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.

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.