National Australia Bank’s incoming chair Phil Chronican has vowed the bank will step up the pace of compensating customers, as he reiterated the need to revamp executive pay after last year’s investor backlash.
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The National Australia has named former Westpac and ANZ executive, Phil Cronican as its new chair, to replace Ken Henry who leaves shortly.
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It’s only been a month since Hayne’s final report has been released, but far from driving a stake through the financial hearts of the Big Four Banks – Commonwealth, Westpac, ANZ and NAB – their position is returning to being as dominant as ever.
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The banking and finance royal commission has scored another couple of high profile scalps at the National Australia bank to go with casualties at the AMP, Freedom Insurance and IOOF.
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More than $20 billion was added to the value of listed financials – lead by the big four banks yesterday after investors concluded the outcome from the Hayne banking and finance royal commission would not damage their business models our futures.
Read MoreThe National Australia Bank is in the gun following the release of the final report from the royal commission which contained very sharp criticism of the bank’s chairman and CEO.
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The long-awaited final report from the finance and banking Royal Commission will be released this afternoon at 4.10 pm (there is a media lock up this afternoon ahead of the release) and while there will be a lot of heat and light and promises from the Morrison government, there will be nothing concrete.
Read MoreNAB had for months resisted following CBA, Westpac, and ANZ in imposing out-of-cycle rate hikes, but its now happy 2019 home loan borrowers with the bank finally joining its rivals in lifting rates.
Read MoreNow for the AMP next May after three of the four big banks took hits from upset shareholders at annual meetings in November and December.
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Australia’s big four banks, already reeling from a stagnant home loan market and revenues, the fallout from the Hayne Royal Commission and censure from upset shareholders, now face more financial problems in their most profitable offshore market – New Zealand.
Read MoreWestpac was on Wednesday, it will be the turn of NAB and ANZ next Wednesday to feel the wrath of shareholder displease over the revelations at the Hayne royal commission.
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More hybrids and other issues to come from our slimming banks? That could be the outcome of a new move by APRA, the banking regulator to force banks to hold more loss-absorbing capital by 2023.
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The big four banks have survived a tough year financially unscathed, but with their reputations sullied what does 2019 look like?
Read MoreA 14% slump in cash net profit, to $5.702 billion in the year to September has not stopped the National Australia Bank from maintaining final and full year dividends.
Read MoreNAB has confirmed the customer rebate charge of $314 flagged at the quarterly update and warned there could be further costs in FY19.
Read MoreThe National Australia Bank has joined the chorus line of banks revealing extra costs from the Hayne royal commission’s proceedings this year for customer refunds.
Read MoreBanking analysts at Morgan Stanley have lifted their estimate for customer remediation costs for the banks to $3 billion over the next two years, up from an earlier forecast of just $500 million.
Read MoreOn Monday there was a significant restructuring of upper-level National Australia Bank managers, on Wednesday, the bank revealed an equally important revamp of pay and rewards for the new look management team.
Read MoreSo has former NSW Premier, Mike Baird moved into the running for the top job at the National Australia Bank – 21 months after surprisingly pulling the plug on being the leader of NSW?
Read MoreNational Australia Bank will leave its standard variable home loan unchanged at 5.24%. Morgan Stanley believes the decision suggests scrutiny of conduct and competition is affecting management’s decision-making and will weigh on profitability and the performance of the share price.
Read MoreNAB shareholders remain cautious to the news that the bank will not follow rivals in hiking its home loan interest rates in the wake of moves by Westpac, the Commonwealth, and ANZ.
Read MoreInvestors noted the mixed nature of the third quarter trading update from the National Australia Bank and sent the shares up 1.5% to $28.37 around midday, ignoring all the poor publicity from the royal commission.
Read MoreNational Australia Bank hit the mark so far as interim earnings and dividend are concerned, but is selling its MLC wealth management arm.
Read MoreThree major banks – the ANZ, NAB and Westpac – report their 2017-18 interims from May 1 (today week).
Read MoreUpon further analysis, Morgan Stanley believes management can deliver on its cost targets while keeping loan loss rates below peers in Australia. However, the analysts also see earnings risks and this leads to the conclusion that "too much optimism" is surrounding the share price.
Read MoreNational Australia Bank said its first-quarter cash profit rose 3% from a year ago to $1.65 billion.
Read MoreThe National Australia Bank will pay an unchanged final dividend of 99 cents a share after meeting market expectations with a cash profit of $6.642 billion for the year to September 30.
Read MoreThe National Australia Bank joins the reporting list of the big banks this Thursday and investors will be looking for a repeat of the ANZ’s sold result, with help, like the ANZ, from a sharp fall in bad debt provisions.
Read MoreThe bank’s third quarter trading update reveal cash net profit of $1.7bn. The bank is tracking in line with expectations to date. UBS suspects mortgage re-pricing is likely to fully offset the impact of the bank levy.
Read MoreLike the Commonwealth Bank, the National Australia Bank will see stronger revenue gains in the next few months from mortgage rate increases that hit at the end of the June quarter, falling loan impairments and no trouble raising the fresh capital demanded by regulators.
Read MoreThe sector landscape is changing, and not for the better. Citi analysts see a domestic banking sector that is managing costs well but is feeling the pinch from multiple sides.
Read MoreThe National Australia Bank has left dividend steady at 99 cents after a modest 2.3 million rise in cash earnings to $3.29 billion for the six months to March 31.
Read MoreInvestors shrugged off yesterday’s first quarter trading update from the National Australia Bank (NAB), giving it the benefit of doubt on a 5% jump in expenses in the three months.
Read MoreThe National Australia Bank (NAB) saw earnings sag slightly in the three months to the end of December, the bank’s first quarter, as a rise in expenses more than offset a small rise in group revenue – a situation that will worry investors and could see the shares sold off later today.
Read MoreThe National Australia Bank (NAB) will pay an unchanged final dividend of 99 cents a share after reporting a forecast 4% rise in cash earnings to $6.48 billion for the year to September.
Read MoreThe National Australia Bank (NAB) releases its full year figures this Thursday and while the earnings figure will generate headlines, that is not going to be the centre of attention.
Read MoreUBS downgrades earnings per share by 3% to account for the sale of 80% of the life business. The broker believes FY16 will be the seventh year of the last 14 where the bank has delivered negative EPS growth.
Read MoreNational Australia Bank (NAB) has joined its peers (Westpac, ANZ and the Commonwealth) in reporting another upsurge in bad debts, this time for the three months to June.
Read MoreThe National Australia Bank (NAB), the third of our big four banks, has been accused by ASIC of manipulating the benchmark interbank borrowing rate, joining rivals the ANZ and Westpac (WBC) in the sights of the corporate regulator.
Read MoreThe National Australia Bank (NAB) has produced the simplest half year result of the three reporting majors this week – with a modest rise in cash earnings, on a modest rise in group revenue and an unchanged final dividend – all after a modest rise in bad debts.
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