April 26, 2020 / 10:35 PM / a month ago

National Australia Bank cuts dividend, to raise cash amid pandemic

April 27 (Reuters) - National Australia Bank Ltd on Monday said it plans to raise up to A$3.5 billion and increase provisions to more than A$2 billion to guard against a hit from the coronavirus pandemic, and slashed its interim dividend by 64% to save cash.

Australia’s third-largest lender, which paid a dividend of 30 cents per share, also reported that its first-half cash earnings slumped 51.4% to A$1.44 billion ($919.73 million).

NAB had warned earlier this month that profit would be hurt by charges related to provisions it made last year after self-reporting anti-money laundering shortcomings and as a regulator accused it of charging customers “fees for no service”. ($1 = 1.5657 Australian dollars) (Reporting by Shashwat Awasthi in Bengaluru; Editing by Daniel Wallis)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below