NAB, WBC, ANZ: How are these ASX banking stocks performing today?

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NAB, WBC, ANZ: How are these ASX banking stocks performing today?

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National Australia Bank Limited (ASX:NAB) shares
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Highlights:

  • Australia’s big four ASX banks posted a 5.1% increase in operating cash profit to $14.4 billion.
  • The major banks have benefited from soaring house demand due to increased demand for home loans in the last two years.
  • Today, at 1.02 PM GMT, the S&P/ASX 200 Banks Index was 0.067% up at 2,689.00 points.

Bank stocks on the S&P/ASX 200 Index (ASX: XJO) provided a nice set of profit reports this month. Today, at 1.02 PM GMT, the S&P/ASX 200 Banks Index was 0.067% up at 2,689.00 points.

According to KPMG's analysis, the big four ASX banks posted a 5.1% increase in operating cash profit to $14.4 billion.

According to KPMG's 'Major Australian Banks First Half-Year Analysis Report 2022,' the major Australian banks' return on equity (ROE) has increased to 10.6% from 10.4% in the previous financial year. Meanwhile, the payout ratios for dividends climbed by 2.8 percentage points to 66%.

The major banks have benefited from soaring house demand due to increased demand for home loans in the last two years. For Australians, rising interest rates and inflation have created new anxieties. However, increasing interest rates can be both beneficial and harmful to financial service providers. All major banks replied immediately after the RBA announced a boost in the cash rate, stating that mortgage rates would rise by the entire 25 basis points.

On this note, we will look at the performance of three ASX-listed banks in this article.

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Data Source- ASX

National Australia Bank Limited (ASX:NAB)

At 12.57 PM AEST, shares of National Australia Bank were trading 0.75% up on the ASX, at AU$30.76 per share. With a market capitalisation of AU$98.25 billion, National Australia Bank Ltd is one of Australia's most powerful financial companies. NAB shares have risen around 18% in the previous year, and the stock is up almost 7% year-to-date.

On 5 July 2022, the firm is set to pay its shareholders an interim dividend of 73 cents per share.

Last week (5 May 2022), NAB posted strong cash earnings and dividend growth for the six months ending 31 March 2022. During the given half, the banking behemoth reported a 4.6% gain in revenue to AU$9.07 billion, with cash earnings up 4.1% to AU$3.4 billion.

NAB, one of Australia's "Big 4" banks, reported a statutory net profit of AU$3.6 billion in its most recent ASX filing.

Also Read: NAB (ASX:NAB) lifts 1H revenue, dividend; how are shares faring?

Westpac Banking Corporation (ASX:WBC)

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Westpac Banking Corporation shares were trading 1.28% lower on the ASX, at AU$23.94 per share at 1.12 PM AEST today. With a market capitalisation of AU$84.90 billion, Westpac Banking Corporation is one of Australia's oldest banks. Westpac shares have gone down around 5% in the last year but are up 12% year-to-date.

According to the most recent information available, the company will pay an interim dividend of AU$0.610 per share to its shareholders on 24 June 2022. The ex-dividend date is 19 May 2022.

Westpac Banking Corporation announced a drop in cash earnings for the six months ended March 2022 due to increased bad debt provisions and competitive pressure on net interest margins.

Also Read: Westpac's (ASX:WBC) profit falls, dividend rises; how are shares responding?

Australia and New Zealand Banking Group Limited (ASX:ANZ)

ANZ recently announced that its statutory profit after tax for the half-year ended 31 March 2022 increased by 10% to AU$3,530 million. The cash return on equity for the company was 10%. ANZ has recommended a fully franked interim dividend of 72 cents per share.

At 1.21 PM AEST, ANZ shares were trading at AU$25.26 apiece, down 0.55% on ASX today. The banks's current market capitalisation is AU$70.97 billion.

ANZ shares reported around 7% negative growth in the last one year and around 8% year-to-date.

Also Read: ANZ(ASX:ANZ) boosts cash profit in first half; how are shares faring?

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