National Australia Bank’s net profit up 11% to $1.56b in Q1 FY2026

Revenue rose 6% on higher markets & treasury income.

National Australia Bank (NAB) saw its unaudited statutory net profit grow 11% year-on-year (YoY) to $1.56b (A$2.21b) in Q1 2026.

Underlying profit is 12% higher compared with the H2 2025 quarterly average, driven by increases across each of NAB’s customer facing divisions and a supportive Australian economic environment, CEO Andrew Irvine said in NAB’s first quarter trading update.

Group common equity tier 1 (CET1) ratio is at 11.48%.

Cash earnings were 15% higher than the H2 2025 quarterly average on profit growth and lower impairment charges.

Revenue is 6% higher on higher markets & treasury income, higher fees and commissions, and lower customer-related remediation.

Net interest margin (NIM) rose 2 basis points (bps) to 1.8%. Excluding M&T, NIM saw improved deposit outcomes, such as higher earnings, offset by lending competition.

Australian business lending rose 2%, including 3% growth from business & private banking (B&PB), with market share gains in SME and total business lending. Australian home lending grew 1.1 times the system, whilst deposit balances in B&PB and personal banking rose 3%.

Citi has completed the migration of Citi Consumer Business customers onto NAB systems in Q1 2026, Irvine said.

NAB continues to target productivity savings of more than $318.62m (A$450m) for the year, and for its 2026 operating expense growth to be less than the 4.6% growth in 2025, Irvine said.

(US$1 = A$1.41)