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Business Description: National Australia Bank Limited (NAB) is a financial services group that provides a comprehensive and integrated range of banking and financial services including wealth management throughout Australia, New Zealand, Asia, United Kingdom and USA.
Strategy Analysis: NAB's overriding strategic priority is to expand, develop and leverage its Australian businesses, whilst extracting value from the off-shore operations where appropriate. The focus is squarely on NAB's profitable Australian franchises, where earnings and ROE are strong, and importantly, there remains further long-term upside potential and growth opportunities across the business bank, retail bank and wealth management businesses. A recent strategic review sees the restructuring of UK banking operations into a 'good bank - bad bank´. The review clarifies uncertainty as to commitment to UK banking and in the circumstances is the only sensible course in response to rapidly deteriorating economic conditions and falling commercial property values.
National Australia Bank reported NPAT down 21.8% to $4.08bn for the year ended 30 September 2012. Cash earnings1 fell by $27.0m or 0.5% on the September 2011 year to $5.4bn. This reflects an increased charge for bad and doubtful debts, mainly in the UK, and a pre-tax $250.0m increase in the economic cycle adjustment on collective provisions, partially offset by cash earnings growth in the Australian and NZ Banking franchises. Revenues from ordinary activities were $17.72bn, up 5.2% from last year. Diluted EPS was 174.4 cents compared to 231.5 cents last year. The net operating cash outflow was $2.65bn compared to an inflow of $9.17bn in the pcp. The final dividend declared was 90 cents, taking the full year dividend to 180 cents compared with 172 cents last year.
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The Age 21/05/2013 |
Optus says its 4G mobile network will reach 70 per cent of the Australian population by mid-2014. The carrier revealed it has upgraded 4000 3G sites to 4G in five capital cities and in Coffs Harbour, the Gold Coast and Byron Bay. It also plans to make its 4G network suitable for customers with dual-band 4G mobile devices.
The Age 21/05/2013 |
Hong Kong private equity firm Quantum Pacific Capital says it is best placed to resolve a dispute over the ownership of a troubled $5 billion copper and gold project in Java and is negotiating to grab back as much as 80 per cent of the project on behalf of former owner Intrepid Mines.
The Age 21/05/2013 |
Shareholders in Transfield Services were bracing themselves on Monday for an earnings downgrade following downgrades by other mine services operators such as UGL, WorleyParsons and the smaller Coffey International last week.
The Age 21/05/2013 |
The whole retail recovery story has wandered perilously off script over the past quarter. The start of the year held the promise of green shoots at the discretionary spending end. But as we near the close of the financial year, the fragile recovery appears to have been nipped in the bud.
The Age 21/05/2013 |
New Leighton Holdings chairman Bob Humphris has moved to dispel fears that its directors remain at war with its German parent Hochtief, insisting the relationship was "collegiate" despite the abrupt resignation of three fellow directors two months ago.
The Age 21/05/2013 |
Australian shares flirted with five-year highs on Monday, returning to levels not seen since the onset of the global financial crisis, as investors were spurred on by signs of strength in the US economy.
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