The National Australia Bank Ltd. (ASX: NAB) share price is treading lower following the company's half year results today.
At the time of writing, the bank's shares are down 1.08% to $32.09.
For context, the S&P/ASX 200 Index (ASX: XJO) is 0.59% higher to 7,347.8 points during afternoon trade.
What's the latest on the NAB dividend?
In the half year report for the 2022 financial year, NAB reported a robust performance across key metrics.
In summary, revenue rose by 4.6% over the previous corresponding period to $9,071 million. This came off the back of pricing discipline and strong growth in lending and deposits, up 10% and 12% respectively.
On the bottom line, cash earnings increased by 4.1% compared with H1 FY21 to $3,480 million.
Based on the company's optimism on the medium-term outlook, the board decided to ramp up its latest dividend.
As such, the interim dividend has been declared at 73 cents apiece, up 22% from this time last year.
It's worth noting that the dividend is fully franked meaning investors will receive tax credits for this come tax time.
Management noted that the dividend reflects a statutory payout ratio of 66.9% which is in line with its stated dividend policy.
When can NAB shareholders expect payment?
The NAB interim dividend will be paid to eligible shareholders in the next 2 months on 5 July.
However, to be eligible, you'll need to own NAB shares before the ex-dividend date which falls on Wednesday 11 May. This means if you want to secure the dividend, you will need to purchase NAB shares next Tuesday at the latest.
In addition, investors can elect for the dividend reinvestment plan (DRP) which will add a portion of shares to their portfolio instead. This will be based on a 10-day volume-weighted average price from 18 May to 31 May.
There is no DRP discount rate and the last election date for shareholders to opt in is on 13 May.
