SYDNEY National Australia Bank Ltd on Friday urged customers at high risk of default on their loans to sell their properties sooner rather than later, as it reported ballooning credit impairment charges during the quarter.
SYDNEY The Insurance Council of Australia began legal action on Thursday to seek formal clarification on whether they need to pay insurance claims to small businesses hit by the coronavirus pandemic.
SYDNEY Australia's scandal-hit AMP Ltd said on Thursday it would return up to almost $400 million to investors in the form of a special dividend and a share buyback, sending its stock surging as much as 14%.
SYDNEY Commonwealth Bank of Australia (CBA) slashed its annual dividend by more than half to the maximum payout allowed by regulators, even as bad loan provisions amid the coronavirus pandemic drove its annual cash profit below market expectations.
SYDNEY Australian companies are likely to deliver smaller dividends in what is forecast to be the country's worst earnings season in a decade because of the coronavirus pandemic, with even firms that benefited from the upheaval expected to show caution.
SYDNEY BNP Paribas issued Australia's first green bond linked to the performance of an index tracking companies tipped to benefit from the country's transition into a low-carbon economy, aiming to bridge a gap in sustainable investment products.
SYDNEY AMP Ltd, Australia's largest financial advisory firm, said on Friday it expects its first-half underlying profit to more than halve, blaming the coronavirus pandemic and unsettled markets for a slump in fee income and higher credit losses.
SYDNEY Australians will withdraw 56% more from their retirement savings than the government originally expected because of the novel coronavirus crisis, according to treasury analysis, as they use the tax-free money to repay home loans and boost cash in hand.