ANZ, NAB rise on Citi backing ahead of Australia bank earnings season

National Australia Bank

12/10/2026 24:45

Updates
** Shares of National Australia Bank NAB.AX rise as much as 0.4% to A$37.810
** Citi says Australia's upcoming bank earnings season is likely to be "somewhat transitional," with benefits from portfolio repricing and higher nominal growth expected to become more evident in FY27
** While competition and deposit mix pressures persist, Citi says ANZ Group ANZ.AX and National Australia Bank NAB.AX appear better positioned due to their relative growth and funding mix
** Shares of ANZ gain as much as 0.7% to A$37.420
** Citi's earnings forecasts are modestly above consensus for ANZ, NAB, Westpac WBC.AX and Bank of Queensland BOQ.AX, largely due to lower bad and doubtful debt expense assumptions
** Forecasts Macquarie's MQG.AX first-half earnings to be 4% above consensus, driven by higher asset management performance fees and stronger commodities trading income
** Broader financials sub-index .AXFJ rises as much as 0.2%

(Reporting by Roshan Thomas & Rajasik Mukherjee in Bengaluru; Editing by Mark Porter)
((Roshan.Thomas@thomsonreuters.com;))