NAB Estimates Bank Levy to Cost AUD 245 Million per Year; AUD 31 FVE Unchanged
Wide-moat-rated National Australia Bank quantified the likely annual cost of the 2017 federal budget major bank deficit repair levy at about AUD 245 million aftertax. The levy is expected to be implemented from July 1, 2017, and applies to the four major banks and Macquarie Group. In our mind, key unanswered questions remain: Can the bank recoup the cost from customers via product repricing? Will shareholders wear the cost through lower dividends? Will the bank’s cost base be reduced to offset t...National Australia Bank provides banking services, credit and access card facilities, leasing, housing and general finance, international banking, investment banking, wealth management, funds management, life insurance and custodian, trustee and nominee services. Co.'s division include: Australian Banking, which provides products and services to retail and business customers; National Australia Bank Limited Wealth, which provides superannuation, investment and insurance solutions; and New Zealand Banking, which comprises the Retail, Business, Agribusiness, Corporate and Institutional and Insurance franchises in New Zealand. As of Sept 30 2016, Co. had total assets of A$777.62 billion.
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