(Reuters) -National Australia Bank on Thursday posted a drop of about 13% in its first-half cash earnings as it grappled with high operating costs and cutthroat competition, but raised its ongoing share buyback program by A$1.5 billion ($979 million). NAB, the country's biggest business lender, reported a common equity tier 1 ratio, a closely watched measure of its spare cash, of 12.15% as of March-end, well above its target of 11% to 11.5%, allowing the lender to buy back more shares. Under the buyback program, ongoing since August last year, NAB will now purchase shares worth a total of A$1.7 billion, which will reduce its common equity tier 1 ratio by about 40 basis points.
Buckle up for a week of central bank action! (or rather inaction, as no changes are expected by most market participants).
In this article, we will look into the 20 biggest financial and banking companies in Australia in 2024. If you want to skip our detailed analysis, you can go directly to the 5 Biggest Financial and Banking Companies in Australia, 2024. Australian Economy and the Financial Sector According to the IMF, Australia boasts a GDP […]