NAB +4.51%: the last cab off the rank for the banks this period, NAB beat expectations to round out the group. Earnings were +19% on pcp to $1.8b with higher revenue the driver. Volume growth in housing and business lending and a recovery in Markets & Treasury revenue saw group revenue jump 8%. Like it’s peers, NIM remained under pressure, falling 5bps to 164bps on higher liquids and competitive pressures however this didn’t stop the mortgage book growing 2.6%. Expenses grew 2% on the 2H21 average however guidance suggests this will fall through the rest of the year. Consensus was expecting EPS growth of just 1% so with earnings up and a buy back in place, this update is a healthy beat to what the market was after.
MM owns CBA, BOQ & VUK amongst the banks
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