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Personal loan losses surge at NAB

Losses on personal loans and credit cards jumped at National Australia Bank over theb year to September 2024.

Write-offs on personal loans were $290 million in FY2024, up from $208 million kin FY2023 and $136 million in FY2022.

NAB yesterday released its 2024 Supplemental Information Report which voluntarily continues the disclosure of some of the information NAB previously disclosed to the US market in its US periodic reports filed with the Securities Exchange Commission when NAB was an SEC registrant.

Write-offs were also materially higher in Transport and storage, Retail and wholesale trade, Business services and property services and Agriculture, forestry, fishing and mining.

Losses on Commercial property were immaterial.

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