If you own National Australia Bank Ltd (ASX: NAB) shares but bank elsewhere, you might have missed a mass email sent by the S&P/ASX 200 Index (ASX: XJO) bank's CEO.
NAB boss Ross McEwan reached out to 4 million customers earlier this week to assure them of the bank's commitment to cyber security and easing the burden during tough times.
The letter, titled 'you have our support' has been sent ahead of what could be a deluge of fixed-rate mortgages expiring amid the current high-interest rate environment.
Right now, the NAB share price is $28.76.
Image source: Getty Images
NAB CEO addresses financial hardship and scams
Own NAB shares? The bank's leader has offered support to struggling customers as it prepares for the majority of its fixed-price mortgage book to expire amid a cost-of-living crisis.
It comes on the back of ten consecutive rate hikes put forward by the Reserve Bank of Australia (RBA) in the lead-up to April. The official cash rate is currently at a decade-high of 3.6%, with NAB expecting it to have peaked.
Right now, an owner-occupier with a $500,000 mortgage could be paying $983 a month more than they were in April 2022, according to RateCity.
McEwan reassured customers that protecting their cash and supporting them through tough times is the bank's "top priority", continuing:
You might not find yourself in this situation, but I want you to know what help is available.
The best thing you can do is reach out to our NAB Assist team or your banker early. In fact, over 90% of customers who do this are back on their feet in 90 days.
Of the $108 billion of fixed-rate mortgages on NAB's lending book as of September, $15.6 billion expired over the six months to March, according to its latest full-year results. Meanwhile, another $54.5 billion of its fixed-rate mortgages are set to expire over the coming 12 months.
McEwan also comforted customers' concerns about scams and cybersecurity, saying:
It's clear that the rise in scams is a growing problem in Australia and globally. To tackle this issue, it takes ongoing collaboration with government, business sectors, the community, and customers. And that's what we're doing.
He said NAB invests "millions of dollars" into technology and expertise every year, allowing it to monitor for cybercrime.
The topi of cybercrime is likely on the minds of many Australians following recent breaches facing Medibank Private Ltd (ASX: MPL) and Latitude Group Holdings Ltd (ASX: LFS).
NAB share price snapshot
The NAB share price has underperformed the ASX 200 so far this year.
The stock has dumped 2% year to date. It's also 13% lower than it was this time last year.
For comparison, the ASX 200 has gained 6% since the start of 2023 and has fallen 3% since this time last year.
