NAB: new boss, new writedowns

An old market adage says that a new chief executive starts with fresh writedowns. National Australia Bank’s incoming chief, Andrew Thorburn, duly played his role as a cliche, announcing $1.3bn in writedowns and provisions as well as raising $1.6bn from a discounted dividend reinvestment scheme. Almost $1bn of writedowns came from NAB’s UK operations while the remainder came from unrelated impairments to software and tax assets. Full-year profit is expected to fall 13% to between $5.1-5.2bn on a cash basis when the bank reports later this month. This may sound like grim news but the market was sanguine, sending NAB...

An old market adage says that a new chief executive starts with fresh writedowns. National Australia Bank’s incoming chief, Andrew Thorburn, duly played his role as a cliche, announcing $1.3bn in writedowns and provisions as well as raising $1.6bn from a discounted dividend reinvestment scheme.

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