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NAB Expects $505mn Impairment Charges in 1H2026
April 20, 2026
National Australia Bank (NAB) expects credit impairment charges of AUD 706mn ($505mn) for 1H2026, compared to AUD 348mn recorded a year earlier. This is because the Iran war is weighing on the global economy and raising the probability of an Australian economic downturn. The bank is increasing its total provisioning by AUD 300mn ($214.6mn), earmarking AUD 201mn ($143.8mn) for the transport and agriculture sectors. The bank also flagged that Q2 interest rate volatility, a weaker New Zealand dollar, and the provisioning increase would collectively reduce its CET1 capital ratio by ~20bp as of March 31. NAB plans to apply a 1.5% discount to its first-half dividend reinvestment plan, targeting up to AUD 1.8bn ($1.3bn) in additional capital to shore up its balance sheet. The 1H2026 results due May 1, will also include an accelerated amortisation charge of AUD 949mn ($679mn) after tax related to a change in software capitalisation policy.
NAB’s bonds were trading stable, with its 4.5% 2027s at 100.8, yielding 3.9%
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