National Australia Bank's Profit Tops Estimates

NAB reported strong financial results with cash earnings of $6.56 billion, a 75% increase from the previous year, aided by winding back $217 million in provisions. The bank solidified its position as Australia's top business bank by growing lending to small and medium businesses by 7%. NAB also announced a policy to cap oil and gas lending at $2.4 billion, with plans to reduce lending from 2026 to 2050, aiming for net zero in its lending portfolio by 2050. This policy aligns with climate transition efforts, though it raises questions amid COP 26 discussions.

What were the cash earnings reported by NAB this season?

How much did NAB wind back in provisions, and why was this significant?

What is NAB's target for net zero in their lending portfolio?

What concerns have been raised regarding NAB's oil and gas lending policy?

How is NAB planning to assist its customers in transitioning away from fossil fuels?