ASX #5 NAB

 National Australia Bank

• 10 million customers (CBA 18 million)
• 41k employees (CBA 55k)
• Market Cap 136.4 billion AUD (CBA largest 291 billion AUD)
• P&L Snapshot - Net Operating income of 20.872 (including other operating income of 3.46billion). FY25 (Sept YE) CBA 28b
• Operating expenses of 10.3 billion (against CBA 13b). 
• PBIT 9.6 b (against CBA 14.7 billion) - CBA has a higher valuation compared to NAB. 
• PAT 6.75 b (against CBA 10.2 billion)
• Loans and advances of 776 billion. Housing Loans of 436 billion.
• Other operating income in Corporate and Institutional bank is generally higher than rest of the banking, and this year, slightly lower. - overall FY25 Corp and Institutional banking results lower than last year. Other segments better. Overall is better.
• Cost to income of 50.79%? (CBA 45%)
• Net interest margin 1.74% (CBA 2.08%)
• Valuation
• NAB P/E ~19.5 times, Westpac 19.9 times, ANZ 16.2 times, and CBA 29 times
• Global banking average is 10 times.