NAB is set to release its 1H23 result this Thursday with the market looking for NPAT of $4,148mn and an accompanying 91c fully franked dividend. MM is currently holding a 6% exposure in our Flagship Growth Portfolio and 7% in our Active Income Portfolio. The headlines in the 3 bank results will be one thing but the market will also be looking very closely at key metrics such as net interest margins (NIM) plus of course rhetoric around the state of play economically. We actually believe the intense competition between the country’s largest lenders is running out of steam with Westpac (WBC) hiking rates for new mortgages last month by +0.1% after the RBA kept rates on hold, a good read-through for NAB after the banks have been fighting hard to grow their customer base.
- We are comfortable with our exposure to NAB but are only likely to increase/decrease our exposure into 10-15% moves – obviously depending on this week’s news, our main concern is the markets expecting solid numbers.
MM is long and bullish towards NAB
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