National Australia Bank: NIM up and down, strong capital position

About the author:

Nathan Lead
Author name:
By Nathan Lead
Job title:
Senior Analyst
Date posted:
05 May 2023, 8:00 AM
Sectors Covered:
Infrastructure, Utilities, Banks

  • National Australia Bank's (ASX:NAB) 1H23 result was below expectations, with NIM uplift not as strong as expected (and trending down). Capital mgmt. was conservative, with DPS payout ratio below target and a pause on new buybacks even though capital strength was evident.
  • Target price declines to (login to view) as a result of forecast changes. HOLD retained, but if the share price falls much further the expansion of potential returns would justify adding to underweight positions.

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