NAB continues to attract switchers

National Australia Bank chief executive Cameron Clyne said the bank continued to grow its number of mortgage customers.

“We've seen substantial switching over the last three years, we've had the lowest standard variable rate for 34 months so the switching to NAB has been very substantial.”

NAB's total lending increased by 7.0 per cent from the previous corresponding six month period, with housing loans up 9.3 per cent to $259.4 billion at March 31.

But funding costs continued to rise, primarily due to competition among the banks for deposits. NAB's net interest margin, a measure of profit it makes on its loans, was down six basis points from a year ago to 2.17 per cent.

Source: Courier Mail