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BROKING HOUSES CAUTIOUS ABOUT NATIONAL AUSTRALIA BANK TURNAROUND.
MELBOURNE, Feb 1 Asia Pulse - Broking houses remained cautious about the success of National Australia Bank Ltd's (ASX:NAB) turnaround over the next 12 months following yesterday's annual general meeting.
The bank reiterated to shareholders that it expects its performance to bottom out in the first half of 2005 before returning to an acceptable growth profile in the second half.
NAB's net profit slumped 19.7 per cent to A$3.18 billion (US$2.46 billion) after significant items in the year to September 30, 2004 and it was the only one of the big four banks to report a fall in annual earnings.
UBS left their neutral 2 rating unchanged and added that it was the first time in 18 months that it had not downgraded its forecasts after a NAB earnings update.
"Whilst we take some comfort from this update and recovery so far, we caution that NAB is still at the early stages of an earnings rebound," analyst Jeff Emmanuel told clients in a research note.
"Initial gains are often the easiest and execution risk remains high."
He said NAB had lost substantial market share in its core businesses as competitors capitalise on its difficulties.
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- National Australia Bank Wins International Financial Services Company of the...
- Press release article from: Business Wire March 9, 2006 700+ words
SYDNEY, Australia -- National Australia Bank (NAB) has been named the Direct Marketing...28,200 people worldwide. About National Australia Bank National Australia Bank Limited (NAB) is Australia's largest financial...
- NAB trio confident of returning bank to no. 1.(National Australia Bank)
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- Magazine article from: Securities Industry News Kentouris, Chris July 26, 2004 700+ words
...increased price competition, National Australia Bank's National Custodian...depend entirely on the number of NAB's U.K. clients that agree...confidentiality agreements with NAB. Indeed, BNY officials claim...during the negotiations with NAB. "The client bases are complementary...
- NAB turns in record earnings.(National Australia Bank Ltd.)(Brief...
- Magazine article from: Australian Banking & Finance July 30, 1999 700+ words
...BIGGEST and richest bank, National Australia Bank Ltd, has satisfied the...profit to 82.087 billion. NAB's earnings for the June quarter...higher non-interest income. NAB managing director Frank Cicutto...99 net profit forecasts for NAB at or just above $2.8 billion...
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- Magazine article from: Australian Banking & Finance MERRIMAN, JANE November 30, 2000 700+ words
NATIONAL AUSTRALIA Bank has emerged as a potential...already owns four banks. NAB has long held ambitions to...foul of UK regulators because NAB owns Clydesdale Bank in Scotland...a fund manager. "They (NAB) have said they would be...
- NAB to be carbon neutral by 2010: National Australia Bank Group's chief...
- Magazine article from: Australian Banking & Finance April 15, 2007 700+ words
...the geographies that National Australia Bank Group has a footprint...appropriate place." NAB Australia for example...than 90 per cent of National Australia Bank Group's total...the 2010 target. "NAB Australia is committed...
Source: HighBeam Research, BROKING HOUSES CAUTIOUS ABOUT NATIONAL AUSTRALIA BANK TURNAROUND.