The following is a summary of the National Australia Bank Limited (NABZY) Q2 2024 Earnings Call Transcript:

Financial Performance:

• National Australia Bank (NAB) reported a 1.1% decrease in underlying earnings, with cash earnings down by 3.1% over the half.

• Profit declined by 9% in Personal Banking but increased by 4% in New Zealand Banking.

• The interim dividend is $0.84, which is 74% of the half's cash earnings.

• There was a decrease in the portfolio of restructured loans due to weather events.

• The CET1 ratio stands at 12.15%, with a corporate provision escalation of $137 million.

• The bank reported increased returns on equity and a high level of collective provisioning coverage.

Business Progress:

• NAB has invested in cloud infrastructure and the acquisition of Citi's consumer business, significantly enhancing its operational reach.

• There's a strong focus on customer growth, with plans to invest in colleague support and CRM platforms to boost customer engagement. They also experienced growth in business lending and customer deposits.

• The bank has reported growth in their UBank business, with the initiative to further investment due to the strong customer appeal.

• Business and Private banking saw 8.6% growth in business lending and 6.4% growth in customer deposits year-on-year.

• Despite a low growth environment, New Zealand Banking grew its customer base and delivered strong growth in retail banking.

• A relationship-led strategy has driven growth in home lending in the business bank achieving better absolute returns than the personal bank.

• The bank is also putting into place measures to address a declining Business Net Promoter Score.

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