Good result for NAB today announcing the sale of some of the commercial loans in the UK with the assets disposed of with a small profit to book value booked. While the bank has been keen to sell its UK assets it is does not appear to be treating this as a fire sale and with the UK economy showing some improvements the final sales/divestments of these assets over the next year will take away the focus on this area, repair some of the balance sheet risk and remove what has been a distraction. With a new CEO taking the realm it should start to breadth some life back into the SP and hopefully get it trading back to closer levels to the other 3 of big 4. Upside should start to appear in the wealth area in particular as after years of flat reporting this area will start to benefit from improved share markets and exposure to Super. The exposure to a retail client base positions this area to the growth in the limited advise space. With the MLC brand and avoiding the headlines of CBA the NAB franchise should be able to benefit more from the wealth space. I expect that over the next 12 months NAB will probably be the better of the big 4 banks to invest in IMO.
NAB Price at posting:
$34.69 Sentiment: Hold Disclosure: Held
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