FX.co ★ National Australia Bank HY Profit Down; To Buy Back A$1.5 Bln Of Shares

The National Australia Bank Ltd. (NAUBF.PK, NABZY.PK, NAB.AX) has released its financial results for the half-year that ended on 31st March 2024. The report indicates a decline in net profit attributable to the company's owners. The bank made A$3.49 billion or 110.4 cents per share, compared to A$3.97 billion or 121.2 cents per share in the previous year.

In terms of cash earnings, there was a decrease from the A$4.07 billion made in the previous year to A$3.55 billion in the period under review. The bank's net interest income had a modest decrease, with the figure falling to A$8.40 billion from A$8.48 billion in the previous year. The bank also reported a decline in other income over the period, which decreased to A$1.77 billion from A$2.09 billion in the previous year.

An interim dividend for the first half of 2024 has been set at 84 cents. This dividend, with full franking credit, is due to be paid on 3rd July 2024.

Furthermore, the bank has announced plans to increase its on-market buy-back of ordinary shares by A$1.5 billion. The bank began the current buy-back process in late August 2023 and has successfully completed A$1.3 billion as of 31st March 2024. The increased buy-back is anticipated to take place over the next twelve months, starting from Thursday.