NAB Profits Increase 20%
The NAB has announced it has risen cash earnings for the first quarter by 20% on last year. SMH has reported the Bank stated attributed it to sound performance, recent acquisitions and bad debts falling away as the economy grew stronger. The Bank said that this was despite slow credit growth, increased competition and the higher costing of funds. NAB has been recently been commended with its in line rate rises and reduced fees and costs. It currently offered the lowest standard variable rate of the major four.
Simon Reibelt of Oasis Home Loans Northern Beaches said that the Banks increased profits were a good economic sign for the wider market. NAB currently offered the best rates around if customers wished to use a major bank for security, but there were great lenders and greater savings and rates available if customers consulted their Broker.