National Australia Bank share price ASX NAB

National Australia Bank (NAB)

National Australia Bank Limited is an international banking group which operates in Australia New Zealand Europe Asia and the United States. The Group offers banking services credit and access card facilities leasing housing and general finance international and investment banking wealth and funds management life insurance and custodian trustee and nominee services.

NAB shares have rallied almost 50% in less than six months, as funds have flown back into the banking sector. The gains have pushed NAB close to its highest level since mid-2008, but despite the huge surge in banking stocks, the sector remains reasonably valued.

NAB continues to trade on the lowest P/E and highest dividend yield of the big four banks, but this is unlikely to change any time soon as the market historically rates NAB as the lowest quality of the four pillars.

As part of the campaign to convince the market that it is worth re-rating, NAB recently announced a technology and strategy update. While the bank spoke of enhancing its digital platform to better cater to clients’ needs, the main game is to save costs. On that front, CEO Cameron Clyne said he expects the strategy to deliver $800 million in annual savings by the end of the fifth year.

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