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BRIEF-NAB Sees H120 Earnings To Include Charges Of $188 Mln After Tax For Customer-Related Remediation

April 20 (Reuters) - National Australia Bank Ltd:

* NAB’S 1H20 EARNINGS ARE EXPECTED TO INCLUDE CHARGES OF $188 MILLION AFTER TAX FOR CUSTOMER-RELATED REMEDIATION

* NET INCREASE IN PROVISION FOR REMEDIATION OF $188 MILLION AFTER TAX EXPECTED TO REDUCE GROUP’S CET1 RATIO BY ABOUT 6 BASIS POINTS

* SEES NET INCREASE IN PROVISIONS FOR CUSTOMER-RELATED REMEDIATION MATTERS OF $268 MILLION BEFORE TAX IN H1

* EXPECTS FIRST HALF 2020 EARNINGS REDUCED BY IMPAIRMENT OF CARRYING VALUE OF NAB’S INVESTMENT IN MLC LIFE OF $214 MILLION

* FROM 1H20, WEALTH BUSINESS WILL BE REPORTED AS SEPARATE SEGMENT CALLED MLC WEALTH & NO LONGER FORM PART OF CONSUMER BANKING

* CHANGE TO APPLICATION OF SOFTWARE CAPITALISATION POLICY TO CUT CAPITALISED SOFTWARE BALANCE AS AT 31 MARCH BY $1,056 MILLION

* CHANGE TO APPLICATION OF SOFTWARE CAPITALISATION POLICY TO REDUCE H1 EARNINGS BY $742 MILLION AFTER TAX

* DETAILED INFORMATION ABOUT IMPACT OF COVID-19 PANDEMIC ON CO’S EARNINGS TO BE PROVIDED AT 2020 HALF YEAR RESULTS Source text for Eikon: Further company coverage:

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