• Underlying profit growth of 6.4% reflects good balance sheet momentum and stable margins
• Increased balance sheet resilience to support customers in more volatile environment
• Delivering on three key priorities to drive stronger returns: business banking, deposits and proprietary home lending

NAB reported 1H26 results, with underlying profit growth of 6.4% and cash earnings growth of 7.1%, excluding the impact of large notable items. The bank's balance sheet remains resilient, with a CET1 ratio of 12.05% pro forma, including the expected benefit of a discounted and partially underwritten dividend reinvestment plan. NAB has increased its forward-looking provisions, including overlays for sectors expected to be most impacted by fuel shortages and costs. The bank is progressing its long-term strategy, focused on delivering better customer experiences, modernizing its technology, and executing on three key priorities: growing business banking, driving deposit growth, and strengthening proprietary home lending. In business banking, NAB maintained clear market leadership in SME banking, with strong growth in business lending and deposits. In home lending, the bank increased its proprietary lending share and improved returns in both proprietary and broker channels. Overall, NAB is well-positioned to navigate the uncertain economic outlook and deliver stronger sustainable returns for shareholders.

NAB expects to deliver low to mid single-digit cash earnings growth in FY26, supported by continued momentum in business banking, deposits, and proprietary home lending.

The bank expects the challenging environment for customers to persist in 2H26, with elevated volatility and cashflow pressures. However, NAB is well-positioned to support its customers and navigate the uncertain outlook, with a resilient balance sheet and a focus on executing its long-term strategy.