COVID-19 significantly hits NAB half
National Australia Bank (NAB) has revealed the full impact of COVID-19 with its first-half cash earnings down 51.4% as it entered a trading halt ahead of a capital raising.
MLC Wealth was also revealed as being amongst those elements of the bank to feel the pain, with the half-year result revealing a 46.2% decline over the same period last year.
The big banking group’s chief executive, Ross McEwan, said that the first half results had been materially impacted by the pandemic with cash earnings excluding notable items down 24.6% compared to the last year driven by higher credit impairment charges and mark to market losses on the bank’s high quality liquids portfolio within markets and treasury.
The bank reported a statutory net profit of $1,313 million.
Reflecting the tough times, the bank’s half-year result said members of the board and senior management would be taking a 20% reduction in their fees and remuneration for the second half.
Recommended for you
A financial advice firm has seen a weekly decline of 10 advisers, with all moving to a new licensee, while Centrepoint Alliance continues its “growth story”.
Sequoia Financial Group has seen a top-level reshuffle as the chair of the board, John Larsen, steps down after five years in the position.
As statements of advice move into the rear-view mirror, Vital Business Partners explores how financial advisers are adopting innovative documentation strategies.
Adviser Ratings has explored whether there is a financial benefit to advice firms seeking to have a specialised client base in terms of client assets and fees charged.
