NAB Doubles Profit on Recovery

National Australia Bank (NAB) reported a 144% jump in 1H2021 net profits to A$3.2bn ($2.5bn). Cash earnings rose to A$3.34bn ($2.6bn), up 140% YoY. While net interest margins (NIMs) declines 40b to 1.74%, profits were helped by a credit impairment write-back of A$128mn ($99mn) vs. a charge of A$1.16bn ($900mn) in 1H2020. Barring the Business & Private Banking division, which saw cash earnings fall 10.3% YoY, all other divisions saw growth led by Corporate and Institutional Banking up 15.7%. The Group’s CET1 ratio stood at 12.37%, up 90bp vs. Sep 2020.

NAB’s dollar bonds were flat – its 2.332% 2030s were at 95.7, yielding 2.9%

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