In my Saturday column I called on the major banks to substantially lift their Tier 1 capital "leverage ratios" from a weak 4.5% of credit exposures in June 2014, which placed them in the bottom half of global banks, to a lofty---some said crazy---target of 5.5% over the next few years. In the AFR I now show how NAB's surprisingly robust results today have delivered in spades: NAB revealed "for the first time" its leverage ratio, printing at exactly 5.5% and was an even more impressive 6% on an internationally comparable basis, which puts NAB in the top quartile of 94 large rival banks based on APRA's numbers. CEO Andrew Thorburn has transformed NAB into one of the strongest banks in the world on virtually all measures, including "total loss absorbing capacity" (TLAC), which NAB says is currently 18.2% and therefore comfortably compliant with the circa 16% hurdle that may be imposed post 2019. Read free (VIEW LINK)