National Australia Bank Limited (ASX: NAB) ended Friday’s session (12 December 2025) higher, with investors digesting a busy day of AGM headlines, shareholder votes, and a key dividend milestone. NAB closed at A$42.13, up A$0.75 (+1.81%), after trading between A$41.60 and A$42.28. Intelligent Investor
One important housekeeping note before we get into the news: the ASX is not open on Saturday, 13 December 2025, and the ASX “today’s announcements” page shows no company announcements published on 13 December 2025. So practically, this is a “weekend briefing” for the next trading session. Australian Securities Exchange
What moved NAB stock after the bell on 12.12.2025
1) AGM results landed after the close (4:08pm) — all core resolutions passed, activist items stopped cold
NAB released its 2025 Annual General Meeting Results to the ASX at 4:08pm. Intelligent Investor
The headline: shareholders backed management on the main items—
- Re-election of Chair Philip Chronican: passed
- Re-election of Kathryn Fagg: passed
- Remuneration report: passed
- CEO equity grants (deferred and performance rights): passed Company Announcements
Where it got spicy: shareholder-requisitioned proposals connected to deforestation/climate activism didn’t progress. A proposed constitutional amendment (special resolution) was heavily voted down (~6% for / ~94% against), and because other deforestation items were contingent on that amendment, they were not put to the meeting. Company Announcements
In other words: the market didn’t get a surprise governance shock after close—more like a confirmation that NAB’s shareholder base is broadly aligned with the board’s current direction.
2) The deforestation debate still mattered—even without binding votes
Even though the contingent items weren’t formally voted at the meeting, the advance proxy/ direct vote slide showed meaningful (but minority) support for deforestation-related asks (roughly ~14% and ~10% “for” on the two deforestation items). NAB News
AAP’s coverage captured the tone: NAB struck a conciliatory stance with activists, but Chair Chronican said the bank was “not ready” for the resolutions as drafted and described NAB as being early in standardising deforestation reporting—while still engaging stakeholders and using tools (including vegetation/habitat coverage datasets) to inform risk work. AAP News
Why it matters for investors: ESG pressure didn’t “win,” but it didn’t vanish either. Over time, these themes can influence risk appetite, policy disclosure, and certain sector exposures (especially in agribusiness and supply-chain-linked lending).
Dividend day: what happened on 12.12.2025 and why it matters
NAB’s shareholder centre confirms the FY2025 final dividend was 85 cents per share, franked at 100%, payable on 12 December 2025. NAB
On its face, a dividend payment date shouldn’t mechanically drop the share price (that usually happens on the ex-dividend date), but it does matter for:
- income investors measuring yield and franking value,
- dividend reinvestment dynamics, and
- sentiment around payout sustainability.
Two extra details from NAB’s AGM materials add context:
- The Chair said dividends for the year totalled 170 cents per share, and the bank returned $5.2 billion to shareholders. NAB News
- NAB reiterated its preference for reducing share count over time, noting it has completed $8 billion in on-market buybacks since August 2021 and continues to neutralise the dividend reinvestment plan. NAB News
If you’re tracking dividend reinvestment: NAB also published a DRP/BSP issue price of A$40.45 for the 12 December 2025 allotment date. NAB
What management said at the AGM (the parts the market will keep scoring)
NAB posted an AGM summary on its newsroom site dated 12.12.2025, with clear “strategy + execution” messaging. NAB News
Strategy priorities (CEO Andrew Irvine)
NAB framed execution around three priorities:
- growing the business bank,
- driving deposit growth, and
- strengthening proprietary home lending. NAB News
Growth and mix (numbers investors tend to anchor to)
From the CEO address:
- Australian business lending balances grew 5.8% in the second half (described as the strongest half-yearly growth in 3.5 years).
- For the full year, Australian business lending balances rose 9%, and customer deposits grew 7%.
- In home lending, the share of new loans written through NAB’s own bankers improved to 41% in FY2025. NAB News
Risk, controls, regulators: AUSTRAC and payroll remediation stayed on the agenda
The Chair’s address highlighted:
- NAB finalised its enforceable undertaking with AUSTRAC, and
- uncovered additional payroll issues, prompting a broader review and remediation work. NAB News
AUSTRAC itself previously announced finalisation of the enforceable undertaking after NAB satisfied obligations under the agreement (AUSTRAC release dated 25 July 2025), which gives external confirmation that this chapter has, formally, closed. AUSTRAC
“Operational” investments that can matter to brand and franchise
NAB said it prevented or recovered more than $385 million in scam/fraud losses during 2025, invested more than $53 million upgrading 141 branches, and expanded Saturday trading to 32 locations. NAB News
That’s not just PR: scam losses, complaints, and remediation costs are increasingly treated by markets as real “cost-to-serve” lines—plus a reputational risk lever.
The macro backdrop heading into next week: global yields rose while risk appetite wobbled
Friday night’s global tape wasn’t exactly calm. Reuters reported major stock indexes fell, with tech hit again amid concerns around AI-linked trades, while U.S. Treasury yields jumped as investors weighed commentary from Federal Reserve officials following a 25 bp rate cut earlier in the week. Reuters
Why this matters for NAB: Australian major banks are sensitive to:
- wholesale funding conditions,
- global risk appetite (bank CDS and funding spreads),
- bond yield moves (which can influence bank valuation multiples and margin expectations),
- and expectations about central bank paths.
NAB’s own AGM commentary also flagged that recent inflation data was higher than the RBA would like and highlighted the importance of watching how inflation behaves into 2026. NAB News
Forecasts and analyst views: what the street is implying from current levels
Forecasts vary widely depending on the source and the broker set being tracked, but here’s the consistent “shape” of market expectations:
- Investing.com consensus estimates: based on 14 analysts, the site shows an average 12‑month target of ~A$37.99 (high estimate ~A$46.31; low ~A$29) and labels the consensus rating as “Sell” (2 buy / 7 sell / 5 hold). Investing
- TipRanks (auto-generated summary): lists a “most recent” analyst rating as Hold with a A$40.00 price target. TipRanks
What to take from that (without the false precision): NAB closed at A$42.13. Intelligent Investor
Some consensus snapshots imply the stock is pricing in a lot of good news already, while more bullish targets still exist—typically tied to assumptions about margins, credit quality, and how much “sticky” deposit franchise advantage the majors retain in a shifting rate environment.
What to watch before the next ASX session
Even though Saturday isn’t a trading day, this is the practical checklist most NAB watchers will care about before the next open:
1) Any follow-through from AGM messaging
The big points that can echo into analyst notes next week:
- business-bank growth momentum,
- deposit growth and mix,
- proprietary home lending execution,
- scam/fraud mitigation outcomes,
- and whether payroll remediation is “contained” or drifts into a bigger cost story. NAB News
2) ESG pressure: defeated, not disappeared
The constitutional amendment was crushed, and the contingent items weren’t put, but the proxy support percentages show a persistent minority bloc that will keep pushing. Company Announcements
That can matter for institutional flows, engagement costs, and disclosure burden—especially if peers move faster or regulators tighten expectations.
3) Dividend and buyback narrative
Income investors will re-run the maths after the 85c fully franked payment and will keep watching how NAB balances payout versus capital return and reinvestment. NAB
4) Global rates and risk sentiment
With U.S. yields rising on Friday and markets re-pricing the pace of future rate cuts, the “bank valuation vs bond yields” relationship is back in focus. Reuters
5) Confirm there are no new weekend ASX releases
So far, ASX indicates no announcements published on 13 December 2025. If that changes, it can quickly become the Monday narrative. Australian Securities Exchange
Bottom line
NAB finished 12 December stronger at A$42.13, with the market getting a clean AGM outcome: core governance and remuneration items passed, shareholder activism items stalled, and management reinforced a strategy built around business banking growth, deposits, and proprietary home lending—while also acknowledging remediation work (payroll) and continued focus on controls and fraud prevention. NAB News
Going into next week, NAB’s near-term direction will likely be shaped less by “surprise company news” (the AGM is now digested) and more by macro signals—rates, funding conditions, and risk sentiment—plus how analysts interpret management’s growth and risk-control claims versus valuation. Reuters
