This report does not constitute a rating action. MELBOURNE (S&P Global Ratings) May 7, 2025--Stable earnings and ongoing cost control will support National Australia Bank Ltd.'s (NAB) robust credit profile. We anticipate credit losses over the next two years should remain low, and close to pre-pandemic levels. NAB (AA-/Stable/A-1+), one of Australia's four major lenders, today announced a 1% increase in cash earnings to A$3.6 billion for the six months ended March 31, 2025, compared with the previous corresponding period. Revenues increased 1.7% in the half supported by a stable net interest margin of 1.70% and cost growth of 1.4%. The results are sound and in line with our expectations. While NAB's nonperforming exposures increased 10 basis points (bps) over
