• Cash earnings up 0.8% vs 2H24, with underlying profit growth and lower credit impairment charges
• Executing refreshed strategy, focused on stronger customer advocacy, speed, simplicity and technology modernisation
• Optimistic about Australian and New Zealand economic outlook, but global trade tensions remain a key uncertainty

National Australia Bank has reported its 2025 half year results, with cash earnings up 0.8% versus the prior half. The bank's underlying profit grew 1.9%, benefiting from improved Markets and Treasury income and disciplined cost management, including productivity benefits of $131 million. NAB is executing its refreshed strategy, with a focus on driving much stronger customer advocacy across the bank, along with greater speed and simplicity, and ongoing modernisation of its technology. This is supporting key priorities such as continuing to drive performance in deposits, improving proprietary lending, and growing business banking. The bank is optimistic about the underlying growth outlook for the Australian and New Zealand economies, but notes that escalating global trade tensions remain a key source of uncertainty. Against this backdrop, NAB has maintained strong balance sheet settings, with a CET1 ratio of 12.01% and collective provisions representing 1.42% of credit risk weighted assets. The bank is well placed to manage its business for the long term and deliver sustainable growth and attractive returns for shareholders.

For FY25, NAB continues to target productivity benefits of greater than $400 million and expects cost growth to be less than the FY24 growth of 4.5%.

NAB is optimistic about the underlying growth outlook for the Australian and New Zealand economies, but notes that escalating global trade tensions remain a key source of uncertainty.