NAB cuts dividend after $2.95 billion H1 profit

Company News

by Rachael Jones

NAB (ASX:NAB) has released their first-half profit and show in the six months to March it rose 4.3 per cent to $2.7 billion compared to the same period a year ago.

The bank has decided to slash dividends by 16 per cent from 99 cents a share to 83 cents.

This is mainly due to compensation payouts.

The bank has put aside $525 million in customer remediation costs.

Cash earnings rose 7 per cent to $2.95 billion.

Shares in NAB (ASX:NAB) closed 1.7 per cent higher at $25.78 yesterday.