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BRIEF-National Australia Bank Ltd Posts H1 Cash Earnings $1,436 Million

April 27 (Reuters) - National Australia Bank Ltd:

* H1 STATUTORY NET PROFIT $1,313 MILLION

* NATIONAL AUSTRALIA BANK - AS AT MARCH 31, COMMON EQUITY TIER 1 RATIO STOOD AT 10.39%

* HY CASH EARNINGS $1,436M, DOWN 51.4%

* DECLARES INTERIM DIVIDEND 30CPS, 100% FRANKED

* “OUR 1H20 RESULT HAS BEEN MATERIALLY IMPACTED BY COVID-19 PANDEMIC”

* H1 COLLECTIVE PROVISIONS INCLUDE ADDITIONAL FORWARD LOOKING ECONOMIC ADJUSTMENT OF $807 MILLION FOR COVID-19 IMPACTS

* 1H20 NET INTEREST MARGIN DECLINED 1 BASIS POINT TO 1.78%

* INCREASED COLLECTIVE PROVISIONS FOR FORWARD LOOKING ECONOMIC, TARGETED SECTOR ADJUSTMENTS BY $828 MILLION TO $2,135 MILLION

* “WHILE CHALLENGING, WE CONTINUE TO TARGET BROADLY FLAT EXPENSES OVER FY20, EXCLUDING LARGE NOTABLE ITEMS”

* ANNOUNCES FULLY UNDERWRITTEN INSTITUTIONAL PLACEMENT OF $3 BILLION

* ALSO ANNOUNCES NON-UNDERWRITTEN SHARE PURCHASE PLAN TARGETED TO RAISE ABOUT $500 MILLION

* NECESSARY INTERVENTIONS TO CONTAIN COVID-19 SPREAD HAVING WIDE RANGING IMPACTS ACROSS AUSTRALIAN & NZ ECONOMIES

* FOR AUSTRALIA, EXPECT GDP TO DECLINE 8.4% BY SEPT 2020 COMPARED TO DEC 2019 & NOT RETURN TO PRE COVID-19 LEVELS UNTIL EARLY 2022

* FOR AUSTRALIA, UNEMPLOYMENT EXPECTED TO PEAK AT 11.7% IN MID-2020 BEFORE PARTIALLY RECOVERING TO 7.3% BY DEC 2021

* ACCELERATING THE OPERATIONAL SEPARATION OF MLC WEALTH AS A PRIORITY

* “UNDERLYING ASSET QUALITY REMAINS SOUND BUT OUTLOOK IS UNCERTAIN GIVEN ECONOMIC DISRUPTION ARISING FROM COVID-19" Source text reut.rs/2KDVc17 Further company coverage:

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