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National Australia Bank (NAB) $32.25

NAB -0.59%: the second of the banks to report 1st half results, NAB shares were lower despite a small beat to consensus. Like all the banks, NIM fell slightly, down to 1.63% blamed on tougher competition for lending. Not interest income was up 1.8% though with volumes +5% thanks to strong business lending. Costs were flat, though they have guided +2-3% for the year in the second half on the back of regulatory issues with AUSTRAC. Cash earnings were up 4% to $3.48b and the dividend of 73cps were both small beats to expectations.

NAB
MM remains positive on the banks
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National Australia Bank (NAB)
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