By Stuart Condie

SYDNEY--National Australia Bank Ltd. plans to launch its second 2.5 billion Australian-dollar (US$1.87 billion) share buyback in less than a year.

Australia's second-largest lender by market capitalization said it expected to launch the buyback following the release of its first-half results on May 5. It said it had bought back 86.9 million shares in the now-completed A$2.5 billion buyback it announced in July.

"Our capital management strategy reflects the importance of maintaining a strong balance sheet through the cycle while allowing us to continue to support growth and deliver improved shareholder returns," NAB Chief Executive Ross McEwan said.

The latest buyback will reduce NAB's common-equity Tier 1 capital ratio by about 58 basis points. The ratio stood at 11.3% on Dec. 31 on a pro-forma basis, above its 10.75%-11.25% target range.

Write to Stuart Condie at stuart.condie@wsj.com

(END) Dow Jones Newswires

March 23, 2022 19:07 ET (23:07 GMT)

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