NAB’s 1H18 Profit Flat. Confirms Wealth Business Sell-Off by End 2019. FVE AUD 32 Unchanged
Wide-moat National Australia Bank’s first-half fiscal 2018 adjusted cash profit of AUD 3.29 billion impressed primarily because there were no nasty surprises. Cash profit, excluding the pre-announced AUD 755 million pretax restructuring charge, was broadly flat on the average of the two previous halves, and was comfortably higher than our AUD 2.9 billion expectation. We’d overestimated operating expense escalation in the half, but this will balance out with an increased spend in second-half fisc...National Australia Bank provides banking services, credit and access card facilities, leasing, housing and general finance, international banking, investment banking, wealth management, funds management, life insurance and custodian, trustee and nominee services. Co.'s division include: Australian Banking, which provides products and services to retail and business customers; National Australia Bank Limited Wealth, which provides superannuation, investment and insurance solutions; and New Zealand Banking, which comprises the Retail, Business, Agribusiness, Corporate and Institutional and Insurance franchises in New Zealand. As of Sept 30 2016, Co. had total assets of A$777.62 billion.
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