NAB's Interim Profit Falls 12%, Share Buyback Increases
By Alice Uribe
SYDNEY-- National Australia Bank reported a 12% fall in half-year net profit amid ongoing competition in mortgages and announced it will increase its share buyback by 1.5 billion Australian dollars (US$980 million).
Australia's second largest lender by market capitalization said that net profit fell to A$3.49 billion in the six months through March, down from A$3.97 billion a year earlier.
Analysts had expected an interim net profit of A$3.55 billion, according to FactSet's consensus estimate.
Cash earnings--a measure closely tracked by analysts that strips out non-core items such as revenue hedges and treasury shares--fell by 13% on-year to A$3.55 billion.
The bank declared an interim dividend of A$0.84 per share, compared with A$0.83 a year earlier.
NAB's Common Equity Tier 1 capital ratio was 12.15%, down from 12.21% the previous year.
Write to Alice Uribe at alice.uribe@wsj.com
(END) Dow Jones Newswires
May 01, 2024 18:42 ET (22:42 GMT)
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