NAB's Profit Skew Toward Business Banking May Pose Risk -- Market Talk

Dow Jones05-03

0216 GMT - NAB's 1H FY 2024 results were largely in line with expectations and seemed to reassure the market, but Citi maintains its sell call, as the Australian lender's profit mix has skewed higher toward business and corporate banking. This will leave it disproportionately affected by slowing business credit, relative to peers, Citi analysts Brendan Sproules and Thomas Strong say in a note.Citi also expects NAB's costs to likely rise.While investment spending is guided to remain around A$1.4 billion, other cost buckets, like technology, may increase, Citi says.(alice.uribe@wsj.com)

(END) Dow Jones Newswires

May 02, 2024 22:16 ET (02:16 GMT)

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