NAB is one of Australia's 'big 4' banks, announcing their 2016 Full Year Results to the stock exchange
Plenty of good news, but just noting the 'bad debts' bit here
- The charge for Bad and Doubtful Debts (B&DDs) rose 7.0% to $800 million. The increase primarily reflects higher specific charges relating to the impairment of a small number of large single name exposures in Australian Banking.
NAB's highlights of the announcement:
- Cash earnings1 up 4% over the year to $6.48 billion and cash ROE 14.3%
- Statutory net profit of $352 million reflects loss on sale for both CYBG PLC (CYBG) and 80% of NAB Wealth's life insurance business
- Final dividend 99 cents per share fully franked, $2.63 billion declared
- Successful completion of sale of 80% of NAB Wealth's life insurance business and strategic partnership with Nippon Life Insurance Company (Nippon Life)
- Expenses well managed, declining 2% over September 2016 half year
- Balance sheet remains strong, CET1 ratio of 9.8% well above 8.75-9.25% target range
