National Australia Bank Ltd. full-year profit slumped as the coronavirus-induced recession swelled bad-debt charges, rounding out the worst earnings season for the nation’s lenders in a decade. Cash earnings fell 37% to A$3.71 billion ($2.7 billion) in the 12 months ended Sept. 30, the Melbourne-based bank said Thursday. National Australia expects its net interest margin -- a measure of bank profitability -- to narrow 6 basis points next year due to the ultra-low rate environment. National Australia declared a A$0.30 per-share final dividend. The nation’s three other big banks have also reduced dividends, a blow for Australia’s legion of mom and pop shareholders.

Source: Mint November 05, 2020 00:22 UTC