• Increased cash earnings and ROE in a challenging environment
• Capital ratios, provisioning and liquidity remain strong
• Execution of refreshed strategy delivering early, encouraging signs

NAB reported strong 1H25 results, with cash earnings increasing 0.8% half-on-half and 1.0% year-on-year to $3,583 million. Underlying profit also rose 1.9% half-on-half to $5,463 million. The bank's capital ratios, provisioning and liquidity remain robust, with a CET1 ratio of 12.13% and strong funding from deposits. NAB has completed the required activities under the AUSTRAC Enforceable Undertaking and continues to invest in systems and controls to protect against financial crime. The bank's refreshed strategy is delivering early, encouraging signs, with improved customer advocacy and engagement. NAB is focused on three key priorities to drive stronger returns: business banking, deposits and proprietary home lending. In business banking, the bank is growing share in SME lending and seeing strong system credit growth. Deposit growth has also been strong, with NAB gaining share in both household and business deposits. In home lending, the bank has seen a 25% increase in proprietary drawdowns year-on-year, supported by uplifted banker capability and enhanced digital tools.

NAB expects to deliver mid-single digit revenue growth (ex Markets & Treasury) in FY25, with operating expenses increasing at a lower rate. The bank's credit impairment charge is expected to remain at the lower end of its through-the-cycle range.

NAB remains well-positioned to navigate the current environment of heightened geopolitical uncertainty. The bank is focused on executing its refreshed strategy to drive stronger, sustainable returns for shareholders.