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- Indepth analysis of ASX listed shares
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National Australia Bank has announced its third quarter trading update for the period ending 30 June 2012. Unaudited cash earnings (which excludes previously announced write-offs from the troubled UK banking division) for the quarter were $1.4bn, in line with the same period a year earlier.
Revenue actually fell 1%, but we’d be satisfied if the company can maintain profitability in such a weak lending environment without taking on high risks. That’s the longer-term concern given National Australia’s large business loan book and recent grab for market share. Outside the UK bad debts aren’t currently a problem, having fallen 7% to $524m in the quarter ending 30 June. We should get a clearer picture of the industry’s performance when Commonwealth Bank announces its annual result later this week.
The company’s share price performance has lagged behind that of its three major rivals over the past year, but having increased 1% since 10 May 12 (Hold – $24.57) we’re sticking with AVOID.
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