UPDATE 1-Australia's NAB flags additional $376.64 mln charge for customer refunds [Reuters]
NATL AUSTRALIA BK S/ADR (NABZY)
NASDAQ:AMEX Investor Relations:
nab.com.au/about-us/shareholder-centre
Company Research
Source: Reuters
UPDATE 1-Australia's NAB flags additional $376.64 mln charge for customer refunds (Adds CEO quote, details, background) April 18 (Reuters) - National Australia Bank Ltd on Thursday flagged additional charges of A$525 million ($376.64 million) after tax as the lender bulks up provisions to refund customers. Melbourne-based National Australia Bank now estimates a A$325 million hit to cash earnings for the first half of this year as a result of the increased provisions. “We are putting things right where we have treated our customers poorly and making sure that they are compensated more quickly,” NAB’s Chief Executive Officer, Philip Chronican said in a statement. Chronican said there were currently around 350 employees dedicated to remediating customers, and that is expected to rise to around 500. The Australian Securities and Investments Commission (ASIC) rebuked the biggest banks and financial services firms in March for delays in fixing internal systems that resulted in customers pay
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