Investor Presentaiton
BALANCE SHEET STRENGTH REMAINS A KEY PRIORITY
COMMENTS
.
•
•
•
Balance sheet strength and supporting customers are
key strategic priorities
Expect to reset capital and dividends for more normal
operating environment as greater clarity over recovery
emerges
Revised settings will reflect a balance between:
•
retaining a strong balance sheet through the
cycle;
supporting growth; and
recognising importance of capital discipline to
shareholder returns
CET1 to be managed towards target range of
10.75-11.25%
Bias to reducing share count to drive sustainable ROE
benefits
COLLECTIVE PROVISION COVERAGE
(%)
1.56
1.50
1.21
0.96
Sep 19
Mar 20
Sep 20
Mar 21
■CP/CRWAS
CET1 RATIO
(%)
12.75%
proforma¹
7
•
Future dividends to be guided by a payout ratio range
of 65-75% of cash earnings, subject to Board
determination based on circumstances at the relevant
12.37
11.47
10.38
10.39
time
•
DRP for 1H21 dividend to be neutralised
Sep 19
Mar 20
Sep 20
Mar 21
(1) Adjusted for estimated impacts from agreed sale of MLC Wealth (~35bps) and BNZ Life (~7bps) less acquisition of 86 400 (~4bps). Sale of MLC Wealth and acquisition of 86 400 expected to
complete in 2H21, and sale of BNZ Life expected to complete in 1H22, in each case subject to relevant approvals. Final capital impact will be determined following completion
National
Australia
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