NAB in trading halt ahead of announcement

The National Australia Bank has been placed in a trading halt this morning, in shock news to the market.

The big four lender requested the ASX pause this morning, ahead of an announcement.

It’s understood the announcement relates to a $3.5 billion capital raising plan, to help boost the balance sheet.


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It comes after it brought forward it’s half-year profit result to this morning, which has shown a massive 51.5 percent drop in earnings to $1.46 billion.

The bank says statutory net profit was $1.31 billion and announced a 30 cent interim dividend.

CEO Ross McEwan says the result had been ‘materially impacted’ by the COVID-19 pandemic.

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Oh no only $1.31 billion in net profit for the last 6 months.
May need a government bailout!
Maybe they could apply for New start based on the income which has reduced by 50%+.

Die NAB, die. No more nab our money.

When you’re running a business this size, this many people $1.31b makes it a marginal business, scoffing will result in slapped face if all the four pillars of finance in Australia are that shaky…

1.3b profit is still profit, regardless of percentage down. Perhaps banks need to feel the pinch like any other business and learn how service =loyalty= long term profits.

Nab Bank. Results = Extremely Bad Management. And excessive Salaries to the Top Brass. The Shareholders do not matter to them!!!

so different from the NAB I grew up with in the first 17 years of my working life. Integrity and trust the keywords we lived by have gone missing

Hi woodi, it was just Marketing, always Marketing. Designed to make you believe they are warm and fuzzy. Like Holden we were conned.
Colin

Not sure why people are bank bashing at the moment. They are allowing you a repayment deferral for up to 6 months. This is not even about profits rather cash flow. They have a billions in loans that people are not making repayments on. This money is used to run their business, pay staff and to lend back out. So they need to go to market to raise capital it could also mean cost of funding goes up and so too your interest rates.

The bank, as I recall, has let its valued customers drop to their collective knees over the years… customers need to get their money out while they can, this show is just getting started…. put on the coffee ?,,, it’s payback time

Put it into crypto ???