NAB’s Adjusted Fiscal 2016 Cash Profit in Line. Dividend Maintained. FVE Increased to AUD 31.
The earnings outlook for wide moat-rated National Australia Bank reflects our expectation of steady GDP growth, good growth in loans and deposits, modestly lower net interest margins and tight cost control. Fiscal 2016 cash profit of AUD 6.5 billion was in line with our forecast (after stripping out earnings from the 80% sale of the Life business) and was 4.2% higher than the adjusted fiscal 2015 cash profit of AUD 6.2 billion. Consensus profit for fiscal 2016 was approximately AUD 6.4 billion. ...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.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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