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BRIEF-NAB Says To Incur Added A$1.18 Billion After Tax In Charges Related To Customer Remediation

Published 02/10/2019, 10:53 am
Updated 02/10/2019, 11:00 am
© Reuters.  BRIEF-NAB Says To Incur Added A$1.18 Billion After Tax In Charges Related To Customer Remediation
NAB
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Oct 2 (Reuters) - National Australia Bank Ltd NAB.AX :

* ANNOUNCES ADDITIONAL COSTS FOR REMEDIATION AND SOFTWARE

* NAB- ANNOUNCED ADDITIONAL CHARGES OF $1,180 MILLION AFTER TAX ($1,683 MILLION BEFORE TAX) RELATING TO INCREASED PROVISIONS FOR CUSTOMER-RELATED REMEDIATION

* NATIONAL AUSTRALIA BANK- CHARGES EXPECTED TO REDUCE 2H19 CASH EARNINGS BY AN ESTIMATED $1,123 MILLION AFTER TAX

* NAB- PROVISIONS TO REDUCE 2H19 CASH EARNINGS BY ESTIMATED $1,123 MILLION AFTER TAX & EARNINGS FROM DISCONTINUED OPERATIONS BY ESTIMATED $57 MILLION AFTER TAX

* NAB - 2H19 RESULT WILL INCLUDE CHARGES OF $832 MILLION AFTER TAX ($1,189 MILLION BEFORE TAX) FOR ADDITIONAL CUSTOMER-RELATED REMEDIATION

* NAB-ANNOUNCED ADDITIONAL CHARGES OF $1,180 MILLION AFTER TAX RELATING TO INCREASED PROVISIONS FOR CUSTOMER-RELATED REMEDIATION

* LATEST CHARGES BRING TOTAL PROVISIONS FOR CUSTOMER-RELATED REMEDIATION AT 30 SEPTEMBER 2019 TO $2,092 MILLION

* NAB - CHANGE EXPECTED TO REDUCE NAB'S CAPITALISED SOFTWARE BALANCE AT 30 SEPT BY $494 MILLION AND NAB'S 2H19 CASH EARNINGS BY $348 MILLION (POST TAX)

* NAB-FOLLOWING A REVIEW OF SOFTWARE CAPITALISATION POLICIES, MINIMUM THRESHOLD AT WHICH SOFTWARE IS TO BE CAPITALISED INCREASED FROM $0.5 MILLION TO $2 MILLION

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