National Australia Bank Limited - ADR

NAB delivered a strong financial performance in the full year 2023, with revenue growth of 12.9% and underlying profit increasing by 16.1% compared to the previous year.

The second half of the year saw more challenging conditions, with softer financial results due to higher interest rates and inflation impacting households and the broader economy. This led to a slowdown in credit growth and increased competition in home lending and deposits.

The operating environment is expected to remain challenging in 2024, reflecting slower economic growth and elevated inflation. However, NAB is well-prepared with prudent balance sheet settings, strong provisioning, and a focus on managing the bank for the long term.