National Australia Bank FY26 Net Profit Declines

National Australia Bank (NAB) reported a 9.1% drop in fiscal 2026 net profit to $6.14B, citing increased bad debt provisions and tech upgrade costs. CEO Andrew Irvine warned of economic uncertainty and rising loan arrears, while shares fell 6% to $38.45. NAB's credit impairment charges rose to $1.5B, and it declared a final dividend of 85 cents per share.

NAB reported that its proprietary channel home loan drawdowns rose to 50% in FY26, up from 41% in FY25, while broker channel settlements fell to 50%. NAB plans to work more closely with select brokers. Other Australian banks like CBA, Westpac, and ANZ are also expanding direct lending operations to boost margins.

National Australia Bank (NAB) reported a 9.1% drop in annual profit to $6.14B, citing higher loan loss charges of $1.5B and economic challenges. CEO Andrew Irvine noted slowing growth and falling house prices. NAB's underlying profit would have risen 6.9% without large items, with cash earnings flat at $7.1B. The bank announced 2,500 job cuts to simplify operations.

Australia's banks, including Macquarie, ANZ, Westpac, NAB, and CBA, raised variable mortgage rates by 0.25% following the RBA's cash rate hike to 4.85%. The increase, effective November 13, will raise monthly repayments by about $79 for a $500,000 loan. The RBA cited persistent inflation as the reason for the rate hike, which is expected to impact consumer spending.

National Australia Bank (NAB) plans to cut up to 2,500 jobs, or 6% of its workforce, by 2027, with 1,500 roles expected to be eliminated by the end of 2026. The cuts will primarily affect corporate functions and senior management, not customer-facing roles. NAB anticipates a pre-tax restructuring charge of A$300 million in the 2027 financial year. The bank's shares fell nearly 2.5% following the announcement.

National Australia Bank (NAB) plans to cut 2500 jobs (6% of workforce) by FY2027, with 1500 roles reduced by end-2026. The cuts focus on corporate functions, not customer-facing roles, and will reduce consultant and contractor use. CEO Andrew Irvine noted broader leadership responsibilities. NAB did not disclose financial details.