National Australia Bank (NAB) has reported cash earnings of A$6.5bn ($4.8bn) for the full year ended 30 September 2021, a 76% rise compared to A$3.7bn ($2.7bn) for the full year 2020.
The bank reported a statutory net profit of A$6.3bn for the full year ended 30 September 2021, a 148% increase compared to A$2.5bn for the full year ended 30 September 2020.
The company reported a net interest income of A$13.7bn for the full year ended 30 September 2021, a 0.9% decrease compared to A$13.9 for the full year 2020.
It has reported a net operating income of A$16.8bn for the full year ended 30 September 2021, a decrease of 2.2% compared to A$17.1bn for the previous year.
The company has attributed the increase in cash earnings to its disciplined execution and supporting the needs of customers, amid the challenges related to Covid-19.
NAB Group CEO Ross McEwan said: “Our results this year demonstrate we have navigated a challenging environment well while delivering better experiences for customers and colleagues, resulting in safe growth across our business.
“Our strategy is achieving results. While there is still much to do, I am encouraged by our progress as we execute with discipline and focus.
“The lift in our final dividend to 67 cents per share brings the increase in total dividends over the year to 112% and reflects our optimism about the future.
“While some uncertainties exist in the outlook including the impact of tapering support, our balance sheet settings are strong and we are well-positioned for the expected economic rebound in Australia and New Zealand.”
NAB’s business and private banking unit reported a net profit of A$2.4bn for the full year 2021, which remained almost unchanged from the previous year.
Its personal banking business reported a net profit of A$1.6bn for the full year 2021, a 14.4% increase compared to A$1.4bn for the full year 2020.
The bank’s corporate and institutional banking unit reported a net profit of A$1.2bn for the full year 2021, a 14.8% decline compared to A$1.4bn for the full year 2020.
Its New Zealand banking business reported a net profit of A$1.1bn for the full year 2021, an 18% increase compared to A$977m for the full year 2020.
In August this year, NAB has signed an agreement with Citigroup to buy the latter’s consumer bank business in Australia for a total of $882m.
