NAB has reported a net profit of A$2.4bn
($2.6bn) for the six months to the end of March, an increase of 16%
from the corresponding half year in the previous fiscal.
Net interest income for the six-months period
to end-March rose by 3.1% year on year to A$6.3bn. But fees and
commission income fell by 2.6% to A$1.2bn.
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Operating expenses declined by 3.4% to A$4bn
and net operating income was up by 6.8% to A$8.8bn.
NAB’s net interest margin declined by 3 basis
points compared with the corresponding period last year to
2.23%.
Retail unit results
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By GlobalDataIn the retail-focused personal banking unit,
NAB recorded an underlying profit of A$778m, up by 14.1% over a
year-ago.
Revenues grew by 10% year on year to
A$1.7bn.
As RBI reported on 5 May, NAB’s social media campaign on Twitter and YouTube
paid off well for the bank:
The bank begun a “break-up” campaign in
mid-February to attract mortgage switchers from its three
rivals – and the campaign seems to have helped the
bank to record A$115bn in housing loans as of 31 March – an
increase of by more than a fifth (21%) compared with last year’s
figures.
Customer deposits also grew, by 15.2% to
A$68bn.
NAB had a market share in housing loans of
13.8% versus 12.8% at the end of the first quarter in 2010.
In the household deposits segment, NAB’s
market share increased to 14.1% from 13.4% a year ago.
