• Cash earnings ex large notable items up 2.3% vs 2H25
• Business lending up 5.6%, proprietary home lending drawdowns improved to 47.7%
• Interim dividend of 85 cents per share, fully franked

National Australia Bank Ltd (NAB) has reported its 1H26 results, with continued disciplined execution of its strategy and ongoing momentum across the business reflected in its operating performance. Cash earnings ex large notable items were up 2.3% versus 2H25, with underlying profit up 6.4% supported by strong growth of 5.4% in the Business & Private Banking division. The bank made further progress against its key priorities of growing business banking, driving deposit growth and strengthening proprietary home lending. Australian business lending rose 5.6% with market share gains in both SME and total business lending, while Australian home lending drawdowns via proprietary channels improved from 41.4% in 2H25 to 47.7% in 1H26. Deposit balances in Business & Private Banking and Personal Banking increased 4.7% including 8.0% growth in transaction accounts. The bank has also taken actions to bolster its balance sheet, with forward looking collective provisions increasing by $300 million. The FY26 interim dividend of 85 cents per share will be fully franked, with the dividend reinvestment plan to include a 1.5% discount and be partially underwritten, raising approximately $1.8 billion. NAB remains well placed to navigate the more volatile macroeconomic environment.

For FY26, NAB continues to target productivity benefits of greater than $450 million and expects cost growth to be less than 4.6% excluding large notable items.

The outlook is more uncertain due to the Middle East conflict, which presents a key source of downside risk. However, NAB is well placed to navigate this period of increased volatility and will continue to manage its business for the long term to deliver sustainable growth and attractive returns for shareholders.