Original article by James Frost
The Australian Financial Review – Page: 21 : 9-Feb-18
Shares in National Australia Bank closed 2.3 per cent higher at $A28.90 on 8 February, after the major bank reported a cash profit of $A1.65bn for the first quarter of 2017-18. The result was three per cent higher than previously, while there was a 2.4 per decline in bad and doubtful debts. However, NAB’s expenses increased by four per cent during the quarter, and the bank expects expenses to rise by another 5-8 per cent during the remainder of the financial year. Citigroup has upgraded its recommendation on NAB’s shares to "buy".
NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, CITIGROUP PTY LTD, MACQUARIE GROUP LIMITED – ASX MQG, INVESTORS MUTUAL LIMITED, WESTPAC BANKING CORPORATION – ASX WBC, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA