National Bank (NAB) $27.37

This morning NAB released FY21 results that look positive on first read through, with nearly all metrics a touch ahead of expectations.

• Cash earnings $3.34b v $3.27b expected
• Cash Earnings per share (EPS) 96.9c v 95.2c expected
• Dividend per share 60c v 55c expected
• Net Interest Margin (NIM) 1.74% down 4bp (-2bp if we exclude mkts and treasury)
• Tier 1 Capital 12.4% (incredibly strong)