Ann: Dividend/Distribution - NAB, page-14

Thanks for your fast reply. Love a debate!

NAB

Growth in loans (cf 2017): Agriculture 6.9%, Health 6.7%, Comm RE 6.3%, other 3.9%

Residential first pass approval in line with 2017 however loan amount slightly less ($376,000 [2018] vs $379,000[2018])

Group net interest margin (Sept 17) 1.88% (Sept 18) 1.84%. Fall of just over 2%. 

( I note an out of cycle rate rise of just 0.04% across the group, solves this, and many other banks (not NAB) did exactly similar recently)

FY18 costs savings of ~$320m = predicted >$1.0bn cost savings by FY 2020

Delivered $320m of productivity savings with ~1,900 FTE exits

Yep, I don't see and evidence of NAB being "hammered" on this annual report in the predictable future (despite the naysayers) and with cost savings rising from 320 million to a billion dollars in 2020, there is plenty of upside.