Feb 16 (Reuters) - National Australia Bank Ltd NAB.AX :
* 2021 FIRST QUARTER TRADING UPDATE
* AS AT DEC 31, GROUP CET1 RATIO OF 11.7%
* QTRLY CASH EARNINGS $1.65 BILLION
* QTRLY STATUTORY NET PROFIT $1.70 BILLION
* DURING QUARTER, CREDIT IMPAIRMENT CHARGES FELL 98% VERSUS 2H20 QTRLY AVERAGE
* Q1 NET INTEREST MARGIN DECLINED BUT WAS STABLE EXCLUDING IMPACT OF MARKETS & TREASURY AND HIGHER LIQUIDS
* SEES REDUCTION IN DEFERRAL BALANCES
* AS AT DEC 31, AUSTRALIAN HOME LOAN DEFERRAL BALANCES DECLINED TO ABOUT $2 BILLION
* ASSET QUALITY REMAINED BROADLY STABLE OVER Q1
* AS AT FEB 3, THE BULK OF CUSTOMERS EXITING DEFERRALS HAVE RESUMED REPAYMENTS
* CURRENT ASSET QUALITY TRENDS FOR CUSTOMERS EXITING DEFERRALS ARE WORSE THAN FOR THE TOTAL PORTFOLIO BUT BETTER THAN EXPECTED AT THIS STAGE
* CONTINUE TO TARGET FY21 EXPENSE GROWTH LIMITED TO 0-2%