BROKING HOUSES CAUTIOUS ABOUT NATIONAL AUSTRALIA BANK TURNAROUND.

(From Asia Pulse)

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 …