Ord Minnett notes National Australia Bank's FY24 results were largely as expected, offering few surprises to the analyst.

Non-performing loans increased to 1.39% of gross loans, up from 1.13% the previous year. Mortgage delinquencies are rising, while hardship calls are stabilising, the broker notes.

Management highlighted a strategic focus on becoming a customer-centric organisation in A&NZ, which, as the broker quips, remains unchanged from the approach of the past ten CEOs.

Ord Minnett lowers EPS estimates by -4% for FY26. The Lighten rating and $33 target price are unchanged.

Sector: Banks.

Target price is $33.00.Current Price is $39.26. Difference: ($6.26) - (brackets indicate current price is over target). If NAB meets the Ord Minnett target it will return approximately -19% (excluding dividends, fees and charges - negative figures indicate an expected loss).

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