MELBOURNE (S&P Global Ratings) Nov. 7, 2024--Stabilizing domestic economic and competitive conditions will support National Australia Bank Ltd.'s (NAB) robust credit profile. NAB (AA-/Stable/A-1+), one of Australia's four major lenders, today announced an 8.1% decline in cash earnings for the full year ended Sept. 30, 2024, compared with the prior year but stable half on half. The results are sound and in line with our expectations. Notwithstanding a 26-basis point increase in nonperforming exposures over the prior year to 1.39%, credit losses over the next two years should remain low, and close to pre-pandemic levels, in line with those for other major Australian banks. Nevertheless, banks in Australia, including NAB, remain exposed to a jump in credit losses due to
