The National Australia Bank (ASX:NAB) report an increase in remediation costs

Company News

by Rachael Jones

National Australia Bank Ltd (ASX:NAB) today announced that second half 2020 earnings will be reduced, amongst other things, by customer-related remediation matters of $380 million before tax.

Also a net increase in payroll remediation provisions of $128 million before tax and an impairment of property-related assets of $134 million before tax.

NAB today also announced a change in Wealth reporting: As a result of the agreed sale of 100 per cent of MLC Wealth to IOOF Holdings Limited (ASX:IFL), all earnings associated with MLC Wealth will transfer to Discontinued Operations from 2H20.

The completion of the sale remains subject to certain conditions, including regulatory approvals.

Shares in National Australia Bank Ltd (ASX:NAB) are trading 0.1 per cent higher at $19.43