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BRIEF-National Australia Bank Posts FY Cash Earnings Of $3,710 Mln, Down 36.6%

Published 05/11/2020, 08:18 am
Updated 05/11/2020, 08:24 am
© Reuters.
NAB
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Nov 5 (Reuters) - National Australia Bank Ltd NAB.AX :

* ANNOUNCES FINAL DIVIDEND OF 30 CENTS PER SHARE

* FY NET INTEREST MARGIN DECLINED 1 BASIS POINT TO 1.77%

* FY NET PROFIT ATTRIBUTABLE TO OWNERS OF NAB DOWN 46.7% TO $2,559 MILLION

* AT FY-END, CET1 RATIO 11.47%

* EXPECT MODEST GROWTH IN FY21 EXPENSES (EXCLUDING LARGE NOTABLE ITEMS) OF ABOUT 0-2%

* FY CREDIT IMPAIRMENT CHARGES INCREASED 201% TO $2,762 MILLION

* FY CASH EARNINGS $ 3,710M, DOWN 36.6% V FY19

* ASSET QUALITY IS STARTING TO DETERIORATE GIVEN ECONOMIC DISRUPTIONS CAUSED BY COVID-19

* WILL CONTINUE TO EXPLORE SOME SMALLER OPPORTUNITIES TO SIMPLIFY PORTFOLIO BY DIVESTING NON-CORE BUSINESSES

* CONSIDERING OFFER OF NEW ASX LISTED ADDITIONAL TIER 1 CAPITAL SECURITY ALONGSIDE REPAYMENT OF NAB CONVERTIBLE PREFERENCE SHARES II

* FY20 CHARGES INCLUDE $1,856 MLN OF ADDITIONAL FORWARD LOOKING COLLECTIVE PROVISIONS TO REFLECT POTENTIAL COVID-19 IMPACTS

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