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April 18, 2019, 4:28 p.m. EDT

Australia : Australia's NAB flags additional A$525m charge for customer refunds

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Apr 18, 2019 (Euclid Infotech Ltd via COMTEX) -- National Australia Bank Ltd on Thursday flagged additional charges of A$525 million (S$509.5 million) after tax as the lender bulks up provisions to refund customers.

Melbourne-based National Australia Bank now estimates a A$325 million hit to cash earnings for the first half of this year as a result of the increased provisions.

"We are putting things right where we have treated our customers poorly and making sure that they are compensated more quickly," NAB's chief executive officer, Philip Chronican said in a statement.

Mr Chronican said there were around 350 employees dedicated to remediating customers, and that is expected to rise to around 500.

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