Australia's NAB taps investors for US$2.2b as Covid-19 halves profit

National Australia Bank Ltd, the country's No.3 lender, asked investors for A$3.5 billion ($2.2 billion).

SYDNEY: National Australia Bank Ltd, the country's No.3 lender, asked investors for A$3.5 billion ($2.2 billion) and slashed its dividend on Monday as its first-half profit tumbled in part due to charges associated with the coronavirus pandemic.

The planned capital raising, via a discounted share sale, is the biggest by an Australian company since the virus outbreak, which has killed 83 people in the country and shut down large parts of the world's 12th-biggest economy.