NAB has set aside $524m to cover the possibility of losing a long-running tax case in New Zealand. The provision is equivalent to a quarter of the group’s most recent $2 billion capital raising. It represents a ”worst-case” scenario for NAB’s Bank of New Zealand subsidiary but is also a recognition that the legal action taken by the Inland Revenue Department is likely to go against the bank despite an appeal launched yesterday. (WA Today)
CBA has seen its annual cash earnings drop by 7 per cent to $4.41bn after a significant rise in its bad debt charge caused by the continuing fall-out from the global financial crisis. (News.com.au)
Financial planning group Count Financial has posted a 9.1 per cent drop in full-year profit as it continues to “run its own race” within an industry tarnished by high-profile investment collapses and an ongoing debate about commissions.
A payroll manager gone wrong. (Business Day)