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    NAB   AU000000NAB4

NATIONAL AUSTRALIA BANK LIMITED

(NAB)
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National Australia Bank : NSW bounce back offers hope for Victoria

10/17/2021 | 11:32pm EST

Spending in New South was has roared back to life following the first week of eased restrictions.

Speaking on the Today Show this morning, NAB Group CEO Ross McEwan said the $825 million spent in Sydney alone last week was encouraging news for Victorian businesses about to come out of lockdown.

"Sydney certainly bounced back," Mr McEwan said, who was speaking from Docklands café Focaccino.

"Restaurants, bars and pubs welcomed patrons back and secured $116 million, up by 54% on the week before."

"Thirty-four million dollars was spent in beauty shops and hairdressers, up by 561% on the week before, and clothing stores saw $82 million through the door, up by 351% on the week before.

"What's really interesting is that even on the same week last year, which was out of lockdown, Sydney was up 8% last week.

"So you are seeing a really good bounce back in Sydney and I expect this to happen in Victoria as we come out of lockdown as well."

People in NSW are also back to booking holidays with car rentals seeing a $2 million spend (up 40% on the week before), accommodation spend at $24 million (up by 28% on the week before) and around $400,000 spent with airlines (up by 19% on the week before).

Victorian businesses are celebrating news that the state will start to ease restrictions this week, inviting more people back to the city streets.

Melbourne café owner Patty Theo from Focaccino said she was excited to have more customers coming back soon.

"I can't wait to see more people back in the office so that we see more customers in the shop," Ms Theo said.

"It's been extremely quiet but the whole way through we've tried to stay positive and make the best of a bad situation."

Mr McEwan said he expected a rush of people back in CBD offices once the requirement to wear masks is removed.

"It is businesses like Foccacino that have to get going again, and to do that we need people back into our cities and back into our offices. These are the things that will help these small businesses really bounce back to life," Mr McEwan said

"Getting Victoria going is actually about getting small businesses going. It's a chain reaction," he said.

Anyone who still needs help from the impacts of COVID-19 can find more information on NAB support available here.

Support options include the NAB Business Recovery Loan, designed to help small and medium sized enterprises (SMEs) that have been hit hard by the economic impacts of coronavirus (COVID-19). The loan is provided as part of the Federal Government's SME Recovery Loan Scheme.

Estimated spending figures were based on NAB's merchant terminal data during Sydney's first six days out of lockdown (Monday-Saturday).

[Link]

NAB CEO Ross McEwan outside Foccacino Cafe in Docklands, Melbourne this morning.

Disclaimer

NAB - National Australia Bank Ltd. published this content on 18 October 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 18 October 2021 03:31:02 UTC.


ę Publicnow 2021
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Financials
Sales 2022 17 578 M 12 306 M 12 306 M
Net income 2022 6 368 M 4 458 M 4 458 M
Net Debt 2022 - - -
P/E ratio 2022 14,6x
Yield 2022 4,94%
Capitalization 91 267 M 64 079 M 63 896 M
Capi. / Sales 2022 5,19x
Capi. / Sales 2023 4,99x
Nbr of Employees 32 741
Free-Float 99,3%
Chart NATIONAL AUSTRALIA BANK LIMITED
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National Australia Bank Limited Technical Analysis Chart | NAB | AU000000NAB4 | MarketScreener
Technical analysis trends NATIONAL AUSTRALIA BANK LIMITED
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TrendsBearishNeutralBullish
Income Statement Evolution
Consensus
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Mean consensus OUTPERFORM
Number of Analysts 16
Last Close Price 27,96 AUD
Average target price 30,19 AUD
Spread / Average Target 7,98%
EPS Revisions
Managers and Directors
Ross Maxwell McEwan Group CEO, Managing Director & Director
Gary A. Lennon Group Chief Financial Officer
Philip Wayne Chronican Chairman
Patrick C. Wright Group Executive-Technology & Enterprise Operations
Leslie Durno Matheson Group Chief Operating Officer
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