SYDNEY - National Australia Bank Ltd posted a 7 percent rise in first-half cash profit on Thursday, as strong revenue and above average lending growth in Australia and New Zealand more than offset lower margins and higher bad debt charges.
The bank slashed its interim dividend 16 percent to 83 Australian cents per share - its first dividend cut in a decade - providing a capital buffer should economic conditions deteriorate amid a slowing broader economy. They are also licking their wounds from the damaging inquiry that revealed widespread misconduct across the financial sector, with NAB singled out for especially harsh criticism. The four major banks have set aside more than A$6 billion to cover remediation for wronged customers in the wake of the revelations.
Declining profitability has been a long-term trend at Australia’s banks. Australia and New Zealand Banking Group Ltd posted its lowest NIM since at least 2005 on Wednesday.
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