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National Australia Bank

NAB's business banking unit has long had a particular strength in the Australian middle market. Institutional banking and markets are important but the group's push into global capital markets activities led to losses on higher risk positions during the crisis and a winding back of some of its wholesale markets business. In the UK it owned Clydesdale and Yorkshire Banks but never reached critical mass and were spun off in 2016. In 2015 agreed to sell 80% of its insurance business to Nippon Life and this was de-consolidated in FY2016. NAB Wealth under the MLC brand has almost A$200 bn of FUM but it plans to exit this business. Following the sale of Great Western Bank and the UK spin-off NAB is focused on its core business in Australia and New Zealand where it owns Bank of New Zealand. In Australia NAB has a market share of around 20% of business lending and about 15% for housing loans. Its area of strength is middle-market commercial lending. (01 Nov 2018)

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Australian Banks 2019 Outlook: Tier 2 Subs Senior

Sector Outlook: 06 Dec 2018, 3:27 AM ET - As we head into 2019 the major Australian banks are sound but facing some downside risks. Their senior debt should become safer thanks to the greatly enlarged subordinated debt the banks will have to issue to meet their TLAC requirement. 

Australian Banks: APRA Sets Leverage Ratio at 3.5%

Worth Watching: 27 Nov 2018, 12:01 AM ET - Australian Banks are currently in the final phases of implementing changes to the capital adequacy regime that were deemed necessary by global regulators and by APRA in the wake of the Global Financial Crisis. The latest development (see here) ..

Australian Banks: Thoughts of the RBA Governor

Worth Watching: 21 Nov 2018, 5:57 AM ET - Australian Banks are operating in what is, according to the latest RBA data, a mostly very benign economic environment. In its latest Monetary Policy Minutes (see here) the Reserve Bank notes that Australia's growth has been running ahead of ex ..

Australian Banks: APRA Proposes Tier 2 For TLAC

Sector Analysis: 08 Nov 2018, 12:56 AM ET - APRA has adopted a distinctive approach to TLAC, suggesting no new debt instruments and that banks should meet their expanded loss-absorbing capacity through issuing more regulatory capital instruments. 

Macquarie: Looking Good for FY2019

Worth Watching: 05 Nov 2018, 5:49 AM ET - Macquarie  has managed to build on its already strong performance and has achieved a 5% YoY increase in 1HFY19 net profit and stated that full year net profit should be up 10% vs FY18. As the table shows, there was a marked shift in profit ..

Westpac FY18: Flat Net Absorbs Remediation Costs

Earnings Note: 05 Nov 2018, 5:22 AM ET - Westpac has not booked restructuring charges, and its earnings were able to absorb customer remediation costs, leading to the expected erosion of its ROE, which was still a respectable 13%.   

NAB FY2018 Down But Business Bank Supports NIM

Earnings Note: 01 Nov 2018, 5:37 AM ET - NAB's net profits have been hit by restructuring and remediation, but asset quality remains very sound, and its key Business Bank unit is doing well.  

Asia Credit Calendar: Week of 29 October 2018

Strategy Analysis: 25 Oct 2018, 11:47 PM ET - 3Q earnings season begins. Issuers reporting this week include Bank of China, Agricultural Bank of China, ICBC, Minsheng Banking, ANZ, NAB, Macquarie, Nomura, OCBC, Health & Happiness, Alibaba and Baidu. 

ANZ and NAB: More Restructuring and Redress Costs

Worth Watching: 21 Oct 2018, 10:42 PM ET - ANZ and NAB  have followed Westpac (see here) in disclosing that their soon to be announced results for the financial year ended 30 September 2018 will be impacted by additional regulatory and compliance costs. NAB has announced additional 2 ..

Asia-Pac Financials Relative Value: October 2018

Asia Relative Value / Fin Movers: 21 Oct 2018, 8:55 PM ET - We summarize our relative value views for Asia Pacific Financials for October 2018.

Bank of Queensland: Outperforms on Higher NIM

Worth Watching: 04 Oct 2018, 12:02 AM ET - Bank of Queensland  reported a better than expected result for 2HFY2018 thanks to given the widely reported pressures on Australian banks' margins from higher domestic short-term rates. BOQ's NIM was up 1bp HoH to 1.98% in 2HFY18.  Lending spre ..

Australian Banks: Royal Commission Interim Report

Sector Analysis: 02 Oct 2018, 11:07 PM ET - We take a look at the Interim Report published last week by Australia's Royal Commission into misconduct in the financial sector. 

Australian Banks: S&P Still Neg, Sovereign Stable

Worth Watching: 26 Sep 2018, 7:40 AM ET - Australian Banks  have been on negative outlook at S&P in part due to the country's sovereign rating of AAA being on negative outlook as a lower sovereign rating would reduce the government's ability to support the banks. S&P last week changed the ..

Australian Banks: House Prices Deflating

Worth Watching: 19 Sep 2018, 11:56 PM ET - Australian Banks are facing the challenge of deflating house prices. This one of the factors considered by the RBA at its most recent meeting in early September when it decided to keep its cash rate unchanged at 1.5%. It noted that growth was fai ..

Asia-Pac Financials Relative Value: September 2018

Asia Relative Value / Fin Movers: 10 Sep 2018, 1:34 AM ET - We summarize our relative value views for Asia Pacific Financials for September 2018.

Australian Banks: CBA & ANZ Raise Rates

Worth Watching: 06 Sep 2018, 4:22 AM ET - Australian Banks are seeing their net interest margins narrow under pressure from higher short-term market rates in Australia. As we noted in Westpac: Raises Lending Rate As NIM Falls, Westpac was the first among the major banks to raise its key ..

Westpac: Raises Lending Rate As NIM Falls

Worth Watching: 03 Sep 2018, 5:45 PM ET - Westpac  has disclosed its Pillar 3 report for June 2018 along with some commentary on its performance trend, the most notable element of which was that its group NIM had come down 11bp in the June quarter to 2.06%, vs 2.17% in the six months t ..

Australian Banks: APRA Seeks Capital Consistency

Sector Analysis: 15 Aug 2018, 12:05 AM ET - APRA puts out proposals to resolve the problems that arise from its conservative implementation of the Basel capital rules that results in lower regulatory ratios for the Australian banks than their international peers. 

Australian Banks: June Quarter Trading Updates

Worth Watching: 14 Aug 2018, 2:24 AM ET - Australian Banks have been releasing data and commentary on their performance trends that suggest asset quality remains very benign but their still strong net profitability is being slightly eroded by NIM pressure and higher regulatory and compl ..

CBA FY18: Dented But Not Derailed By Reg Woes

Earnings Note: 08 Aug 2018, 5:49 AM ET - CBA reports its first full year results under its new management and after being hit by regulatory penalties. 

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