NAB Announces Second A$2.5 Billion Buyback in Less Than a Year
March 23 2022 - 7:22PM
Dow Jones News
By Stuart Condie
SYDNEY--National Australia Bank Ltd. plans to launch its second
2.5 billion Australian-dollar (US$1.87 billion) share buyback in
less than a year.
Australia's second-largest lender by market capitalization said
it expected to launch the buyback following the release of its
first-half results on May 5. It said it had bought back 86.9
million shares in the now-completed A$2.5 billion buyback it
announced in July.
"Our capital management strategy reflects the importance of
maintaining a strong balance sheet through the cycle while allowing
us to continue to support growth and deliver improved shareholder
returns," NAB Chief Executive Ross McEwan said.
The latest buyback will reduce NAB's common-equity Tier 1
capital ratio by about 58 basis points. The ratio stood at 11.3% on
Dec. 31 on a pro-forma basis, above its 10.75%-11.25% target
range.
Write to Stuart Condie at stuart.condie@wsj.com
(END) Dow Jones Newswires
March 23, 2022 19:07 ET (23:07 GMT)
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