(Adds details of charges to be incurred)
Oct 2 (Reuters) - National Australia Bank Ltd (NAB) said on Wednesday it was setting aside an extra A$1.18 billion ($790 million) to help pay back wrongly charged customer fees, nearly double the amount previously estimated, sending its shares sliding.
The steep charge comes in the wake of a government mandated inquiry into Australia's financial sector, which found rampant misconduct among top institutions.
Australia's No. 3 lender said it expects the charges to reduce its cash earnings in the second half of fiscal 2019 by around A$1.12 billion after tax.
The new provisions include A$832 million for additional customer remediation, while A$348 million was incurred after a review of its software capitalisation policies.
The bank's total provisions for customer-related remediation as of Sept. 30 stood at $2.09 billion, it said in a statement.
Its shares were trading down 3.1%. ($1 = 1.4910 Australian dollars)
News: NAB UPDATE 1-National Australia Bank to incur additional $790 mln in remediation charges
Add to My Watchlist
What is My Watchlist?
 (20min delay)
|
|||||
|
Last
$41.95 |
Change
0.090(0.22%) |
Mkt cap ! $128.4B | |||
| Open | High | Low | Value | Volume |
| $42.04 | $42.21 | $41.87 | $87.68M | 2.087M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 5 | 1280 | $41.86 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $42.03 | 15621 | 2 |
View Market Depth
| Last trade - 16.10pm 27/08/2025 (20 minute delay) ? |
| NAB (ASX) Chart |