Bill M
Self Funded Retiree
- Joined
- 4 January 2008
- Posts
- 2,132
- Reactions
- 740
Got my refund today.
NAB - National Australia Bank
- Thread starter JetDollars
- Start date
- Joined
- 24 May 2013
- Posts
- 570
- Reactions
- 738
looks like IB aren't going to give me my 2 bucks back (14.15 * 2,120 = 29,998) as i can't see an entry for it anywhere on my portfolio statement. can't be bothered chasing up $2, happy to donate it to the broker for getting me the full SPP allocation, and simply add it to the cost base of those SPP units.
- Joined
- 13 August 2006
- Posts
- 876
- Reactions
- 1,080
- Joined
- 3 May 2019
- Posts
- 6,224
- Reactions
- 9,755
Since when is it legal to not provide a tax invoice without first asking?
Isn't it a case of an invoice is required by law, and permission needed to NOT provide one?
Aye carumba.
- Joined
- 24 May 2013
- Posts
- 570
- Reactions
- 738
thanks, i didn't actually notice that, i just scanned the portfolio statement for some "miscellaneous charges" type entry for $2 and didn't find any. looks like i'll have to ask for that receipt then, if that's what IB is doing as well. not because i particularly care about the $2, but because i hold NAB in a corporate trust structure i have to account for each and every cashflow that goes in and out in the yearly reporting, i probably can't just tack it on to the cost base if that's the case.
no, donor recipients are not required to:
https://www.ato.gov.au/Individuals/...n-claim/Other-deductions/Gifts-and-donations/
- Joined
- 24 May 2017
- Posts
- 35
- Reactions
- 24
At the time of the recent $3billion placement, my investment company owned 57 000 NAB shares, which I had paid more than a million dollars for, pre covid.
It seems grossly unfair that I was only allowed to purchase $30 000 worth of shares at the placement price of $14.15 whilst a mate who had a couple of hundred shares could buy just as many and institutions were allocated the lions share of the placement (basis undisclosed) and must have benefited to the tune of millions of dollars.
Surely a more equitable basis would be to treat all shareholders equally and allocate shares on a pro rata basis? Where is the loyalty? Where is the transparency? Are some of those involved in this issue scratching the backs of their friends as everyone knew the issue price was incredibly low?
It seems grossly unfair that I was only allowed to purchase $30 000 worth of shares at the placement price of $14.15 whilst a mate who had a couple of hundred shares could buy just as many and institutions were allocated the lions share of the placement (basis undisclosed) and must have benefited to the tune of millions of dollars.
Surely a more equitable basis would be to treat all shareholders equally and allocate shares on a pro rata basis? Where is the loyalty? Where is the transparency? Are some of those involved in this issue scratching the backs of their friends as everyone knew the issue price was incredibly low?
- Joined
- 24 May 2013
- Posts
- 570
- Reactions
- 738
could i ask if you got your allocation thru a CHESS holding, or thru IB?
i couldn't find any such statement on any of my IB reports. the way IB ran the applications was, we made our election, they deducted the cash and put x "NAB.SPP" units, each worth $1, onto our portfolio. then on the day the new units were issued, they cancelled out the "NAB.SPP" position and added the actual NAB units to our portfolios.
so for me all i see is a couple of entries under corporate actions on the broker statement:
-30,000 NAB.SPP
+2,120 NAB.AX
given that is all that's on my broker statements, i'm guessing it should be ok for tax purposes to declare that my 2,120 units have a cost base of $30K? as i really can't be bothered kicking up a fuss over $2 - but it wouldn't surprise me if the ATO did. anyone else get their SPP allocation thru IB?
- Joined
- 13 August 2006
- Posts
- 876
- Reactions
- 1,080
I got mine through a CHESS holding. Mine are in a trust too, but I'm not going to bother chasing the $2 receipt.
- Joined
- 24 May 2013
- Posts
- 570
- Reactions
- 738
yeah i don't want to bother chasing up $2 either, but i'm not sure i have a choice. how are you planning on handling it for tax purposes? as a trust, aren't you required to lodge a financial statement along with your tax return every year, ensuring that assets - liabilities and net equity balance out? so the $2 has to be accounted for somewhere?
i was just going to add it to my cost base and say the 2,120 units cost $30K exactly. would hope the ATO won't kick up a fuss over $2, but you just never know.
- Joined
- 13 August 2006
- Posts
- 876
- Reactions
- 1,080
That's what I was going to do.
Garpal Gumnut
Ross Island Hotel
- Joined
- 2 January 2006
- Posts
- 13,469
- Reactions
- 9,763
Well I reckon the guy at NAB's granny has been trading up on NABHA. They will be redeemed hopefully once the old darl is clear tax wise, though she is probably unaware she holds them.
gg
Dona Ferentes
Abrió la caja, vio al gatito, y sonrió
- Joined
- 11 January 2016
- Posts
- 15,590
- Reactions
- 21,197
Christopher Joye has a few words on NABHA and other hybrids, in the AFR
"...expect NAB to announce a new hybrid in November to replace its $1.72 billion NABPB security, which matures in December.....
In wonderful news for holders of the mystery-wrapped-in-a-riddle that is the perpetual, $2 billion NABHA security, NAB has announced that it will go to its AGM seeking approval to repay it. The likely date will be in February 2021, helpfully providing an extra $2 billion of cash to holders that will be looking for a home at the same time Westpac and Macquarie will issue new hybrids to refinance existing securities.
In October 2018 this column claimed that “the pressure to replace NABHA intensifies in 2021 when it will only contribute 31.1 per cent to first-loss capital, and much more in 2022 when NABHA's capital share evaporates entirely”. “NAB does have an incentive to replace NABHA with a new hybrid by the end of 2021, which is a year in which it notably has no maturities.” Yet since NAB is currently carrying a lot of excess capital after raising $4 billion of equity in May 2020, it does not now have to replace NABHA... "
- Joined
- 3 July 2009
- Posts
- 27,335
- Reactions
- 24,067
NAB half year report, including a 60c dividend, that will take a bit of stress off some. ?
www.smh.com.au
From the article:
The National Australia Bank will pay shareholders an interim dividend of 60¢ per share, after it reported cash earnings of $3.3 billion for the half, a 48.1 per cent jump on the previous period.
The big four bank’s revenue increased by 1 per cent over the six months to March 31 reflecting improved markets income, but its net interest margin – a key measure of profitability – declined by 4 basis points due to historically low interest rates.
NAB followed the other major banks in writing back its allowance for bad loans, reducing the credit provision by $128 million – compared to an increase of $1.2 billion in the corresponding period last year.
“Risks do remain,” Mr McEwan said. “The recovery is not even, and some customers such as those in international travel and hospitality, particularly in CBD areas, still face significant challenges.”
NAB also reported its expenses decreased by 18.6 per cent, as the bank pursues a strategy to cut costs and simplify operations.
In a breakdown of the bank’s key divisions, NAB reported cash earnings in its flagship business bank declined by 10.3 per cent to $1.2 billion over the past 12 months due to additional resources allocated to supporting customers through COVID-19.
In contrast, NAB’s personal banking arm saw cash earnings increase by 14.1 per cent to $859 million due to reduced credit impairment charges and low funding costs.
‘Very strong’: NAB chief says regions fuelling loan growth
As farmers benefit from an end to the drought and city dwellers opt for a tree change, NAB is seeing record growth in demand for business loans across regional Australia.
The National Australia Bank will pay shareholders an interim dividend of 60¢ per share, after it reported cash earnings of $3.3 billion for the half, a 48.1 per cent jump on the previous period.
The big four bank’s revenue increased by 1 per cent over the six months to March 31 reflecting improved markets income, but its net interest margin – a key measure of profitability – declined by 4 basis points due to historically low interest rates.
NAB followed the other major banks in writing back its allowance for bad loans, reducing the credit provision by $128 million – compared to an increase of $1.2 billion in the corresponding period last year.
“Risks do remain,” Mr McEwan said. “The recovery is not even, and some customers such as those in international travel and hospitality, particularly in CBD areas, still face significant challenges.”
NAB also reported its expenses decreased by 18.6 per cent, as the bank pursues a strategy to cut costs and simplify operations.
In a breakdown of the bank’s key divisions, NAB reported cash earnings in its flagship business bank declined by 10.3 per cent to $1.2 billion over the past 12 months due to additional resources allocated to supporting customers through COVID-19.
In contrast, NAB’s personal banking arm saw cash earnings increase by 14.1 per cent to $859 million due to reduced credit impairment charges and low funding costs.
Dona Ferentes
Abrió la caja, vio al gatito, y sonrió
- Joined
- 11 January 2016
- Posts
- 15,590
- Reactions
- 21,197
and a bit like the ANZ result : For the ANZ it looks like a case of ‘sell on the news’ and take profits after the shares dipped yesterday in the wake of a solid recovery in interim earnings and a higher dividend.NAB half year report, including a 60c dividend, that will take a bit of stress off some. ?
From the article:‘Very strong’: NAB chief says regions fuelling loan growth
As farmers benefit from an end to the drought and city dwellers opt for a tree change, NAB is seeing record growth in demand for business loans across regional Australia.
The National Australia Bank will pay shareholders an interim dividend of 60¢ per share, after it reported cash earnings of $3.3 billion for the half, a 48.1 per cent jump on the previous period.
Dona Ferentes
Abrió la caja, vio al gatito, y sonrió
- Joined
- 11 January 2016
- Posts
- 15,590
- Reactions
- 21,197
.... in May 2020, NAB reduced its dividend and undertook a Share Purchase Plan at $14.15 to build up its capital:
Now, with hindsight, it is easy to be critical and overlook that the outlook was bleak, and no doubt APRA was on the phone, but banking is so good now that NAB is contemplating a share buyback (with the SP around $26). This week , CEO Ross McEwan was showing a touch of remorse when he said this:
And NAB increased the size of the SPP from its original target of $500 million to $1.25 billion during the offer period. Sell low, buy High!!
Nice one for the little guys
Now, with hindsight, it is easy to be critical and overlook that the outlook was bleak, and no doubt APRA was on the phone, but banking is so good now that NAB is contemplating a share buyback (with the SP around $26). This week , CEO Ross McEwan was showing a touch of remorse when he said this:
And NAB increased the size of the SPP from its original target of $500 million to $1.25 billion during the offer period. Sell low, buy High!!
Nice one for the little guys
- Joined
- 3 July 2009
- Posts
- 27,335
- Reactions
- 24,067
Sounds like NAB are trying to avoid a fine like WBC copped for money laundering, best of luck IMO. Oh well there goes next years dividend probably. ?
www.theage.com.au
From the article:
Among other things, Apollo involves the examinination of hundreds of thousands of customer profiles that have been identified as problematic, with the aims of deleting duplicate accounts and debanking high-risk customers, according to multiple sources familiar with the project who requested anonymity because they were not authorised to speak about it publicly.
The Australian Transaction Reports and Analysis Centre (AUSTRAC) sent a letter to NAB last Friday to notify the bank of an escalation of its investigation into potential serious and ongoing non-compliance with anti-money laundering laws.
Sources familiar with Project Apollo described it as a “huge” remediation project. “The head count is massive, it takes up at least a third of the current financial crime workforce at the moment,” one source said.
Multiple sources have also said NAB’s core technology systems are over two decades old, meaning analysts often have to manually trawl through years worth of bank statements to identify suspicious transactions once a customer has been reclassified as high-risk.
NAB’s secretive ‘Project Apollo’ to fix financial crime loopholes
NAB has launched an internal program to overhaul its approach to monitoring suspicious customers after a series of internal audits were knocked back by AUSTRAC.
Among other things, Apollo involves the examinination of hundreds of thousands of customer profiles that have been identified as problematic, with the aims of deleting duplicate accounts and debanking high-risk customers, according to multiple sources familiar with the project who requested anonymity because they were not authorised to speak about it publicly.
The Australian Transaction Reports and Analysis Centre (AUSTRAC) sent a letter to NAB last Friday to notify the bank of an escalation of its investigation into potential serious and ongoing non-compliance with anti-money laundering laws.
Sources familiar with Project Apollo described it as a “huge” remediation project. “The head count is massive, it takes up at least a third of the current financial crime workforce at the moment,” one source said.
Multiple sources have also said NAB’s core technology systems are over two decades old, meaning analysts often have to manually trawl through years worth of bank statements to identify suspicious transactions once a customer has been reclassified as high-risk.
- Joined
- 3 July 2009
- Posts
- 27,335
- Reactions
- 24,067
NAB making a play for Citi Bank's credit card business. Sounds like it is a similar price to what it got for MLC, when it was sold to IOOF.
Obviously they think the BNPL model, isn't an issue.
www.smh.com.au
From the article.
National Australia Bank is looking to expand its share of the credit card market by buying Citi’s Australian retail banking arm for at least $1.2 billion.
In a deal that is set to attract scrutiny from the competition watchdog, NAB on Monday said it would become Australia’s second largest credit card lender through the acquisition of Citi’s retail business, which also includes mortgages and deposits.
Obviously they think the BNPL model, isn't an issue.
NAB buys Citi's Australian retail bank for $1.2 billion
National Australia Bank is looking expand its share of the credit card market by buying Citi’s Australian retail banking arm.
National Australia Bank is looking to expand its share of the credit card market by buying Citi’s Australian retail banking arm for at least $1.2 billion.
In a deal that is set to attract scrutiny from the competition watchdog, NAB on Monday said it would become Australia’s second largest credit card lender through the acquisition of Citi’s retail business, which also includes mortgages and deposits.
- Joined
- 3 July 2009
- Posts
- 27,335
- Reactions
- 24,067
NAB trading update.
www.news.com.au
The big four bank booked a $1.65bn unaudited statutory net profit for the June quarter, up from $1.5bn for the same period last year when the Covid-19 pandemic was taking hold and it was scrambling to accommodate loan deferrals.
This year, there were “significantly better credit impairment outcomes”, chief executive Ross McEwan said.
But he noted the health crisis and lockdowns were creating uncertainty and challenges for some customers.
While the ratio of loans more than 90 days overdue and gross impaired assets to gross loans and acceptances declined 10 basis points to 1.13 per cent, that’s up from 1.06 per cent for the same quarter in 2020.
NAB also reported a 2 per cent rise in housing lending during the quarter, while small-to-medium enterprise business lending rose 4.3 per cent.
Loan repayments a struggle for some
National Australia Bank has delivered what has been described as a “solid” quarterly trading update, showing some customers are still struggling with loan repayments.
www.news.com.au
The big four bank booked a $1.65bn unaudited statutory net profit for the June quarter, up from $1.5bn for the same period last year when the Covid-19 pandemic was taking hold and it was scrambling to accommodate loan deferrals.
This year, there were “significantly better credit impairment outcomes”, chief executive Ross McEwan said.
But he noted the health crisis and lockdowns were creating uncertainty and challenges for some customers.
While the ratio of loans more than 90 days overdue and gross impaired assets to gross loans and acceptances declined 10 basis points to 1.13 per cent, that’s up from 1.06 per cent for the same quarter in 2020.
NAB also reported a 2 per cent rise in housing lending during the quarter, while small-to-medium enterprise business lending rose 4.3 per cent.
- Joined
- 3 July 2009
- Posts
- 27,335
- Reactions
- 24,067
NAB has big profit increase, doubles dividend ?. Still got a way to go, but the signs are good IDH.
www.smh.com.au
From the article:
National Australia Bank has doubled its final dividend after reporting soaring full-year cash earnings alongside the release of a new oil and gas policy that aims to phase out exposure to the sector over the next two decades.
Full-year cash earnings increased 76.8 per cent to $6.5 billion in the year to September 30, which chief executive Ross McEwan said showed the bank “navigated a challenging environment” during COVID-19 while delivering better services for customers.
NAB shareholders will receive a final dividend of 67 cents per share, up from 30 cents paid last year, taking the full-year dividend to $1.27 a share, the bank said in a statement on Tuesday morning.
While NAB’s revenue declined by 2.2 per cent over the past financial year, the bank reported 6 per cent overall growth in loans, with a 7 per cent rise in business lending and 4 per cent in mortgage growth in what Mr McEwan said cemented the bank’s leading position in business lending.
While overall cash earnings in NAB’s business bank was flat at 0.3 per cent across the year, it reported a 14.2 per cent uptick in agricultural business loans. Morningstar analyst Nathan Zaia said it was pleasing to see NAB had retained its leading market share in this division.
NAB’s full-year results were largely in line with analyst expectations. Evans and Partners analyst Matt Wilson said it was a “very solid result”, praising NAB’s strong balance sheet and Mr McEwan’s “reasonably positive” outlook comments. “Things are under control at NAB.”
NAB said it had capped its oil and gas exposure at $US2.4 billion ($3.2 billion), and will reduce this stake over the next two decades. As part of the new policy, NAB said it will only consider directly financing gas extraction projects in Australia “where it plays a role in underpinning national energy security”.
Mr McEwan said NAB had already sought to reduce its exposure to Australia’s fossil fuel sector, with 71 per cent of NAB’s domestic lending now in renewables, compared to 29 per cent in oil, gas and coal.
NAB boss defends flexible fossil fuel financing
The ‘big four’ bank says it won’t offer financing for new oil and gas projects, unless the government says the project is crucial to national energy security.
National Australia Bank has doubled its final dividend after reporting soaring full-year cash earnings alongside the release of a new oil and gas policy that aims to phase out exposure to the sector over the next two decades.
Full-year cash earnings increased 76.8 per cent to $6.5 billion in the year to September 30, which chief executive Ross McEwan said showed the bank “navigated a challenging environment” during COVID-19 while delivering better services for customers.
NAB shareholders will receive a final dividend of 67 cents per share, up from 30 cents paid last year, taking the full-year dividend to $1.27 a share, the bank said in a statement on Tuesday morning.
While NAB’s revenue declined by 2.2 per cent over the past financial year, the bank reported 6 per cent overall growth in loans, with a 7 per cent rise in business lending and 4 per cent in mortgage growth in what Mr McEwan said cemented the bank’s leading position in business lending.
While overall cash earnings in NAB’s business bank was flat at 0.3 per cent across the year, it reported a 14.2 per cent uptick in agricultural business loans. Morningstar analyst Nathan Zaia said it was pleasing to see NAB had retained its leading market share in this division.
NAB’s full-year results were largely in line with analyst expectations. Evans and Partners analyst Matt Wilson said it was a “very solid result”, praising NAB’s strong balance sheet and Mr McEwan’s “reasonably positive” outlook comments. “Things are under control at NAB.”
NAB said it had capped its oil and gas exposure at $US2.4 billion ($3.2 billion), and will reduce this stake over the next two decades. As part of the new policy, NAB said it will only consider directly financing gas extraction projects in Australia “where it plays a role in underpinning national energy security”.
Mr McEwan said NAB had already sought to reduce its exposure to Australia’s fossil fuel sector, with 71 per cent of NAB’s domestic lending now in renewables, compared to 29 per cent in oil, gas and coal.
Similar threads
