NAB sees $314m for customer compensation

Company News

by Rachael Jones

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.
 

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.