Aussie lender NAB’s cash profit falls 13%, to buy back $979 million of shares

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Aussie lender NAB’s cash profit falls 13%, to buy back $979 million of shares

By Sameer Manekar (Reuters) -National Australia Bank on Thursday posted a drop of about 13% in its first-half cash earnings as it grappled with high operating costs and cutthroat competition, but raised its ongoing share buyback program by A$1.5 billion ($979 million). NAB, the country’s biggest business lender, reported a common equity tier 1 ratio, a closely watched measure of its spare cash, of 12.15% as of March-end, well above its target of…