National Australia Bank (ASX:NAB) is one of Australia’s big four banks, whose divisions span retail and business banking, wealth management, capital markets and institutional banking.
NAB’s businesses span across the globe, with operations in the US (Great Western Bank), the UK (Clydesdale and Yorkshire Bank), and New Zealand (BNZ). The company is also widely considered among the market’s blue chip stocks.
On 8 February, NAB reported unaudited 1Q11 cash earnings of approximately $1.3 billion, up 18% from the previous year.
NAB attributed the result to improved revenue from its Australian banking operations, mark-to-market gains on its specialised group assets portfolio, and lower charges for its bad and doubtful debts.
However, the group said margins were down from the 2H10 due to higher funding costs offsetting the recent repricing of its retail loan book.