National Australia Bank has tripled its credit impairment charges to $2.7 billion in anticipation of worsening economic conditions in 2021 but maintains the uneven shape of the recovery will deliver select opportunities for growth.
NAB CEO Ross McEwan delivered a 37 per cent fall in cash profit to $3.7 billion as weaker revenues, higher costs and a $1.86 billion COVID-19 provision put the squeeze on the bank, but he remained optimistic in the face of significant challenges.
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James Frost writes about banking, funds management and superannuation. Based in Melbourne, James has been reporting on specialist business and finance topics for 15 years. Connect with James on Twitter. Email James at james.frost@afr.com
James Eyers writes on banking, payments and fintech. He is a former legal and investment banking editor at the AFR, has degrees in commerce and law from UNSW, and is co-author of Buy now, pay later: The extraordinary story of Afterpay Connect with James on Twitter. Email James at jeyers@afr.com.au
