Proactiveinvestors Australia NATIONAL AUSTRALIA BANK LIMITED Proactiveinvestors Australia NATIONAL AUSTRALIA BANK LIMITED RSS feed en Tue, 25 Jun 2019 13:41:48 +1000 Genera CMS (Proactiveinvestors) (Proactiveinvestors) <![CDATA[News - Early Movers: Sky & Space Global, Prima Biomed Ltd, Galaxy Resources, XJO, National Australia Bank ]]> The ASX 200 opened little changed, ignoring the record highs posted on US share markets Friday. At 10.30am the index was off 5.2 points at 5,759.90. The Small Ordinaries index was up 3.6 points at 2,393.8.

Sky & Space making stellar progress….

Sky & Space Global Ltd (ASX:SAS), a favourite with bulletin board warriors, weighed in with an encouraging progress report. It said its three nano-satellites are on track for commercial demonstrations and immediate revenue generation “within a few weeks”. Communication between the satellites has been carried out (a first for technology of this size), and the trio – known as Diamonds Red, Green and Blue – are now pointing at the earth. Read the full announcement here.

It was a big day for Prima BioMed Ltd (ASX:PRR, NASDAQ:PBMD); although how big exactly we don’t know. Here’s the thing: it has received a second clinical milestone payment from Novartis (VTX:NOVN). The size of the payment, however, hasn’t been disclosed. The Swiss giant is currently assessing the potential to use Prima’s LAG-3 antibody alongside a Novartis-developed PD1 inhibitor to treat cancer. The shares rose 8% in the first half hour of trade.

Galaxy a star performer….

Galaxy Resources Ltd’s (ASX:GXY) quarterly report for the period to June 30 sparked a lot of chatter early on. It revealed the Mt Cattlin operations boosted production by a year-on-year 41% to almost 33,000 dry metric tonnes. This generated cash flow of $13.2 million, while the company is well capitalised with $40.4 million on the balance sheet. Click here for the presentation.

Australia’s banks are braced later this week for the findings from a probe by the Prudential Regulation Authority that could herald a tougher capital regime for the country’s lenders.

The Sydney Morning Herald quotes Investors Mutual portfolio manager Michael O'Neill as suggesting the big four banks may need to increase their capital bases by around $20 billion.

In early trade the four major banks were unchanged. 

Mon, 17 Jul 2017 10:31:00 +1000
<![CDATA[News - Clydesdale Bank set to start London life tomorrow ]]> Mon, 01 Feb 2016 11:48:00 +1100 <![CDATA[News - Clydesdale and Yorkshire to join ranks of challenger banks ]]> After a rush of new names in the challenger banks space, two of the country’s most venerable lenders are returning to the stock market to take their chance.

Through a spin-out by parent National Australia Bank, CYBG, a holding company for Scotland-based Clydesdale and Yorkshire Bank, intends to float in London next February.

Between them, the two banks have accumulated 2.8million retail and business customers and a loan book of £28.8bn that includes £20.5bn in mortgages.

NAB intends to distribute 75% of CYBG to its shareholders with the remaining 25% to be sold to institutions.

The money raised will complete a re-building that has been underway since 2012 after expensive commercial property lending mistakes and PPI mis-selling costs.

David Duffy, chief executive, said:  "We are in a good position as we move into this exciting new period as an independent bank.

National Australia Bank is pulling back to focus on its home market, but Duffy believes Clydesdale and Yorkshire’s position as a full service bank offering clearing, and serving small businesses as well as consumers puts it ahead of the new breed of challengers.

“Much has been done to re-shape and strengthen the business; supporting our plans for growth by building a better bank for customers.”

Having turned Allied Irish Banks in his previous job, the focus now is on growing Clydesdale and Yorkshire in new areas where its markets share is a fraction of that in its heartlands.

The broup has 275 retail branches (121 Clydesdale Bank-branded branches and 154 Yorkshire Bank-branded branches) and 40 business centres, but the emphasis is likely to be on the evolving digital platform. 

Mon, 14 Dec 2015 15:43:00 +1100
<![CDATA[News - NAB inks 9.4% fall in earnings, dividend cut by 25% ]]> National Australia Bank (ASX:NAB) has seen cash earnings fall by 9.4% to $2.0 billion reflecting tough market conditions, which further deteriorated during the half year to March 2009. The fall in cash earnings was largely due to increased charges for bad and doubtful debts and higher funding costs. Statutory profit decreased marginally to $2.7 billion.

Group revenue increased by 11.5% to $8.5 billion, primarily because of the strong performance of Australia Banking and the Global Markets division of nabCapital. Australia Banking revenue benefited from increased market share in business banking and effective margin management. Revenue was weaker in the United Kingdom, due to significantly higher unrecovered funding costs, and in MLC due to weak investment markets. New Zealand Region revenue improved by 5.2%.

Group cost growth was 2.7% on a like-for-like basis2, excluding foreign exchange movements. (Unadjusted up 4.8% on the previous March half year.)

Consistent with the challenging operating conditions, asset quality continued to decline with the six monthly charge for bad and doubtful debts increasing from $0.7 billion to $1.8 billion.

Conservative funding and liquidity positions were retained. The group funding task for the full year is more than 86% complete and liquid asset holdings remain well above regulatory requirements.

- Interim dividend has been reduced by 24.7% or 24 cents to 73 cents, fully franked.

Tue, 28 Apr 2009 06:40:00 +1000
<![CDATA[News - NAB to cut dividend by 25% ]]> Business Brief

National Australia Bank (ASX:NAB) has advised that the external environment is increasingly challenging, reducing dividend by approximately 25% at 1H09.  Costs continue to have strong momentum in cost management, within guidance.

Thu, 12 Mar 2009 07:08:00 +1100
<![CDATA[News - NAB in talks to buy Wizard ]]> National Australia Bank (ASX:NAB) has announced it is in advanced discussions to purchase the brand name and Australian distribution network of unlisted Wizard. The proposed purchase price is not material to NAB.

As well as the distribution network, NAB is also in the final stages of negotiating to acquire up to $4 billion of Wizard originated prime mortgages. The mortgage portfolio comprises prime mortgages with a maximum loan to valuation ratio of 90% and is 100% mortgage insured. The transaction, as currently proposed, will not impact materially on NAB’s Tier 1 capital ratio, and the funding requirement associated with the mortgage portfolio under negotiation can be accommodated within NAB’s previously announced funding plans for the 2009 financial year.

The acquisition of Wizard would progress the NAB retail strategy of providing customers with products and services that match their individual needs using a multi-brand approach.

A final decision is yet to be made but discussions are well advanced.

NAB was last trading at $19.15.

Wed, 17 Dec 2008 00:00:00 +1100