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Share Name | Share Symbol | Market | Type |
---|---|---|---|
National Australia Bank Limited | ASX:NAB | Australian Stock Exchange | Ordinary Share |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.21 | 0.61% | 34.71 | 34.71 | 34.72 | 34.80 | 34.53 | 34.80 | 660,699 | 02:18:40 |
By Alice Uribe
SYDNEY--National Australia Bank Ltd. will take a 1.14 billion Australian dollar (US$723.6 million) hit to its first-half earnings, including more customer-remediation provisions and an impairment of its MLC Life business.
The bank lender said it had lifted provisions for customer remediation by A$188 million after tax, which will reduce its Common Equity Tier 1 Capital ratio by around 6 basis points.
NAB said a change to its software capitalization policy will reduce earnings by A$742 million after tax, while the impairment of the carrying value of its investment in MLC Life will shave a further A$214 million from its 1H result.
"The change to the software capitalization policy and impairment of NAB's investment in MLC Life have no impact on the group's CET1 ratio," the bank said.
At the same time, NAB announced a reporting change for its Wealth division. Starting with its first-half result, NAB's Wealth business will be reported as a separate segment called MLC Wealth and will no longer be part of Consumer Banking.
"The group's 1H results announcement will include individual divisional reviews for both Consumer Banking and MLC Wealth," NAB said.
The bank said it would provide further information about the impact of the Covid-19 pandemic on NAB's earnings and balance sheet including provisions, combined with capital and dividend implications at its first-half result in May.
Write to Alice Uribe at alice.uribe@wsj.com
(END) Dow Jones Newswires
April 19, 2020 19:23 ET (23:23 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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