National Australia Bank (ASX:NAB) Delivers Higher Dividend Despite FY24 Profit Dip

Thu 01 May 25, 08:22 AM | Team Kalkine

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Highlights

NAB reported total dividends of 169 cents per share in FY24, up 1.2% YoY, maintaining a 73.7% payout ratio.

Profit after tax dropped by 6.1% YoY to AUD 6.96 billion in FY24 and cash earnings declined by 8.1% YoY.

FY25 strategy targets AUD 400 million in productivity savings and digital transformation to enhance efficiency.

National Australia Bank Limited (ASX:NAB) is one of Australia’s major financial institutions. In the financial year ended 30 September 2024 (FY24), NAB’s net operating income remained flat at AUD 20.65 billion compared to the prior year. However, profit after tax declined 6.1% YoY to AUD 6.96 billion, while cash earnings fell by 8.1% YoY to AUD 7.10 billion. These results came amid pressures such as rising cost-of-living and interest rate challenges, particularly in the first half of the fiscal year.

The bank noted that conditions improved in 2HFY24, supported by a more stable operating environment and proactive customer support.

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