National Australia Bank (ASX:NAB) has released its full-year financial results for 2024, revealing a statutory net profit of $6.96bn, down 6.1% from the prior year’s $7.41bn. Cash earnings also dropped — by 8.1% to $7.1bn, reflecting a challenging economic environment marked by persistent inflation and rising living costs.
Earnings per share (EPS) fell to 227.9 cents, a 10.1% decline from 238 cents in 2023. This result aligns with the broad analyst consensus of $2.25. The reported net profit of $6.96 billion was also in line with the general market anticipation of just over $7 billion.
Despite earnings declines, NAB maintained a solid Common Equity Tier 1 (CET1) capital ratio of 12.35%, showcasing its strong capital position and ability to navigate potential economic uncertainties.
The bank declared a half year dividend of 85 cents per share, contributing to a total annual dividend of $1.69 per share. This figure surpassed expectations of $1.68 per share and exceeded the previous year’s $1.67 per share.
CEO Andrew Irvine commented: "Our focus has been on enhancing customer experience, simplifying our operations, and accelerating investments in digital innovation." He also underscored NAB’s dedication to supporting customers facing financial challenges, pointing to tailored financial hardship assistance and expanded digital financial tools.
