Live: NAB quarterly profit jumps to $2.1b, Australian dollar hits 19-month high against British pound

The Australian financial landscape is witnessing a significant shift today as National Australia Bank (NAB) releases its latest quarterly results, showcasing a robust performance that has sent ripples through the currency markets. With a reported cash profit of $2.1 billion, the banking giant has demonstrated resilience in a complex economic environment, while the Australian dollar has surged to its highest level against the British pound in over a year and a half.

NAB Performance Driven by Lending Growth and Margin Management

National Australia Bank's quarterly update reveals a business firing on multiple cylinders. The $2.1 billion profit figure represents a steady climb, underpinned by a 27% year-on-year increase in transaction volumes. This growth is particularly notable given the broader inflationary pressures currently affecting the global banking sector. Analysts point to NAB's strategic positioning as a senior funding partner in several high-value projects as a key driver for this quarter's success.

The bank's investor loan book has also seen healthy expansion. In the most recent month of data, NAB grew its investor portfolio by approximately $300 million, reaching a total of $112.5 billion. This consistent growth in lending, paired with disciplined derivative management—which saw a 16% increase in income—has solidified the bank's capital position. Key highlights from the report include:

Quarterly cash profit reaching $2.1 billion. Transaction volume up 27% compared to the same period last year. Investor loan portfolio expanded to $112.5 billion. Revenue growth across core business banking segments.

Australian Dollar Surges as Sterling Faces Soft Employment Data

Simultaneously, the Australian dollar (AUD) has become the standout performer in the G10 currency complex. The AUD/USD pair edged higher to touch 0.7072 following minutes from the Reserve Bank of Australia's February meeting. While the RBA remains cautious regarding "sticky" inflation, the market has interpreted the central bank's stance as relatively more hawkish compared to its international peers.

The most dramatic movement, however, has been seen in the AUD/GBP cross. The Australian dollar hit a 19-month high against the British pound today. This move was accelerated by disappointing labour market data out of the United Kingdom. UK unemployment rose to 5.2% in the fourth quarter, exceeding consensus forecasts and marking its highest level in nearly five years. With headline earnings in the UK rising only 4.2% against a 4.6% expectation, markets have increased bets on a Bank of England rate cut as early as March, significantly weakening the pound.

Market Outlook: RBA Caution vs. Global Monetary Easing

As we look toward the remainder of 2026, the divergence in monetary policy between Australia and the UK is likely to remain a primary driver for the AUD/GBP exchange rate. While the Reserve Bank of Australia flags the potential for further tightening if price increases persist, the Bank of England is facing increasing pressure to pivot toward easing to support a softening jobs market.

For NAB, the focus shifts to maintaining net interest margins as the competitive landscape for deposits intensifies. Along with ANZ and Westpac, NAB has been active in lifting deposit values to retain liquidity. However, with the bank's strong capital buffers and a growing market share in investor lending, management remains optimistic about delivering double-digit earnings growth in the coming years. Investors are now closely watching for the upcoming RBA inflation data to see if the Australian dollar's rally has further room to run or if it is nearing a "chop at the top."

RBA meeting minutes suggest a continued focus on inflation targets. UK labour market softness increases probability of BoE rate cuts. Australian banks face ongoing competition for retail deposits. Currency speculators are currently holding significant net-short positions on the US Dollar, favoring the AUD.

Stay tuned for live updates as the trading day progresses and more banking sector insights become available.

Live: NAB quarterly profit jumps to $2.1b, Australian dollar hits 19-month high against British pound

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