NAB Hits Back at CBA with A$1.3b Business Lending Push
(30 June 2021 – Australia) The lift in business lending volumes projected by NAB is now coming to fruition.
The recently refreshed monthly authorised deposit-taking institution statistics from the Australian Prudential Regulatory Authority (APRA) reveals the bank wrote A$1.3 billion in new business loans in May alone.
NAB recorded its fourth straight month of growth in loans to non-financial enterprises, rising from A$173.3 billion to A$173.6 billion. Over the same timeframe, ANZ’s business book contracted by A$700 million, CBA’s was relatively flat, shrinking by A$100 million and Westpac’s business denominated lending slid by A$300 million.
It follows a massive recovery in business investment sentiment, strengthening capex (capital expenditure) intentions returning back to pre-COVID levels and the first consecutive increases in quarterly business investment figures since 2013.
NAB’s Group Executive Business and Private Banking, Andrew Irvine, has ramped up activity since joining the group in Q3 2020 by employing 550 new customer facing staff and enthusiastically promoting NAB’s enhanced focus on its domestic “bread and butter” core capability in business banking.
“Our pipelines are up 50 percent compared to this time last year. I’ve been taken aback by the energy, the optimism and sheer bullishness of our customers in these markets. Business owners are saying they can’t remember when they had an order book this big. Frankly it’s a remarkable turnaround” Mr Irvine stated.
“April was a very good month for us on momentum” commented NAB CEO Ross McEwan.
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