May 2, 2018 / 10:47 PM / 24 days ago

BRIEF-National Australia Bank Posts H1 Cash Earnings Of $2.76 Bln

May 3 (Reuters) - National Australia Bank Ltd:

* H1 NET INTEREST INCOME $6750 MILLION VERSUS $6,393 MILLION

* H1 CASH EARNINGS $2,759 MILLION VERSUS $3,294 MILLION

* H1 STATUTORY NET PROFIT ATTRIBUTABLE $2,583 MILLION VERSUS $2,545 MILLION A YEAR AGO

* H1 NET INTEREST MARGIN UP 5 BASIS PTS

* AS AT MARCH 31, GROUP COMMON EQUITY TIER 1 (CETI) RATIO OF 10.21%, UP 15BPS FROM SEPTEMBER 2017

* H1 CREDIT IMPAIRMENT CHARGES DECLINED 5.3 PERCENT TO $373 MILLION

* EXPECT TO MEET APRA’S ‘UNQUESTIONABLY STRONG’ TARGET OF 10.5% BY JANUARY 2020

* INTENDS TO EXIT OTHER WEALTH MANAGEMENT BUSINESSES INCLUDING MLC

* CONTINUES TO EXPECT FY18 EXPENSES TO GROW 5-8%, WITH EXPENSES THEN TARGETED TO REMAIN BROADY FLAT OVER FY19-20

* INTENDS TO EXIT ADVICE, PLATFORM & SUPERANNUATION AND ASSET MANAGEMENT BUSINESSES, CURRENTLY OPERATING UNDER MLC AND OTHER BRANDS

* “WE ARE TARGETING SEPARATION BY THE END OF 2019 CALENDAR YEAR VIA PUBLIC MARKETS OPTIONS INCLUDING DEMERGER AND IPO”

* EXPECTS THERE WILL BE ONGOING ARRANGEMENTS BETWEEN NAB AND MLC TO OFFER NAB CUSTOMERS CONTINUED ACCESS TO ADVICE AND PRODUCTS

* “WE ARE MOVING TO A SIMPLER WEALTH OFFERING THROUGH JGWERE AND NABTRADE”

* AROUND 1050 FTE EMPLOYEES LEFT NAB BY END OF APRIL, AGAINST TARGET OF 6,000 BY END OF FY20 Source text for Eikon: Further company coverage:

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