National Australia Bank Limited

Appointed New CEO of MLC: National Australia Bank Limited’s (ASX: NAB) stock edged up 0.179 per cent on July 18, 2018 while the group lately announced the appointment of Geoff Lloyd to the Board as CEO of retirement fund manager MLC, effective 1 September 2018. As per the management, the core MLC wealth management business has great potential to grow further, thus, they are confident on Geoff that he will not just assist in a successful transaction but also help realize the full potential of the new business in the upcoming period. On the financial front, topline and bottom line grew by 2.5% and 1.5% in 1HFY18 as compared to the prior corresponding period (pcp). Net interest margin marginally increased by 5 bps to 1.87% in 1HFY18 from 1.82% in 1HFY17. We expect that the group will continue to grow further at the back of increasing business lending growth and macroeconomic factors in Australia and New Zealand market.


Dividend Payment (Source: Company Reports)

Besides this, the group disclosed its distribution payment of AUD 1.22350 with dividend distribution rate of 2.0605 % per annum for NABPD - CAP NOTE 3-BBSW+4.95% PERP NON-CUM RED T-07-22 and it will be paid on October 08, 2018 with the record date of September 28, 2018.

Meanwhile, the share price has fallen 4.4 per cent in the past six months as at July 17, 2018 and is trading above its 52-week low. We maintain our “Hold” recommendation on the stock at the current market price of $ 27.950, considering decent fundamentals, some impact on dividend payment post Royal Commission scrutiny and softer outlook in the housing sector in the short to medium term.

 
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