NAB Target Price $34 by June 2020, page-22

Does the NAB have a higher ratio of business loans than the other big 3?
Commercial loans usually attract higher interest rates / risk fees.
Even with a decrease in the official rates, the commercial loan book will still generate a high income.
Coupled with a bounce in the housing market, which leads to more home loans expected in the next 12 months it still means good income.
Even If the poor first time homebuyer has missed out timing the bottom of the market, there are still plenty of buyers waiting, wanting to lend money.
Along with projected population to reach 30 million + in a decade.
Banks seem to be well positioned