National Australian Bank (NAB) has exceeded expectations by posting a FH2021 profit of $3.34 billion. Their interim dividend to shareholders will be double what it was last year, rising to 60c a share.
Their statutory net profit was $3.21 billion, largely caused by the rise in the Australian economy, fuelled by the COVID-19 recovery and the huge growth in the housing market.
“The rebound in the Australian and New Zealand economies from COVID-19 has been better than expected,” said CEO Ross McEwan. “This, along with the vaccine rollout and continued strong health outcomes, make up optimistic about the outlook.”
NAB’s successful results follow similar postings from other Big Four members. Westpac shares rose by 5% after their financial reports exceeded expectations, with cash earnings up 256% and statutory net profits rising by 189%.
ANZ also released results this week, with profits close to $3 billion, 113% up on the same time last year.