The National Australia Bank has foreshadowed further provisioning for remediation of adviser service fees for self-employed advisers, at the same time as announcing an unaudited statutory net profit of $1.7 billion for the third quarter on the back of a one per cent increase in cash earnings.
In a third quarter update released to the Australian Securities Exchange (ASX) the big banking group said its transformation remained on track but that it expected a further increase in provisioning.
NAB chief executive, Philip Chronican said that as previously highlighted, customer remediation programs and regulatory compliance investigations were continuing with potential for additional costs.
“While amounts and timing remain uncertain, additional provisions are expected to be recognised in the second half of 2019, including for adviser service fees for self-employed advisers,” he said.
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