Powered by MOMENTUM MEDIA
subscribe to our newsletter

NAB ‘not a mortgage bank’: Clyne

NAB chief executive Cameron Clyne today said he would not characterise the major lender as a ‘mortgage bank’ when compared with its peers.

Speaking at a press conference in Sydney today, Mr Clyne said it was NAB’s duty to ensure credit flows continue to support economic growth. 

“As to whether we are viewed as a mortgage bank, we are delighted to have had 17 consecutive quarters of above-system mortgage growth,” Mr Clyne said.

“But I think you will find that our peers have about $100 billion more in mortgages on their books than we do, so I’m not quite sure we would be entirely characterised as a mortgage bank.”

Mortgages account for 59 per cent of the bank’s $412 billion lending portfolio.

Advertisement
Advertisement

PROMOTED CONTENT


NAB’s half-yearly profit results, released today, show the highest cash earnings figure in the bank’s history, at 8.5 per cent.

Home lending increased by $11.3 billion, or 3.9 per cent, in the six months to March 31.

Excluding foreign exchange, the increase was $8.6 billion, or 3 per cent, mainly due to a $6.7 billion increase in Australian mortgages, a $1.6 billion increase in UK mortgages and an increase of $0.3 billion in NZ mortgages.

“The mortgage market has tightened up but there is not a significant gap now,” Mr Clyne said.

“There is obviously one bank that has priced a little higher but fundamentally the gap is somewhat closed.

“We are obviously still the lowest of the majors but I think it is very competitive.”

NAB ‘not a mortgage bank’: Clyne
mortgagebusiness

Latest News

The chairman of the financial services regulator has resigned from his position, effective immediately. ...

Refinancing settlements for the first nine months of the calendar year 2020 are up 27 per cent on last year’s volumes, having peaked in Ju...

The Tasmanian-based lender has seen a 43 per cent rise in settlements in the first quarter of the financial year, driven by strong demand fr...

FROM THE WEB

Join a group of highly informed brokers.

Broker Pulse, a community-driven knowledge base of lender performance Reveal exactly which lenders are making life easiest for brokers and their clients by taking this monthly survey and joining a group of highly informed brokers who leverage these insights every month.

JOIN NOW
podcast

LATEST PODCAST: Victoria’s surprising appetite for new homes

Do you expect to see strong uptake of the HomeBuilder scheme?

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.