NAB reports 1% rise in lending balances, 3% growth in SME business lending, and targets $400M productivity savings in FY24.
National Australia Bank (NAB) reported a stable operating environment in its Q3 trading update, with a 1% rise in lending balances and a 3% growth in Australian SME business lending. However, asset quality deteriorated further, and NAB aims to balance returns and growth while targeting productivity savings of around $400 million in FY24. Despite the challenging economic climate, NAB's net interest margin remained stable, and the bank continues to support customers navigating cost-of-living pressures and high interest rates.
August 15, 2024
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