attributed to intensified competition within the financial sector and escalated costs associated with financial crime prevention and internal wages.

The bank's cash earnings also saw a 2 percent decline, affected by a slight reduction in net interest margin due to increased funding costs and competitive pressures in both lending and deposit markets. The institution's operating expenses rose by 2 percent, driven by higher personnel expenditures and an increase in technology investments. Notably, tax expenses incurred by NAB increased by 6 percent.

NAB's Chief Executive, Andrew Irvine, stated that although the economic outlook shows signs of improvement, challenges related to the cost of living and interest rates continue to pose significant challenges. He emphasized the bank's commitment to maintaining a strong balance sheet to support customer needs while ensuring the bank's stability.

As part of the response to the Reserve Bank of Australia's recent cash rate cut, NAB has joined Australia’s other major banks in passing on the reduction to customers. Despite these efforts, NAB's share performance over the past year trails behind some of its competitors, such as Commonwealth Bank and Westpac, showing an increase of slightly over 19 percent.

NAB's financial results highlight the pressures financial institutions face amidst evolving economic conditions, with strategic cost management and competitive positioning remaining crucial for navigating future challenges.

Published:Wednesday, 19th Feb 2025
Source: Paige Estritori

The information on this website is general in nature and does not take into account your objectives, financial situation, or needs. Consider seeking personal advice from a licensed adviser before acting on any information.

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Finance News

RBA Weighs Additional Rate Cuts in Response to Inflation Trends

RBA Weighs Additional Rate Cuts in Response to Inflation Trends

23 Oct 2025: Paige Estritori

The Reserve Bank of Australia (RBA) is currently assessing the necessity for further interest rate reductions in light of ongoing inflationary pressures and a surge in consumer spending. RBA Governor Michele Bullock highlighted that rising costs in home construction and market services suggest that inflation may have exceeded expectations in the third quarter of 2025. - read more

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As of October 1, 2025, the Australian government's expanded First Home Guarantee scheme has come into effect, introducing significant changes designed to make homeownership more accessible for first-time buyers. Key modifications include the removal of income caps, increased property price limits, and the elimination of restrictions on the number of guarantees available. - read more

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Club Marine Marks 65 Years as Australia's Premier Boat Insurer

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In 2024, Club Marine, Australia's largest recreational boat insurer, proudly celebrates its 65th anniversary. Since its inception in 1959 as Marine Hull & Liability, the company has evolved from a modest operation in Victoria to a nationwide leader in marine insurance, serving the diverse needs of the Australian boating community. - read more

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Adjustable-Rate Mortgage (ARM) Cap:
A limit on how much the interest rate or the payment can change for an Adjustable-Rate Mortgage.

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