The NAB says the number of mortgages in Covid-19 deferral has fallen significantly, as more and more borrowers return to making their monthly payments.

At its peak NAB offered deferrals to 110,000 home loan customers, but at the end of October 75,000 loans are no longer in deferral. The NAB’s deferred mortgages now total 34,000, worth $14 billion, less than 5% of NAB’s total loan book.

This follows recent announcements from other big banks showing reductions in deferred numbers. Westpac revealed 31% of its deferred customers had requested a further four-month extension, while the Commonwealth Bank advises it has 41,000 – or 20% – of 210,000 loans still being deferred.

The ANZ reveals around half of its home loan deferrals have come to an end, with 43,500 out of 95,000 now being repaid.

The NAB reported a 37% fall in its full-year cash earnings to $3.7 billion caused by rising expenses, mounting bad loan provisions and income pressure from record low interest rates.