NAB delivered FY17 cash earnings of $6,642m, just below consensus estimates.
2H17 dividend of 99¢ was flat on the pcp and total annual dividends in FY18 will be $1.98, placing NAB on a forward yield of 6.2%.
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NAB has a dividend payout ratio of ~79%, which may prove to be unsustainable.
The market may have concerns following NAB announcing additional investment spend of $1.5bn over the next three years and a large restructuring provision in FY18.
