Blue Chip News National Australia Bank (NAB)
28th Oct 2010
National Australia Bank (NAB) is one of Australia’s “big four” banks, with a focus on regional banking, wealth management operations, international capital markets and institutional banking business. The group is also widely considered among the market’s blue chip stocks.
Brands within Australia include NAB and MLC, whereas the group is represented in New Zealand by Bank of New Zealand. In the Americas NAB’s bank is Great Western, and in the UK, Clydesdale Bank and Yorkshire Bank.
On 27 October, NAB posted a 19% rise in FY10 cash profit to $4.58 billion, exceeding analyst estimates of a $4.49 billion profit.
Net profit surged 63% to $4.22 billion, driven mainly by a big drop in write-downs associated with problem loans.
Net interest margin increased 9 basis points to 2.25%, but revenue declined 1.6% amid lower net interest income, and global market volatility reducing its Treasury income.
NAB also increased its final dividend to 78 cents from last year’s 73 cents, whilst its share price jumped 2.1% on the day of the announcement, making it one of the better performers in the stock market.
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