April 20, 2018 / 4:10 AM / a month ago

Australia's NAB to take $582 million restructuring charge in half-year results

(Reuters) - National Australia Bank (NAB.AX) said on Friday it will take A$755 million ($582.26 million) in restructuring-linked costs against its cash earnings in its half-year results.

FILE PHOTO: The National Australia Bank Logo is seen on a branch in central Sydney, Australia, February 8, 2018. REUTERS/Daniel Munoz/File Photo

The figure primarily pertains to workforce reduction costs, it said, and is closer to the higher end of the range of A$500 million to A$800 million set in early November.

In an announcement earlier this week, London-listed lender CYBG PLC (CYBGC.L), which was spun off from NAB, said it would raise its half-year provisions to cover costs related to an earlier insurance industry scandal.

    The expected use of the remaining undrawn capped indemnity of £148 million ($208.30 million) by CYBG would not impact NAB’s Common Equity Tier 1 (CET1) capital, the Australian lender said on Friday.

    NAB shares were up 0.1 percent at 0402 GMT, while the Australian equity benchmark was 0.2 percent lower.

    Reporting by Aaron Saldanha in Bengaluru; Editing by Muralikumar Anantharaman and Sunil Nair

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