NAB’s Profit Growth Slows in Third-Quarter Fiscal 2016. Unchanged AUD 30 Fair Value Estimate
National Australia Bank’s third-quarter fiscal 2016 trading update was a slight miss, with the AUD 1.6 billion unaudited cash profit down 3% on the AUD 1.66 billion average for the two previous quarters. We reduce our previous fiscal 2016 profit forecast to AUD 6.68 billion, down from our previous forecast of AUD 6.81 billion. Despite the lower forecast our total dividend for fiscal 2016 of AUD 1.88 per share is unchanged with the payout ratio increasing to an unsustainable high level of 79%, ex...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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