News: NAB National Australia Bank Ltd Posts H1 Cash Earnings $1,436 Million

April 27 (Reuters) - National Australia Bank Ltd (NAB) :

• H1 STATUTORY NET PROFIT $1,313 MILLION
• NATIONAL AUSTRALIA BANK - AS AT MARCH 31, COMMON EQUITY TIER 1 RATIO STOOD AT 10.39%
• HY CASH EARNINGS $1,436M, DOWN 51.4%
• DECLARES INTERIM DIVIDEND 30CPS, 100% FRANKED
• "OUR 1H20 RESULT HAS BEEN MATERIALLY IMPACTED BY COVID-19 PANDEMIC"
• H1 COLLECTIVE PROVISIONS INCLUDE ADDITIONAL FORWARD LOOKING ECONOMIC ADJUSTMENT OF $807 MILLION FOR COVID-19 IMPACTS
• 1H20 NET INTEREST MARGIN DECLINED 1 BASIS POINT TO 1.78%
• INCREASED COLLECTIVE PROVISIONS FOR FORWARD LOOKING ECONOMIC, TARGETED SECTOR ADJUSTMENTS BY $828 MILLION TO $2,135 MILLION
• "WHILE CHALLENGING, WE CONTINUE TO TARGET BROADLY FLAT EXPENSES OVER FY20, EXCLUDING LARGE NOTABLE ITEMS"
• ANNOUNCES FULLY UNDERWRITTEN INSTITUTIONAL PLACEMENT OF $3 BILLION
• ALSO ANNOUNCES NON-UNDERWRITTEN SHARE PURCHASE PLAN TARGETED TO RAISE ABOUT $500 MILLION
• NECESSARY INTERVENTIONS TO CONTAIN COVID-19 SPREAD HAVING WIDE RANGING IMPACTS ACROSS AUSTRALIAN & NZ ECONOMIES
• FOR AUSTRALIA, EXPECT GDP TO DECLINE 8.4% BY SEPT 2020 COMPARED TO DEC 2019 & NOT RETURN TO PRE COVID-19 LEVELS UNTIL EARLY 2022
• FOR AUSTRALIA, UNEMPLOYMENT EXPECTED TO PEAK AT 11.7% IN MID-2020 BEFORE PARTIALLY RECOVERING TO 7.3% BY DEC 2021
• ACCELERATING THE OPERATIONAL SEPARATION OF MLC WEALTH AS A PRIORITY
• “UNDERLYING ASSET QUALITY REMAINS SOUND BUT OUTLOOK IS UNCERTAIN GIVEN ECONOMIC DISRUPTION ARISING FROM COVID-19"

Source text https://reut.rs/2KDVc17

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