Australia's NAB warns of higher costs again, shares slip [Reuters]
NATL AUSTRALIA BK S/ADR (NABZY)
NASDAQ:AMEX Investor Relations:
nab.com.au/about-us/shareholder-centre
Company Research
Source: Reuters
70% of customer home loan repayments ahead of schedule - CEO Aug 9 (Reuters) - National Australia Bank (NAB.AX) flagged higher expenses for the second time in four months on Tuesday, citing higher personnel and leave costs, sending shares of the country's second-largest lender more than 4% lower in their worst day since mid-June. NAB, Australia's biggest business lender, bumped up its cost forecast for 2022 to between 3% and 4% from 2%-3%. That excludes the impact of its $882 million buyout of Citigroup's local consumer business, which became effective on June 1. read more Part of the cost jump comes from expected provisions of between A$60 million and A$100 million ($41.92 million and $69.86 million) related to a previously disclosed agreement with Australia's financial crime regulator to fix shortcomings in anti-money laundering compliance. NAB shares dropped as much as 4.4% to A$29.36, their biggest single-day drop since June 14. Cash profit at NAB did, however, come in
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