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.