Key Highlights

  • NAB's 85 cent fully franked final Dividend goes ex on 10 November 2026.
  • The Record Date is 11 November, with payment on 15 December.
  • The FY26 total is $1.70 per share, unchanged from the prior year.
  • The next dividend decision is expected with half-year results on 5 May 2027.

National Australia Bank Limited (ASX:NAB) has a place on the ASX dividend calendar next week, with its 85 cent fully franked final dividend going ex on Tuesday, 10 November 2026. The record date is Wednesday, 11 November, and payment is due on Tuesday, 15 December. The dividend was confirmed in the bank's full-year result today, 5 November, and it holds the total for FY26 at $1.70 per share, unchanged from the previous year despite a 13.4% decline in reported cash earnings.

Dates to Note

The timetable gives shareholders only a few days between the result and the ex-dividend date. Investors must hold shares at the close of trading on Monday, 9 November to be entitled to the dividend, on the standard settlement timetable. Buyers from 10 November will not be entitled to the payment, and the record date of 11 November is used by the registry to determine eligible holders.

Payment on 15 December comes five days after the Annual General Meeting on 10 December 2026. NAB notes that dates in its financial calendar are subject to change, and final details are set out in its dividend announcement. Shareholders in the Dividend reinvestment plan should check the bank's announcement for the relevant election cut-off and pricing period.

Holding the Dividend Steady

The board held the final dividend at 85 cents, even though cash Earnings fell to $6.14 billion. A large part of that decline was due to $1.35 billion of large notable items, mainly related to a change in software Capitalisation policy. Excluding those items, cash earnings were broadly flat at $7.09 billion. It appears that the board has looked through at least part of these items in making its decision.

The CET1 capital ratio was 11.87% at year end. Capital generation, future earnings and regulatory requirements usually inform a bank's dividend policy. Credit Impairment charges of $1.55 billion and expected restructuring costs of about $300 million in 2027 are also relevant to future capital generation, and they will be among the items considered when the board sets its next dividend in May 2027.

How It Fits Into the Bank Calendar

NAB's dates sit within a concentrated period for financial stocks on the calendar. Westpac traded ex-dividend today, 5 November, with its 77 cent final dividend. Macquarie Group is due to trade ex-dividend on 11 November, with its dividend amount to be announced with its half-year result on 6 November. ANZ's ex-dividend date is 12 November, with its amount due on 9 November.

Payments will also cluster around the middle of December, starting with NAB on 15 December, followed by Macquarie on 17 December, ANZ on 18 December and Westpac on 21 December. For Australian shareholders with holdings across the sector, this creates a concentration of cash and franking credits. Commonwealth Bank's next payment is not due until around 1 April 2027 because it runs a June year end.

Franking and Tax Considerations

The dividend is fully franked, so it carries credits for Australian company tax already paid. Depending on their circumstances, resident shareholders may be able to use these credits to offset tax payable or may receive a refund. Rules including the 45-day Holding Period can apply to larger claims. Tax outcomes differ between investors and this article does not provide personal advice.

Non-resident shareholders have different treatment, and any Withholding tax arrangements are set out in dividend statements. NAB's registry will issue statements to shareholders at or around the payment date. The statement provides the information needed for tax returns, including the franked amount and franking credits attached to the payment.

Earnings and Outlook Risks

Chief executive Andrew Irvine warned that persistent inflation, higher interest rates and weaker housing conditions would weigh on the operating environment, and said the bank's actions reflect its expectation of a tough year. Up to 2,500 roles will be cut, and underlying cost growth of less than 3% is expected in FY27. These measures aim to protect earnings, and earnings ultimately determine the capacity to pay dividends.

The Reserve Bank's decision on 3 November to raise the cash rate to 4.85% is also relevant. Variable home Loan rates will rise by 0.25 percentage points from 13 November. NAB's Margin rose 6 basis points to 1.80% at period end, but higher rates could also increase pressure on borrowers. Future dividends will depend on how these factors balance out.

What to Watch Next

The next dates are the ex-dividend date on 10 November, the record date on 11 November, the annual general meeting on 10 December and payment on 15 December 2026. NAB's half-year results are scheduled for 5 May 2027, when the Interim Dividend is expected to be announced. Full-year results are scheduled for 9 November 2027, and any revised timetable would be advised to the ASX.

Large holders may also find the timing relevant for Cash Flow planning, since the dividend arrives only days before the Christmas period. Retail shareholders can check holdings and payment instructions through the registry, while share trading platforms generally show the expected payment after the record date. Dividend statements are the formal record for tax purposes.

Shareholders holding through a nominee or an investment platform may receive payment differently, depending on how the platform administers income. Those holders should check their provider's arrangements if they expect funds on a specific day.

Payment details can be checked with the share registry.

Key Takeaways

NAB's 85 cent fully franked final dividend goes ex on 10 November 2026, with a record date of 11 November and payment on 15 December. The total for FY26 is $1.70 per share, unchanged. Cash earnings fell 13.4%, partly because of notable items, and management expects a tough year. The next dividend decision is expected with half-year results on 5 May 2027.