The major bank has reported an increase in its underlying revenue over the third quarter of 2018, citing “good growth in SME lending”.
In its 2018 third quarter (3Q18) trading update, released this week, NAB revealed that its statutory net profit increased by $50 million when compared with the previous corresponding period (pcp), from $1.6 billion in 3Q17 to $1.65 billion in 3Q18.
NAB’s revenue also increased by 1 per cent, with the bank attributing the rise to “good growth in SME lending within business and private banking, and a strong contribution from New Zealand banking”.
As of 30 June 2018, NAB’s on-balance sheet exposure to SME lending totalled $13.49 billion.
Bendigo reports business lending growth amid “extreme price competition”
Earlier this week, Bendigo and Adelaide Bank released its full-year 2018 financial results (FY18), which revealed that its business lending portfolio increased by 4.7 per cent in 2H18, despite the bank citing “extreme price competition” in the business lending space.
However, the bank’s overall settlements, which included business lending, dropped by $2.2 billion year-on-year, from $15.1 billion in FY17 to $12.9 billion in FY18.
On the whole, Bendigo and Adelaide Bank reported a statutory net profit after tax (NPAT) of $434.5 million, with underlying cash earnings of $445.1 million.
MyState Bank increases business lending flows
Further, according to MyState’s FY18 financial results, its business lending settlements grew by $9 million, from $63 million in FY17 to $73 million in FY18.
However, MyState’s total lending sentiments fell by $8 million year-on-year, from $1.19 billion in FY17 to $1.11 billion in FY18.
In total, MyState’s overall funds under management (FUM) increased by 6 per cent to $1.15 billion, with its NPAT also rising, increasing by 4.6 per cent to $31.5 million.
[Related: CBA and Suncorp reveal SME lending results]