National Australia Bank (NAB) reported first quarter cash earnings of $2.02 billion, according to Citi analyst Thomas Strong. This figure is 15 per cent above the second-half quarterly average for 2025 and approximately 4-5 per cent ahead of consensus estimates, after accounting for market and treasury (M&T) fluctuations. NAB is one of Australia’s largest financial institutions, providing a range of banking and financial services to individuals and businesses. The company’s operations span across Australia, New Zealand, and other international markets.
Total revenue experienced a 6 per cent increase, with underlying revenue up by 4 per cent. This suggests that M&T activities contributed roughly $250 million to the overall revenue growth. The net interest margin remained stable at 1.80 per cent, supported by deposit growth. Operating costs amounted to $2.5 billion, aligning with anticipated levels.
Strong characterised the results as “a very strong headline.” However, he noted potential market considerations. While anticipating a positive market reception, Strong suggested that the market might adjust its assessment, considering the impact of M&T performance. He also pointed out that NAB shares had already shown strong performance leading up to this announcement, potentially factoring in some of the positive news.
On Wednesday, shares in NAB were trading up 4 per cent, reflecting investor response to the earnings announcement.
