Should be no surprises with the dividend with it already being confirmed that it will remain at 99c fully franked.
Net interest margins and levels of bad debts will no doubt be closely scrutinised.
More interesting will be the "material transaction" to be unveiled. Various media outlets seem convinced that it will be the sale of a large part of the life insurance business which drags down the results by being too capital intensive.
And there will be more details on the spin off of Clydesdale and Yorkshire banks in the UK. With the UK economy improving one can imagine that they will be quietly confident.
Clydesdale and Yorkshire have always been blamed for NAB's chronic underperformance. As the chart below going back 15 years of CBA, NAB and S&P/ASX200 shows.
Source: Google Finance
There has been high optimism for NAB this year with Andrew Thorburn bringing about change at a rapid rate. So has this optimism been reflected in the share price? Let's look at the same chart going back only six months to April of this year. This is where the index peaked in 2015 so we are really looking at who minimised their losses the most.
Source: Google Finance
As can be seen NAB and CBA have both performed in a similar fashion losing roughly 15% since April.
The PE ratios of the big four banks also tells an interesting story. CBA, WBC and NAB all have a PE ratio of 13 to 14 where as ANZ has a PE ratio of 10.
With NAB about to say goodbye to its UK operations its PE has joined CBA and WBC.
ANZ with its vast Asian operations is trading at a discount to CBA, WBC and NAB.
Will the problems NAB has endured be ANZ's problems of tomorrow?
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