Australian National Bank (ASX:NAB) has released full-year financial results for 2024, revealing statutory net profit of $6.96 billion, down 6.1% from $7.41 billion a year earlier. Cash earnings also fell 8.1% to $7.1 billion, reflecting a challenging economic environment characterized by persistent inflation and rising costs of living.
Earnings per share (EPS) fell to 227.9 cents, a decline of 10.1% from 238 cents in 2023. This result is in line with the broad analyst consensus of $2.25. Reported net income of $6.96 billion was also in line with the overall market forecast of just over $7 billion.
Despite the earnings decline, NAB maintained a solid Common Equity Tier 1 (CET1) capital ratio of 12.35%, demonstrating its strong capital position and ability to navigate potential economic uncertainties.
The bank declared a semiannual dividend of 85 cents per share, contributing to a total annual dividend of $1.69 per share. This beat expectations of $1.68 per share and surpassed the prior year’s $1.67 per share.
CEO Andrew Irvine commented: “Our focus has been to improve the customer experience, simplify our operations and accelerate investment in digital innovation.” He also highlighted NAB’s commitment to supporting customers facing financial challenges, pointing to tailored assistance for financial difficulties and expanded digital financial tools.