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NAB, NATIONAL AUSTRALIA BANK LIMITED
nipper
post Posted: May 6 2021, 08:42 AM
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NAB has doubled its previous interim dividend after reporting a stronger than expected cash profit during the first half of the year, driven by a rebound in the domestic economy.

NAB reported a first half cash profit of $3.34 billion, beating estimates for a $3.27 billion result. It was 94.8 per cent ahead of its cash profit in the same period a year ago. The bank made a statutory net profit of $3.21 billion.

NAB’s cash return on equity was 11.1 per cent and its common equity tier 1 ratio was 12.37 per cent.

The bank declared an interim dividend of 60¢ a share, doubling its interim dividend from last year.





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"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne

Said 'Thanks' for this post: early birds  
 
nipper
post Posted: Feb 16 2021, 03:04 PM
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Quarterly update: National Australia Bank said its earnings for the first quarter of the financial year were little changed. Unaudited first quarter cash earnings came in at $1.65 billion, up 1 per cent from the same time a year ago.

Net profit for the quarter was $1.7 billion. However, the profit margin between interest paid by the bank and the income from interest slipped over the quarter due to record low interest rates.
NAB said the bulk of customers who deferred their loans because of the coronavirus pandemic have resumed making repayments, with the value of deferred loans at $2 billion down from a peak of $38 billion.

The value of business loans being deferred fell from $19 to $1 billion. The bank said that most customers exiting deferrals (around 90 per cent of the value of the loans) have resumed making repayments, "but a small cohort are requiring further assistance".



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"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne
 
nipper
post Posted: Sep 12 2020, 07:53 PM
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NAB - wealth management


The NAB high net worth advice business, private bank and self directed investor offerings were placed under the stewardship of Justin Greiner in May. Greiner has been CEO of the 180 year old JB Were since 2013 and is only the ninth chief executive in its history.
JB Were and NAB Private are the advice and private bank arms respectively. Clients may work with one or both arms. The two units have about 350 client facing staff and about 20,000 customers with $52 billion in funds under management.

At NAB the advice and private wealth businesses have been repatriated to the NAB business division from retail, the reverse of what has happened at CBA. This is an important distinction according to Greiner, who says retail is about volume and processes.
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You are sitting in a retail business that wants simplicity, it wants one way, same way. The choice now is either basic banking or holistic, whole of balance sheet support and I don't think high net worth Australians have had the choice before, Greiner says.

JB Were targets customers with investable assets of $2.5 million and about half its client base are classified as wholesale or sophisticated investors. Despite the lower compliance burden, all JB Were advisers are undertaking their Financial Adviser Standards and Ethics Authority (FASEA) exams. FASEA is the new professional standard in Australia and must be completed by existing advisers by the end of 2021. We just believe in it. We want professionals in our industry, we need to lift, Greiner says.

The JB Were financial services guide says retail clients are charged a minimum $3300 for a statement of advice and a further $5500 for additional ongoing advice. Greiner says this is not set in stone. We have taken the view that today it comes down the conversation you have with the client; how much you have to invest and what the fees are, that is not the starting point. There is no minimum, tell us what is important to you, he explains.

JB Were operates a multi asset platform that allows customers to keep track of investments in cash, equities, fixed income and less liquid alternatives that are not readily tradeable such as private equity, hedge funds and the like.



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"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne
 
early birds
post Posted: Aug 14 2020, 10:10 AM
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https://www.afr.com/companies/financial-ser...20200811-p55krv

National Australia Bank is poised to sack hundreds of IT workers over the next month after costs at the bank continued to spiral upwards despite promising to shut down more than 100 projects earlier this year.



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SP goes up... market love cost saving!!!

 
balance
post Posted: Apr 27 2020, 10:05 AM
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NAB the first of the big banks to report the Covid carnage.
https://www.abc.net.au/news/2020-04-27/nab-...illion/12188112




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Day Trader: Lowest form of life in the known universe.
Shorter: Can limbo under a day trader.
Investor: Salt of the Earth.Sits to the right of God (Warren Buffet)
Share prices are only ever manipulated down.
Paper losses are not really losses.
Chat site posters always know better & know more than anyone about anything.
I'm 29.
The cheque is in the mail.
 
blacksheep
post Posted: Nov 20 2019, 02:56 PM
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In Reply To: blacksheep's post @ Oct 2 2019, 11:51 AM


NAB to pay compensation to customers sold junk insurance

Updated 11 minutes ago
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The National Australia Bank (NAB) has agreed to pay compensation to tens of thousands of customers who were sold junk credit card and personal loan insurance.

The bank, and its subsidiary MLC Limited, have settled a class action taken against them in the Federal Court.

The amount to be paid to each customer is still to be worked out, but the court hopes they will be notified by Christmas if they will receive a payout.

The action, taken by law firm Slater and Gordon, alleged NAB and MLC engaged in unconscionable conduct in selling consumer credit insurance (CCI) to customers.

They included pensioners, casual workers, and unemployed and critically ill people who were ineligible to claim or unlikely to benefit from the policies.

It was also alleged NAB engaged in misleading and deceptive conduct when selling the insurance.

Earlier this year, the corporate regulator gave a scathing assessment of CCI policies offered in Australia, finding they were "extremely poor value for money".

On average, customers only received 11 cents for every dollar spent on CCI premiums linked to their credit cards, the Australian Securities and Investments Commission (ASIC) revealed in its July report.

CCI policies offer to provide payouts to help cover loan or credit card repayments if someone is sick, injured or loses their job and cannot meet the minimum repayments.

More to come.

https://www.abc.net.au/news/2019-11-20/nab-...urance/11721820

https://www.shortman.com.au/stock?q=nab
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The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 


blacksheep
post Posted: Oct 2 2019, 11:51 AM
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2 October 2019
ASX Announcement
NAB announces additional costs for customer-related remediation and software capitalisation change

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National Australia Bank Ltd (NAB) today announced additional charges of $1,180 million after tax
($1,683 million before tax) relating to increased provisions for customer-related remediation and a
change to the application of the software capitalisation policy. This is expected to reduce 2H19
cash earnings by an estimated $1,123 million after tax and earnings from discontinued operations
by an estimated $57 million after tax.

read more - https://www.asx.com.au/asxpdf/20191002/pdf/...46tbvwf86cy.pdf

https://www.shortman.com.au/stock?q=nab

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--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington

Said 'Thanks' for this post: early birds  
 
blacksheep
post Posted: Aug 3 2019, 11:49 AM
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extract from this article - Call for rules shake-up to avoid 'Enron style' collapses in Australia
QUOTE
The Sydney Morning Herald and The Age on Friday revealed that National Australia Bank had confessed serious problems, including the ongoing sale of dud products, to its auditor EY, as part of a review last year.

The revelations, which included evidence of a very close "no surprises" relationship between NAB and EY, sparked an immediate parliamentary inquiry into the management of conflicts of interest between consulting companies and their clients

https://www.smh.com.au/business/banking-and...52db7.html?btis

OPINION
Time's up for Henry but also the billion-dollar audit club
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The latest National Australia Bank scandal has triggered unanimous bipartisan support for a parliamentary inquiry into the potential conflicts of the big audit firms. It is long overdue.

So too is the departure of NAB’s chairman Ken Henry, who needs to reassess whether he should leave now instead of waiting until later this year. The drums are beating louder.

https://www.smh.com.au/business/banking-and...802-p52dak.html



--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington

Said 'Thanks' for this post: early birds  
 
blacksheep
post Posted: Jul 19 2019, 12:35 PM
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Market seems to like the appointment

QUOTE
Ross McEwan appointed CEO of National Australia Bank
National Australia Bank today announced the appointment of Ross McEwan as Group Chief
Executive Officer and Managing Director.

NAB Chairman-elect Philip Chronican said NAB had secured a senior, global financial services
executive with deep experience in international markets and long-standing knowledge of the
Australian banking environment.

The New Zealand-born, former Australian banking industry executive has been CEO of Royal Bank

Mr McEwan announced his resignation from RBS in April 2019 and will start with NAB once his
obligations to his current employer have been discharged, no later than April 2020. He will be
invited to join the NAB Board at this time. The appointment is subject to regulatory approvals.

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--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington

Said 'Thanks' for this post: early birds  
 
early birds
post Posted: May 2 2019, 05:58 PM
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In Reply To: nipper's post @ May 2 2019, 05:33 PM

if there is a bank for me to buy, it will be NAB. imho

their divy still better than ANZ and restructuring pain for NAB nearly over. only thing stopped me to buy it today, is that i think our property down term is far far from over. not sure why those "[rpperty guru" out in force again. unsure.gif don't think it is right time for them to ramping housing market again. anyway, it's just me nipper. i'm really bearish with housing market.



 
 


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