MELBOURNE (S&P Global Ratings) Nov. 9, 2023--National Australia Bank Ltd.'s (NAB) credit profile should remain robust over the next two years on the back of strong capital levels and low credit losses. NAB (AA-/Stable/A-1+), one of Australia's four major lenders, today announced an 8.8% year-on-year increase in its cash earnings for the 12 months ended Sept. 30, 2023. The results were solid and in line with our expectations. NAB's capital levels should remain strong in the next two years. Following the completion of the A$1.5 billion share buyback the bank announced in August 2023, its pro forma common equity Tier 1 (CET1) ratio will be 11.9% as of Sept. 30, 2023. This remains well above the bank's 11.0%-11.5% target CET1
