National Australia Bank
(ASX:NAB) today announced additional costs of $314 million after tax in connection with its customer remediation program.
This will reduce second half 2018 cash earnings by an estimated $261 million and earnings from discontinued operations by an estimated $53 million.
These additional costs are primarily in relation to several customer remediation matters including, refunds and compensation to customers impacted by issues in NAB’s Wealth business, costs for implementing remediation processes, and other costs associated with regulatory compliance matters.
Shares in NAB
(ASX:NAB) closed 1.58 per cent lower to $25.50.
