NAB Cuts Dividend More Than Expected, But a Good Long-Term Decision. FVE AUD 30 Unchanged
Wide-moat National Australia Bank’s first half fiscal 2019 cash earnings of AUD 3 billion mildly disappointed, falling 5% below our forecast. The interim dividend was cut more than expected to AUD 83 cents per share. The 16% cut in dividend to a more sustainable payout is a good long-term initiative, providing greater flexibility to deal with potential future earnings volatility, regulatory changes and unexpected increases in customer remediation costs. Despite the profit miss, the bank is copin...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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