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NAB promises more undercutting

11/02/2011

National Australia Bank reported an 18 per cent increase in first-quarter cash profit yesterday and signalled that it will not stop aggressively undercutting the other big banks. 

After pricing its standard variable mortgage below the three other major banks since mid-2009, NAB is now growing its home loan book at about twice the rate of Commonwealth and Westpac.

"We're comfortable growing at that rate," Mr Clyne said. "The quality of customers we are attracting is good."

NAB also abolished fees on its basic transaction account last year and recorded its strongest growth yet in transaction account numbers in December. NAB finance director Mark Joiner said growth in the bank's mortgage book was fuelling revenue: "We have very good momentum continuing out of our reputation and fair value initiatives."

NAB shares climbed almost 2 per cent yesterday, up 48c to $25.48.
Herald Sun



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