National Australia Bank’s Q3 cash earnings rise as lower impairments offset slower home lending
National Australia Bank (NAB) reported a slight increase in its third-quarter cash earnings on Aug 17, 2022, with cash earnings of A$1.83 billion (US$1.30 billion) for the three months ending Jun 30, 2022. The increase was primarily driven by lower credit impairment charges and lending volume growth. However, NAB faced a 15% decline in Australian home loan applications in the third quarter compared with the second quarter, indicating subdued demand due to Australian tax reforms aimed at improving housing affordability.
CEO Andrew Irvine attributed the challenges to the Middle East conflict, higher domestic interest rates, and recent tax changes in the Federal Budget.
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