As an ASX 200 bank share, dividend investors have always been an important part of the investor base when it comes to National Australia Bank Ltd (ASX: NAB) shares. The four major ASX bank stocks have built up a reputation over many decades as some of the ASX's most reliable payers of fat, and (mostly) fully-franked dividends.
NAB is no different. However, this particular bank stock has just come off one of the most dramatic share price rallies we have seen for years. And that has had a notable impact on the dividend yield one can obtain when buying NAB shares today.
With that in mind, let's get into just how much in dividends investors can expect to receive from NAB if they buy this bank's shares right now.
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A record year for this ASX 200 bank stock
2025 was a volatile, though still successful, year for NAB. The bank saw a precipitous sell-off back in April thanks to the ructions that US President Donald Trump's 'Liberation Day' tariffs sparked. This mini market meltdown saw the NAB share price drop from about $41 in late March to under $34 by 9 April. When those tariffs were walked back, though, NAB went on a tear. The bank rose by a whopping near-40% between early April and early November, finally topping out at $45.25 on 4 November.
Today, NAB shares have walked back from that 18-year high and are trading at just under $43 at the time of writing.
NAB paid out two dividends to shareholders over 2025, as is the bank's habit. The first was the July interim dividend worth 85 cents per share. The second, the final dividend from December, is also worth 85 cents per share. Both payments came with full franking credits attached.
This annual total of $1.70 per share represented a modest 0.6% rise over the $1.69 investors bagged in 2024. At the current NAB share price, this gives this ASX 200 bank stock a trailing dividend yield of 3.96%.
How much will NAB shares pay in dividends in 2026 and beyond?
However, dividend yields always represent the past, not what investors can expect to receive going forward. Of course, we don't yet know what kinds of dividends NAB has in store for shareholders in 2026. We won't know until the bank shows its hand later in the year.
However, we have some projections investors can contemplate. Last week, my Fool colleague Tristan looked at some analyst predictions for what kind of income NAB might provide for its investors over the next few years.
Analysts have pencilled in a total payout of $1.70 per share over FY 2026. So no change there from 2025. If that does turn out to be the case, then NAB is indeed trading on a forward dividend yield of 3.96% today.
Those analysts have then predicted a FY 2027 dividend total of $1.705 per share, rising to $1.72 by FY 2028. If those modest predictions are on the money, they would give NAB shares a forward yield of 3.97% for FY 2027 and 4% for FY 2028.
