Is the NAB (ASX:NAB) share price a buy?

There is at least one fund manager that thinks the share prices of big banks like National Australia Bank Ltd (ASX: NAB) are a buy.

Fund manager Rhett Kessler recently revealed that his Australian share fund from Pengana Capital Group Ltd (ASX: PCG) was increasing exposure to the major ASX banks.

What has NAB recently announced?

A month ago the big four ASX bank announced its FY20 result. There were various different profit measures to look at, but they all showed a double digit profit decline.

NAB’s cash earnings fell by 36.6% to $3.71 billion. Excluding large notable items, cash earnings fell by 25.9%. Statutory net profit after tax dropped 46.7% to $2.56 billion.

During the year, the big bank suffered a 201% increase of credit…