National Australia Bank (ASX:NAB) seeks to raise $3.5 billion

Company News

by Rachael Jones

National Australia Bank (ASX:NAB) is looking to raise $3.5 billion from investors as their half year profit drops 51 per cent.

The bank released their results two weeks ahead of schedule.

The big four lender's statutory net profit for the half-year ended March 31 was down to $1.31 billion while cash earnings fell by 51.4 per cent

Excluding customer-related remediation, revenue fell 4.4 per cent mainly reflecting mark-to-market losses on the high quality liquids portfolio3 within Markets and Treasury.

Banks have been thrown into turmoil by the COVID-19 crisis, with lenders offering customers up to six months of deferred loan repayments.

The bank approved more than 70,000 home loan and 34,000 business loan requests from customers to defer repayments.

The bank will pay an interim dividend of 30 cents a share, down from 83 cents.

Shares in National Australia Bank (ASX:NAB) are in a Trading Halt - Last traded at $15.76.