Best of the 4 Banks, page-5

Let's do a comparison of JPM vs NAB.  Buffett has said earnings is key to valuing banks, not P/B.

		JPM (2017 annual report)	NAB (FY18 annual report)
1	EPS	$6.35	$2.29 ex RC and one-offs
2	Share price	$105	$24.87
3	PE	16.5x	10.8x
4	Internationally comparable CET1 Ratio	12.2% (note: Jamie Dimon says the banks current position is like the rock of gibraltar)	14.6% (NAB's Internationally comparable CET1 Ratio is stronger than JPM)
5	Tangible book value per share	$53.56	$16-17
6	P/NTA	1.96x (this is relevant as Jamie Dimon has said no financial institution should trade at net asset backing when it is people generating income, not PPE.  JPM bought back shares aggressively at 1-2x NTA)	1.5x
7	Asset quality	Loans but also 'trading securities' 'trading assets' 'securities'	Pretty much just mortgages and business loans
8	Population growth	325.7 million people with not much growth	25 million people with a lot of upside
9		etc	etc
10

You get the picture.  NAB is cheaper than JPM.  NAB is better capitalised than JPM.  NAB has better asset exposures than JPM. 
And Warren Buffet paid current prices for JPM.