National Australia Bank (NAB) Q1 2026 TU earnings summary

Executive summary

• Statutory net profit reached $2.21bn, up 32% from the previous quarter and 30% year-over-year.

• Cash earnings rose to $2.02bn, a 15% increase from the prior quarter and 16% year-over-year.

• Underlying profit grew 12% compared to the previous half-year quarterly average, driven by revenue growth and lower credit impairment charges.

• All customer-facing divisions contributed to profit growth, supported by a stable Australian economic environment.

Financial highlights

• Net interest income increased 3% sequentially and 10% year-over-year.

• Net operating income rose 6% from the previous quarter and 8% year-over-year.

• Operating expenses remained flat sequentially, up 5% year-over-year.

• Net interest margin improved by 2 bps to 1.80%.

• Credit impairment charge was $170m, down 30% from the previous quarter and 36% year-over-year.

Outlook and guidance

• Targeting productivity savings of over $450m for FY26.

• FY26 operating expense growth expected to be less than FY25's 4.6%.