NAB braces for more bad news

National Australia Bank CEO Frank Cicutto says a revaluation of the bank's foreign exchange portfolio is unlikely to show the $600m losses speculated by the market. NAB has, however, increased the estimated amount lost in the wake of “fictitious trades” by four dealers to $185 million from $180 million. He said there will be a further update by the end of this week. Macquarie Equities analyst Stephen Kench said it's obvious NAB doesn't know the extent of the loss and this is a worrying indication that the bank's systems can't put a value on it.