Morningstar: NAB disappoints: 'National Australia Bank (NAB) on Thursday announced an 8.5 per cent year-on-year rise in cash earnings to $3.15 billion for the...

Morningstar: NAB disappoints: 'National Australia Bank (NAB) on Thursday announced an 8.5 per cent year-on-year rise in cash earnings to $3.15 billion for the half year ended 31 March 2014. NAB said the result was achieved on the back of improved performances from all banking businesses, which were partly offset by higher charges relating to the bank's troubled UK business. On a statutory basis, net profit was $2.86 billion, an increase 15.8 per cent. The main difference between statutory and cash earnings related to the elimination of treasury shares coupled with the effects of fair value and hedge ineffectiveness, NAB said. Cash earnings per share rose 6.7 per cent year over year to 131.3 cents a share. Cash return on equity was flat on the same period in the previous year at 14.6 per cent.' (VIEW LINK)