NAB result rounds out the banks
National Bank (NAB) +3.26%
Rallied today despite a marginal miss at the profit line in their FY20 result today, the bank booking cash profit of $3.71b v $3.75b expected, the final dividend was declared at 30cps which was in line with the market, taking the full year payout to 60cps. The interesting part of the result was around their provisioning, it seemed like NAB were very conservative / bearish in terms of their economic assumptions which include unemployment to hit 8% which fed into a further provision of $1.856b Underlying cost growth was below 2% however they do have a big focus on reducing costs over the coming years, so more work to do in this regard. Capital was strong and margins held up. A decent result under the circumstances.
National Bank (NAB) Chart
