There are a couple of ways that can happen1) NAB can payout more of their earnings as dividend than the other banks
2) NAB could effectively borrow to keep paying a dividend
3) The website (ASX) could be showing historical dividend yield and forward PE, which would then indicate that the dividend may not be sustainable.
Probably some other variations which could also explain it. I did a quick check and it seems that (3) is most likely what is occurring. You should be able to invert the PER and it will give the maximum dividend yield but for NAB (those numbers on the ASX site) you cannot. If the forward PE is accurate and management are sensible the dividend has to drop - maybe as soon as the final report due out soon. DYOR
Garage Sale, page-6
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