Australia's NAB sets aside extra A$1.18bn for compensation payments

Pedro Gonçalves
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Australia's NAB sets aside extra A$1.18bn for compensation payments

National Australia Bank will set aside an extra A$1.18bn ($792m) to compensate victims of dubious insurance and shoddy financial advice, in a blow to its bottom line that raises expectations of further dividend cuts or a capital raising. The new costs, announced to the stock exchange, bring NAB's total provisions for remediation to more than A$2bn and raises the risk other banks' compensation bills may also blow out. NAB admitted that until all customer payments have been completed, the fi...

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