NAB adds $ 1.3 billion in business loans

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NAB CEO Ross McEwan was adamant that a recovery in business lending was just around the corner, saying strong lending growth continued in March following the bank’s half-year results in May.

“April has been a very good month for us,” said Mr. McEwan.

As it turned out, May was even better, as NAB posted growth for the fourth straight month, and the volume of loans to non-financial enterprises increased from $ 173.3 billion to $ 173.6 billion.

Over the same period, ANZ’s business loan portfolio declined $ 700 million, CBA’s loan portfolio remained unchanged or decreased by $ 100 million, and Westpac’s portfolio also declined $ 300 million.

The news will be welcomed by NAB investors as the bank’s shares have been trading in a narrow range of around $ 26 since March.

Commonwealth Bank, which openly claims to be the largest commercial bank in Australia., a 10.3% drop in the division’s cash income in the first half of the year would have made many nervous about the release.

NAB’s Mr. Irwin has also remained confident in a recovery in business investment since joining the bank last September. Australian Financial Survey in May, the bank’s loan portfolio grew by 50% compared to the previous year.

“As Australia’s largest commercial bank, we have a track record of lending to our clients in both good times and bad — which is what we are doing now to help build a strong economy and community,” said Mr Irwin.

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