NAB maintains campaign to abolish fees and cut prices

The lender pushes move despite amidst Senate Economics Committee report on banking competition.

National Australia Bank has signalled that it will not step back from its campaign to muscle up by aggressively undercutting bigger rivals.

Unveiling an 18 per cent increase in first-quarter cash profit on Wednesday, NAB finance director Mark Joiner said robust growth in the bank's mortgage book was fuelling a revenue uplift.

Chief executive Cameron Clyne said the bank's strategy of abolishing fees and cutting prices was proving beneficial amid moves by the Federal Government to bolster competition in the sector.

With the findings yet to be released from the Senate inquiry into banking competition, the industry faced a heightened political risk, Mr Clyne said.

Hearings for the inquiry were held over the past two months, with the Senate Economics Committee due to publish a report by the end of March.

"Regardless of the findings, it is clear that consumers desire . . . more competition in the sector," Mr Clyne told banking analysts.

View the full story in The Herald Sun.

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