National Australia Bank's FY profit falls 14 pct on inquiry fallout [Reuters (UK)]
NATL AUSTRALIA BK S/ADR (NABZY)
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Source: Reuters
National Australia Bank's FY profit falls 14 pct on inquiry fallout | Reuters 1 Min Read Nov 1 (Reuters) - National Australia Bank (NAB) posted a 14.2 percent fall in annual cash earnings on Thursday as the country’s fourth-largest lender grapples with the costs of compensating customers and a series of compliance failures. Cash earnings came in at A$5.70 billion ($4.0 billion) for the year ended Sept. 30, compared with a record A$6.64 billion profit over the same period last year. The result was slightly below an average estimate of A$5.76 billion in a Reuters poll of 6 analysts. The lender has been contending with a litany of damaging revelations from an inquiry into financial sector misconduct, including that it charged customers for advice they had not received. NAB has set aside A$314 million for compliance costs and for refunding customers it overcharged. ($1 = 1.4142 Australian dollars) (Reporting by Nikhil Kurian Nainan in Bengaluru; Editing by Stephen Coates and Hugh Lawson)
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