NAB

National Australia Bank’s interim result was a mixed bag (it has a 30 September year end). The bank’s reported profit fell 16% to $2.1bn largely due to losses in the UK, which we discussed recently on 30 Apr 12 (Avoid – $25.22). Yet National Australia still managed to produce record cash earnings of $2.8bn, up 6%. Cash earnings per share increased 3% to $1.30, and the interim fully franked dividend was increased to 90 cents (estimated ex date 31 May), from 84 cents. Over the past two years National Australia has increased its share of Australian household deposits from...

National Australia Bank’s interim result was a mixed bag (it has a 30 September year end). The bank’s reported profit fell 16% to $2.1bn largely due to losses in the UK, which we discussed recently on 30 Apr 12 (Avoid – $25.22). Yet National Australia still managed to produce record cash earnings of $2.8bn, up 6%. Cash earnings per share increased 3% to $1.30, and the interim fully franked dividend was increased to 90 cents (estimated ex date 31 May), from 84 cents.

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