NAB

National Australia Bank’s first quarter trading update (the company has a 30 September year end) produced no surprises. Cash earnings were $1.4bn, up slightly from $1.3bn in the last three months of 2010. At first blush that’s a fine result. Particularly in light of the net interest margin falling from 2.28% to 2.19%, due to weak credit growth, higher interest costs and higher bad debts in the UK.    By offering lower home loan rates than its Australian rivals, National Australia’s mortgage volumes increased 2.42 times faster than the industry. While that’s provided a short-term boost to earnings, there’s...

National Australia Bank’s first quarter trading update (the company has a 30 September year end) produced no surprises. Cash earnings were $1.4bn, up slightly from $1.3bn in the last three months of 2010. At first blush that’s a fine result. Particularly in light of the net interest margin falling from 2.28% to 2.19%, due to weak credit growth, higher interest costs and higher bad debts in the UK.   

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