News: NAB NAB Posts Qtrly Cash Earnings A$1.80 Billion

Feb 21 (Reuters) - National Australia Bank Ltd (NAB) :

• QTRLY CASH EARNINGS A$1.80 BILLION VERSUS A$2.15 BILLION REPORTED YEAR AGO
• QTRLY STATUTORY NET PROFIT A$1.70 BILLION VERSUS A$2.05 BILLION REPORTED YEAR AGO
• STRONG BALANCE SHEET SETTINGS WERE MAINTAINED OVER THE DECEMBER QUARTER.
• AS AT QUARTER-END, GROUP CET1 RATIO 12.0%
• QTRLY NET INTEREST MARGIN WAS SLIGHTLY HIGHER
• RATIO OF 90+ DAYS PAST DUE AND GROSS IMPAIRED ASSETS TO GROSS LOANS AND ACCEPTANCES WAS STABLE AT 0.75% DURING QUARTER
• GROUP CET1 RATIO REMAINS ABOVE OUR TARGET RANGE OF 11- 11.5% EVEN AFTER ALLOWING FOR COMPLETION OF OUR CURRENT ON-MARKET SHARE BUY-BACK
• WHILE ECONOMIC GROWTH HAS SLOWED, THE AUSTRALIAN ECONOMY REMAINS RESILIENT
• QTRLY CREDIT IMPAIRMENT CHARGE (CIC) WAS A$193 MILLION
• COMPARED WITH SEPTEMBER 2023, THE RATIO OF COLLECTIVE PROVISIONS TO CREDIT RISK WEIGHTED ASSETS INCREASED 2 BASIS POINTS TO 1.49% DURING QUARTER
• COLLECTIVE PROVISIONS AS A RATIO OF CREDIT RISK WEIGHTED ASSETS INCREASED DURING QUARTER
• FOR FY24 WE CONTINUE TO TARGET PRODUCTIVITY SAVINGS OF APPROXIMATELY A$400M
• FOR FY24 TARGET EXPENSE GROWTH TO BE LOWER THAN FY23 GROWTH OF 5.6%
• LIQUIDITY COVERAGE RATIO QUARTERLY AVERAGE OF 140% DURING DEC QUARTER