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MarketScreener Homepage  >  Equities  >  Australian Stock Exchange  >  National Australia Bank Limited    NAB   AU000000NAB4

NATIONAL AUSTRALIA BANK LIMITED

(NAB)
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National Australia Bank : H2 cash earnings to take $188 mln hit

10/22/2020 | 08:27pm EST

Oct 23 (Reuters) - National Australia Bank said on Friday its second half cash earnings will take a A$264 million ($188 million) hit from provisions for customer and payroll remediation and an impairment of property assets.

The charges will reduce net profit by A$450 million, with NAB's decision to offload MLC Wealth, the wealth unit it is selling to IOOF Holdings, trimming the cash earnings hit.

NAB said around 65% of A$266 million after tax set aside for customer remediation is linked to MLC Wealth. Another A$90 million has been set aside for payroll, including long-term overpayment and underpayment issues. An A$94 million impairment charge for property assets takes into account changes linked to more employees working remotely.

Cash earnings is a closely watched measure of performance for banks as it strips out unusual items.

Australia's No.3 lender said the provisions and impairment costs will reduce the bank's common equity tier 1 (CET1) ratio by 15 basis points.

The bank is due to report full year results on November 5.

($1 = 1.4033 Australian dollars) (Reporting by Nikhil Kurian Nainan in Bengaluru; Editing by Muralikumar Anantharaman and Jane Wardell)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
IOOF HOLDINGS LTD -1.06% 3.73 End-of-day quote.5.97%
NATIONAL AUSTRALIA BANK LIMITED 1.63% 24.3 End-of-day quote.7.52%
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Financials
Sales 2021 17 009 M 13 120 M 13 120 M
Net income 2021 4 804 M 3 705 M 3 705 M
Net Debt 2021 - - -
P/E ratio 2021 17,1x
Yield 2021 4,06%
Capitalization 79 985 M 62 105 M 61 697 M
Capi. / Sales 2021 4,70x
Capi. / Sales 2022 4,65x
Nbr of Employees 31 372
Free-Float 99,7%
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Technical analysis trends NATIONAL AUSTRALIA BANK LIMITED
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Income Statement Evolution
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Mean consensus OUTPERFORM
Number of Analysts 14
Average target price 24,58 AUD
Last Close Price 24,30 AUD
Spread / Highest target 7,00%
Spread / Average Target 1,16%
Spread / Lowest Target -9,47%
EPS Revisions
Managers and Directors
NameTitle
Ross Maxwell McEwan Group CEO, Managing Director & Director
Philip Wayne Chronican Chairman
Leslie Durno Matheson Chief Operating Officer
Gary A. Lennon Group Chief Financial Officer
Patrick C. Wright Chief Technology Officer