NAB Financial Year 2025 results: steady in a tough environment

LiveWire11-25

National Australia Bank (ASX: NAB) delivered its full-year 2025 (FY25) results on 6 November, posting cash earnings of $7.091 billion – essentially flat on FY24 and a touch below the market’s $7.18 ...

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Higher-than-expected loan impairment charges , driven mainly by missed payments, a handful of individual business banking exposures and some unsecured retail lending stress, and. Relatively flat earnings and final dividend 85 cents per share, bringing the full-year dividend per share  up one cent to 170 cents, fully franked.At first glance, it looked like a “miss”, but digging a little deeper reveals NAB is actually executing its refreshed strategy extremely well, even in what is a competitive banking and an uncertain macroeconomic environment.Net interest margin expanded +3 basis points in the second half – a solid outcome when most peers ar","collect":0,"end_time":0,"defaultTopTitle":"livewiremarkets.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"ROE":"ASTORIA US QUALITY KINGS ETF","LU1303367103.USD":"摩根大通多经理另类基金 A (acc)","LU0757428866.USD":"THREADNEEDLE (LUX) GLOBAL SMALLER COMPANIES \"AE\" (USD) ACC","NAB.AU":"NATIONAL AUSTRALIA BANK LTD","BK7511":"ESG概念","LU1815336091.USD":"THREADNEEDLE (LUX) GLOBAL SMALLER COMPANIES \"AUP\" (USD) INC","LU2098885051.SGD":"JPMorgan Funds - Multi-Manager Alternatives A (acc) SGD","BK7135":"综合性银行","BK4137":"综合支持服务","RBA":"里奇兄弟拍卖"},"translate_title":"NAB 2025财年业绩：在严峻环境中保持稳定","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"ROE":1,"NAB.AU":1,"RBA":1},"content_text":"National Australia Bank (ASX: NAB) delivered its full-year 2025 (FY25) results on 6 November, posting cash earnings of $7.091 billion – essentially flat on FY24 and a touch below the market’s $7.18 billion consensus.\nThe share price sold off about two per cent on the day, and we believe the relatively soft trading since is due to investors focusing on two things:\n\nHigher-than-expected loan impairment charges (up 14 per cent to A$833 million), driven mainly by missed payments, a handful of individual business banking exposures and some unsecured retail lending stress, and\nRelatively flat earnings and final dividend 85 cents per share, bringing the full-year dividend per share (DPS) up one cent to 170 cents, fully franked.\n\nAt first glance, it looked like a “miss”, but digging a little deeper reveals NAB is actually executing its refreshed strategy extremely well, even in what is a competitive banking and an uncertain macroeconomic environment.\nWhat the market missed\n\n\nNet interest margin expanded +3 basis points in the second half – a solid outcome when most peers are still fighting margin compression.\n\nHome lending grew at ‘system’ while proprietary (direct-to-customer) origination lifted to 41 per cent of new business (up from 38 per cent in FY24). This is exactly the shift the Big Four banks are all chasing – lower customer acquisition costs and better cross-sell.\n\nDeposit growth was outstanding – total customer deposits +7 per cent, with Personal Banking deposits +9.2 per cent and an 18 per cent jump in new transaction account openings. NAB funded virtually all of its lending growth with deposits, not wholesale markets.\n\nBusiness and private banking remains the engine room – new business lending platform successfully rolled out, corporate/institutional franchises performing strongly.\n\nCapital remains rock-solid – Common Equity Tier 1 (CET1) 11.70 per cent (comfortably above “unquestionably strong” benchmarks) and liquidity metrics well ahead of requirements.\n\nInvestment spending stepped up to $1.8 billion (from $1.6 billion) – heavily skewed toward frontline bankers, digital capability and artificial intelligence (AI). This is classic “invest through the cycle” behaviour that should drive efficiency and market-share gains over the medium term.\n\nCEO Andrew Irvine (now completing his first full year) is laser-focused on three growth pillars that align perfectly with NAB’s historic strengths:\n\n\nBusiness and private banking – NAB has always been the “business bank”. New digital platforms and more bankers on the ground are widening the moat in small-medium enterprise (SME) and mid-market.\n\nCustomer deposits – the cheapest, stickiest funding there is.\n\nProprietary home loans – shifting away from expensive broker channels toward direct and banker-originated mortgages.\n\nCredit quality?\nImpairments rose, and non-performing loans ticked up to 1.55 per cent. Almost all of the increase came from business banking – a natural consequence of NAB’s higher exposure to the sector versus peers. Management emphasised the deterioration slowed markedly in the second half of 2025 (2H25) as inflation eased and arrears stabilised. Collective provisions remain conservative at 1.42 per cent of credit risk-weighted assets. In our view this is cyclical noise, rather than structural weakness.\nValuation – still attractive on a 2-3 year view\nNAB trades around 2.1 times book and about 18 times forward earnings. While this is a – a decade-high multiple, we believe its justified by:\n\nA strong balance sheet with Common Equity Tier 1 (CET1) providing capital management optionality\nClear line-of-sight to mid-teens Return On Equity (ROE) as the new strategy beds down (new CEO targeting “leading peer” returns and focus on higher proportion of internally-generated home loans).\nProgress on the two big self-help opportunities: (a) growing retail/share-of-wallet from a low base, and (b) continuing digitisation driving better jaws and efficiency\n\nOur current target is $54.26, implying 20-25 per cent upside from recent levels plus an attractive 3.2 per cent FY26 grossed-up yield.\nKey factors to watch from here\n\nCapital settings and any on-market buyback signals\nPace of proprietary mortgage mix improvement\nBusiness banking credit trends, especially if the Reserve Bank of Australia (RBA) eases\nCost-out delivery as digitisation investments are implemented\nPerformance of the New Zealan (NZ) and remaining (Citi-branded) operations\n\nFY25 wasn’t a blockbuster for NAB, but it was a year of deliberate investment and strategic repositioning. NAB is focused on closing the gap with its stronger peers while maintaining one of the strongest balance sheets in global banking.\nFor patient investors, the risk/reward still looks compelling and we maintain our position.\n\n\n\nNever miss an update\n\n    Enjoy this wire? Hit the ‘like’ button to let us know. \n    Stay up to date with my current content by \n    following me below and you’ll be notified every time I post a wire","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"dataReport","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.35.9","shortVersion":"4.35.9","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2586159484","isCrawlerRequest":true}