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NAB’s turn:
Revenue growth crap. A big restructuring charge. And ripping costs but they should be a one-off. NAB’s lower exposure to wholesale markets has delivered a more stable net interest margin. Impaired loans are also hilariously low.
Better than ANZ but hardly lighting it up. Given the positive risk backdrop we’ll likely see the bank squeeze continue but it’s not exactly violent!
About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific's leading geo-politics and economics portal.
He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.
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