National Australia Bank Ltd. (NAUBF.PK, NABZY.PK,NAB.AX) reported that its net profit attributable to owners of the company for the year ended 30 September 2024 declined to A$6.96 billion or 222.7 cents per share from A$7.41 billion or 228.7 cents per share in the prior year.
Cash earnings for the year were A$7.10 billion down from A$7.73 billion in the previous year.
Net interest income was A$16.76 billion down from A$16.81 billion in the prior year. Net interest income decreased by $50 million or 0.3%. This includes an increase of $108 million due to movements in economic hedges, offset in other operating income. Excluding this movement, the underlying decrease of $158 million or 0.9% was primarily due to lower housing lending margins, higher term deposit costs and deposit mix impacts combined with higher wholesale funding costs. These movements were partially offset by higher earnings on deposits and capital due to the impact of higher interest rates and higher average interest earning assets.
Other income for the year was A$3.89 billion compared to A$3.84 billion in the previous year.
Revenue decreased by 2.0% mainly reflecting lower net interest margins (NIM) and lower Markets & Treasury (M&T) income, partially offset by volume growth and higher fee income.
The final 2024 dividend has been set at 85 cents per share, bringing total dividends for the year ended 30 September 2024 to 169 cents per share which is 1.2% higher than 2023.
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