NAB chief executive Cameron Clyne has insisted the bank has not seen an increase in home loan arrears, despite recent concerns.
The chief executive of National Australia Bank (NAB) has sought to assuage concerns over home loan debt, telling delegates at a business forum the group has not observed an increase in arrears.
Speaking at an event in Melbourne today (June 28th), Cameron Clyne also insisted that the ongoing fiscal crisis in the eurozone had not as yet resulted in a significant climb in its funding costs, Reuters reports.
In response to a question about mortgage delinquencies, he said NAB had not "experienced that uptick in arrears". The bank has recently stepped up its presence in the home loans sector, despite previously being seen as primarily a business lender.
However, the Reserve Bank of Australia's seven interest rate hikes since late 2009 have led to an increase in mortgage debt throughout the country's financial sector. Mortgages account for around two-thirds of Australian banks' collective portfolio.
Last week, NAB personal banking head Lisa Gray told the Australian that the company's credit card reforms had helped consumers to make major savings.
By Kate Guthrie
