Here’s everything investors need to know about National Australia Bank before the ASX opens on Monday, 17 November 2025 (AEDT).
Quick take
- Share price: NAB closed A$41.48 on Friday, down 1.71% on the day and about 4.5% below last Friday’s close.
- Dividend: Final dividend 85c, fully franked; ex‑dividend 11 Nov, record 12 Nov, payment 12 Dec.
- Fresh funding: NAB lodged a cleansing notice for A$1.75bn of subordinated notes on Friday.
- FY25 results: Cash earnings A$7.091bn (broadly flat YoY), NIM 1.74%, CET1 11.70%, cash ROE 11.4%.
- Rates backdrop: The RBA held the cash rate at 3.60% in November; NAB’s economists no longer expect another cut in May 2026 and now see a longer hold.
Where NAB shares finished last week
NAB shares settled at A$41.48 on Friday, 14 November—down 1.71% on the session. Versus the previous Friday’s A$43.44 close, the stock is roughly 4.5% lower week‑on‑week, reflecting a soft patch for the big banks after results and macro headlines.
FY25 at a glance: what the bank just told the market
On 6 November, NAB reported FY25 cash earnings of A$7.091bn (‑0.2% YoY) and statutory net profit of A$6.759bn. The net interest margin (NIM) edged up 3 bps to 1.74% for the year, while the Group CET1 ratio stood at 11.70% at 30 September (pro‑forma 11.81% after completing the sale of the remaining MLC Life stake). The board declared a final dividend of 85c, taking full‑year dividends to A$1.70 and translating to a 73.3% cash earnings payout. Cash ROE was 11.4%.
Management highlighted:
- Business lending up ~9% and deposits up ~7% across FY25.
- Proprietary (direct) home‑lending drawdowns increased to 41% of total, up from 38% in FY24—key to improving economics as competition in mortgages stays intense.
- Operating expenses rose 4.6%, including A$130m for payroll review and remediation; productivity benefits were A$420m.
External coverage of results noted cash profit was slightly below Visible Alpha consensus, with management singling out housing supply as Australia’s “biggest societal and policy challenge.” Reuters
Dividend: dates locked in, FX rates set
For ordinary shares, key dates are ex‑div 11 Nov, record 12 Nov, and payment 12 Dec—fully franked at 85c per share. NAB also confirmed on Friday that foreign‑currency payment rates for eligible shareholders were set at 4:00pm AEDT on 14 Nov (applicable to AUD/GBP, AUD/NZD and AUD/USD remittances). A Dividend Reinvestment Plan (DRP) and Bonus Share Plan remain available.
Fresh capital: A$1.75bn subordinated notes
Late Friday, NAB lodged an ASX cleansing notice covering the issue of A$1.75 billion in subordinated medium‑term notes. While technical in nature, the move speaks to ongoing term funding and total capital optimisation in the wake of FY25 balance‑sheet settings (CET1 11.70%, LCR ~135%, NSFR 116%). These ratios were disclosed with results.
Rates and macro: what’s changed into Monday
- RBA on hold: The central bank kept the cash rate at 3.60% in November and flagged a cautious stance as inflation proves sticky.
- Longer hold thesis:NAB’s economics team has scrapped its forecast for another cut in May 2026, now seeing the cash rate on hold for an extended period, reflecting renewed housing strength and persistent underlying inflation.
For bank earnings, that longer‑than‑expected plateau in rates can temper deposit repricing tailwinds while helping moderate arrears if growth holds.
Industry dynamics that matter to NAB
Big Four banks are pivoting further toward proprietary mortgage channels as broker‑sourced loans compress margins and lift acquisition costs. Reuters reported the majors are reducing reliance on brokers; NAB’s FY25 mix shift—to 41% proprietary drawdowns—aligns with that push and could support unit economics in home lending if maintained.
Asset quality and risks to watch
Credit impairment charges rose to A$833m in FY25 (from A$728m), largely from individually assessed charges in business lending. Non‑performing exposures lifted to 1.55% of gross loans and acceptances (from 1.39% a year earlier). Management noted the pace of deterioration slowed in 2H25 as inflation moderated and arrears stabilised.
Key swing factors near term:
- Net interest margin sensitivities to deposit mix and wholesale funding costs;
- Housing activity and arrears trends as rates sit at 3.60%;
- The cost base and delivery on technology/automation productivity to offset wage and regulatory spend.
The Monday watch‑list (17 Nov)
- Follow‑through from Friday’s capital and dividend updates: Any price discovery after the A$1.75bn subordinated notes notice and the FX setting for dividend payments.
- Rates expectations into December: The ASX RBA Rate Indicator currently implies no change at the next Board meeting; any shift in futures could move bank multiples.
- Sector read‑throughs: Ongoing mortgage competition headlines and broker‑channel developments can influence expectations for NIM and volume growth across the majors.
Dates that matter from here
- Dividend payment:12 December 2025.
- NAB AGM:9:30am AEDT, Friday 12 December 2025 (hybrid meeting; Melbourne + online).
- Next RBA meeting:8–9 December 2025.
Bottom line
Heading into Monday’s open, NAB trades into a firm capital and liquidity position, a fully franked 85c final dividend already passed ex‑date, and a clear pivot toward proprietary mortgage channels. The A$1.75bn Tier 2 notes underscore steady term‑funding execution, while the RBA’s hold at 3.60% and NAB Economics’ longer‑hold view set the macro tone. Watch NIM commentary, arrears prints, and competitive mortgage pricing—they’re likely to dictate the next leg for the stock through the December meeting and AGM.
This article is for information only and is not financial advice.
