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NAB compensation payout to customers to top $1 billion after an extra $749 million set aside
NAB's compensation bill for customers affected by years of misconduct has now pushed through $1 billion. The bank announced another $749 million in before-tax costs for its customer remediation program flowing from the scandals uncovered at the banking royal commission. After tax, the charges come in at $525 million, which will be a direct hit to its first-half cash earnings. So far of the total $1.1 billion set aside for remediation, NAB has paid out just $145 million via 360,000 payments to customers since June last year. "We are putting things right where we have treated our customers poorly and making sure that ... (full story)