NAB’s home lending portfolio has increased by a massive $20.6 billion, or 7.7%, since September, 2012, (Excluding foreign exchange, the increase was $14.7 billion or 5.5%), according to the major lender’s full year results released today.
The increase has been largely attributed to a $12.5 billion growth in the personal banking channels, a further $1.2 billion growth in UK banking and a $1 billion increase in NZ banking, due to heightened market activity in Auckland.
On a statutory basis, NAB’s net profit attributable to owners of the company was $5.45 billion, a rise of $1.4 billion – or 33.6% - from the year to September, 2012.
The big four bank’s CEO, Cameron Clyne, says NAB is seeking a larger share of the Australian mortgage market by offering a home loan rate matched only by ANZ and says bank’s full year results show an improved performance across most business units.
“Over the year, we’ve continued to simplify and digitise our Australian franchise. Since 2010 we’ve rationalised approximately 50% of our core banking products, and automated and simplified a number of processes so that bankers can spend more time with customers,” says Clyne.
“In addition, NAB has made significant structural changes to align our organisation to the external environment and evolving customer behaviours. As a result, we are making it easier for our customers and our people to do business with us.”
According to APRA figures, NAB is the fastest-growing mortgage lender in Australia.