NAB Group Chief Executive Officer Ross McEwan today released NAB’s 2022 Full Year Results to the market.
“Our FY22 results are pleasing. Compared with FY21, cash earnings rose 8.3% and all businesses contributed to underlying profit growth of 11.5%. This outcome reflects continued execution of our strategy including targeted volume growth and a disciplined approach to managing costs while investing for growth. After 11 years of interest rate reductions, earnings have also benefitted in FY22 from the rising interest rate environment.
“An ongoing focus on strong balance sheet settings has been key to delivering sustainable growth and keeping the bank safe. Capital levels remain above our targets after completing $3.9 billion of on-market share buy-backs over FY22. Collective provision coverage continues to be well above pre COVID-19 levels.
“Maintaining these settings is important during the current economic uncertainty, with higher interest rates and higher inflation likely to challenge some customers. However, strong employment conditions along with substantial household and business savings give us confidence in the resilience of our customers and the broader economy.
“Our strategy is long term, and is not dependent on any particular operating environment or economic conditions. It is centred around an enduring ambition to improve the outcomes for our customers and colleagues. We have made good progress over the past two years which positions us well for a changing environment. However, there is more we can do. We will continue to remain focused on the disciplined execution of our strategy to support sustainable growth in earnings and shareholder returns over time,” Mr McEwan said.
Full details can be viewed in the 2022 Full Year Results Summary.
NAB also released its 2022 Annual Review today.
