National Australia Bank Ltd (ASX: NAB) shareholders will become a little richer today.
After the bank’s shares tumbled more than 10% in the past month, the company is paying out its latest interim dividend.
At Monday’s market close, the NAB share price finished 0.84% higher to $27.74.
For context, the S&P/ASX 200 Index (ASX: XJO) also rose yesterday by 1.11% to 6,612.6 points.
Let’s take a look at the details regarding the company’s dividend.
The details of NAB’s latest dividend
In early May, NAB reported growth across key metrics in its half-year results for the 2022 financial year.
In summary, revenue improved by 4.6% to $9,071 million over the prior corresponding period. The robust performance was underpinned by an increase in lending and deposits, which lifted by 10% and 12% respectively.
This led to the bank achieving a 4.1% boost in cash earnings to $3,480 million.
Management noted that the key driver was the bank’s business banking operations.
The board elected to increase NAB’s interim dividend by 22% to 73 cents per share.
The dividend is fully franked which means those who receive it will get some form of tax credits.
Based on yesterday’s closing price, NAB has a dividend yield of 5.09%. That sits in the mid-range of the big four.
NAB share price snapshot
Over the past 12 months, the NAB share price has moved in circles to register a return of around 5%.
Its shares hit a 52-week high of $33.75 on 21 April before erasing those gains in the following months.