looking weak, page-2

re: results preview Some commentray lifted from Egoli;
+ NAB
Thought I’d go over the result preview again; esp since nabbies is one of the banks I watch closely…NAB reports its interim result on Wednesday. We expect 1H03 NPAT of $1,777mn, and underlying cash NPAT of $1,988 (a more realistic number). 1H03 dividend forecast is at 78cps (vs 72cps last year). Key issues? (a) the profile of business lending, (b) potential earnings weakness in UK operations and (c) NAB’s wealth management business MLC. Note that NAB provided recent guidance in April when they said they would come in at the lower end of their 8-11% earning growth guidance. As long as they don’t come in below that (and we don’t think they well), things should be OK. I don’t think the market is expecting too much. The stock hasn’t run that hard leading into the result…