Two weeks after unveiling massive job cuts, NAB has made it clear its braced for economic pain. Welcome to the banking sector’s first real credit cycle in more than a decade.
Deep in the bowels of the 127-page presentation accompanying National Australia Bank’s full-year result is a table setting out a bunch of figures about the bank’s mortgage book.
NAB’s loss rate certainly jumps out: 0.00 per cent, for yet another year. Maybe home lending really is as safe as houses.
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The country’s biggest business lender said household savings buffers remained strong but that arrears have deteriorated.
The bank first reported problems to the regulator in 2019, but did not fully fix them for another seven years.
