The Big Picture for the Major Banks Is Playing Out as Expected, but CBD Apartment Risk Is Increasing
The big picture for Australia’s four wide-moat major banks is playing out as expected. Loan growth is slowing but only modestly; net interest margins, or NIMs, are under pressure but are well managed; operating cost growth lags revenue growth; and bad debts will continue to increase from historical low levels. We expect the four major banks to need approximately AUD 20 billion in new capital during the next three to four years to fund asset growth and satisfy future capital regulatory requiremen...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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