News: NAB National Australia Bank Announces Costs For Customer Remediation Matters

Oct 16 (Reuters) - National Australia Bank Ltd (NAB) :

• ADDITIONAL COSTS FOR CUSTOMER REMEDIATION MATTERS
• ANNOUNCED ADDITIONAL COSTS OF $314 MILLION AFTER TAX IN CONNECTION WITH ITS CUSTOMER REMEDIATION PROGRAM
• OF CASH EARNINGS IMPACT, APPROXIMATELY 69% OF THESE COSTS WILL IMPACT REVENUE, WITH BALANCE REPORTED IN EXPENSES
• COSTS TO REDUCE 2H18 CASH EARNINGS BY AN ESTIMATED $261 MILLION AND EARNINGS FROM DISCONTINUED OPERATIONS BY AN ESTIMATED $53 MILLION
• NAB REMAINS WELL POSITIONED TO MEET APRA'S 'UNQUESTIONABLY STRONG' BENCHMARK IN AN ORDERLY MANNER BY JANUARY 2020
• CUSTOMER REMEDIATION PROGRAMS ARE EXPECTED TO CONTINUE INTO FY19, WITH POTENTIAL FOR FURTHER COSTS, WHICH REMAIN UNCERTAIN AT THIS POINT IN TIME
• ADDITIONAL COSTS WILL BE EXCLUDED FROM FY18 EXPENSE GROWTH GUIDANCE OF 5-8%