NAB: Q1 Result 2015

National Australia Bank has announced its first quarter result, but we're closer to selling than buying.

National Australia Bank has announced its first quarter trading update (the company has a 30 September year end), with underlying earnings increasing 6%. Although the market seemed to like it (the stock price increased 1%), it doesn’t sound like it was a very high quality result. These updates are light on detail so it’s difficult to judge until we see the interim result, but underlying revenue only increased 2% and was reliant on volatile trading activity.

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