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Full Year Results /--5 CriiVb^oObpriqp Fk`lomlo^qfkdqebobnrfobjbkqplc>mmbkafu1B K^qflk^i>rpqo^if^?^khIfjfqba>?K./--1-11604%qebÐ@ljm^kvÑ& Qefpcriivb^ovb^oobpriqp^kklrk`bjbkqfk`lomlo^qbpqebmobifjfk^ovÚk^iobmloq^kafpdfsbkql qeb>rpqo^if^kPb`rofqfbpBu`e^kdbIfjfqba%>PU&rkaboIfpqfkdOrib1+0>+ Results for Announcement to the Market Results for announcement to the market Report for the year ended 30 September 2008 30 September 2008 $m (1) Revenue from ordinary activities up 4.7% * to 16,257 Profit after tax from ordinary activities attributable to members of the Company down 0.9% * to 4,536 Net profit attributable to members of the Company down 0.9% * to 4,536 * On previous corresponding period (twelve months ended 30 September 2007). (1) Reported as the sum of the following items from the Group's consolidated income statement: Net interest income, Premium and related revenue, Fee income and Other income. On a cash earnings basis revenue increased by 5.8%. Franked Amount amount Dividends per share per share Final Dividend 97 cents 100% Interim dividend 97 cents 100% Record date for determining entitlements to the final dividend 13 November 2008 Highlights (2) Group cash earnings down 10.7% Cash earnings from ongoing operations of $3,916 million for the September 2008 year decreased by $470 million or 10.7% on the September 2007 year. Underlying profit increased by $996 million or 13.9%. This reflects good revenue growth stemming from the Group's market leading position in business banking in Australia, successful repricing initiatives in all regions and strong performance in nabCapital's Markets business. A disciplined approach to cost management has been maintained however, cash earnings have been reduced by a higher bad and doubtful debts charge mainly relating to Asset Backed Securities Collateralised Debt Obligations in nabCapital. Cash return on equity (ROE) down to 14.3% Cash ROE decreased by 280 basis points. Diluted cash earnings per share down to 237.3 cents Diluted cash earnings per share decreased by 11.6% Banking cost to income ratio down 390 bps The Group’s banking cost to income ratio declined by 390 basis points for the full year to 46.9% and represents continued progress in improving business processes, reducing costs and increasing productivity and efficiency to develop a sustainable cost base. Tier 1 capital ratio up 68 bps The Group's Tier 1 ratio increased to 7.35% during the year, which is above the target level. The increase reflected a number of factors including accreditation for credit risk under Basel II and related portfolio management to reduce RWAs. In addition the Group raised capital by underwriting the first half dividend reinvestment plan and raising hybrid capital, offset by additional CDO writedowns. Full time equivalent employees up 907 Full time equivalent employees increased to 39,729 and reflects continued investment in frontline staff to support business growth, and the acquisition of Great Western Bank in June 2008. (2) All growth rates are calculated on an ongoing basis on the previous corresponding period. A Glossary of Terms is included in Section 7. A reference in this Appendix 4E to the 'Group' is a reference to the Company and its controlled entities. All currency amounts are expressed in Australian dollars unless otherwise stated. References in this document to the September 2008 year are references to the twelve months ended 30 September 2008. Other twelve month periods are referred to in a corresponding manner. This page has been left blank intentionally Table of Contents Section 1 Media Release Section 2 Highlights Group Performance 2 Strategic Highlights & Business Developments 2 Financial Highlights 2 Shareholder Returns 2 Key Performance Measures 3 Group Performance Indicators 3 Group Results 4 Group Balance Sheet Key Items 4 Regional Performance 5 Regional Results 5 Regional Performance Indicators 5 Section 3 Review of Group Strategy, Operations and Results Group Strategy and Operating Environment 8 Group Strategy 8 Outlook/Operating Environment 9 Review of Group Operations and Results 10 Group Results 10 Summary Balance Sheet 20 Asset Quality 24 Cash Earnings per Share 27 Capital Management and Funding 27 Full Time Equivalent Employees 32 Other Matters 32 Section 4 Review of Regional Operations Business Structure 35 Divisional Performance Summary 36 Australia Region 40 Australia Banking 45 MLC 50 UK Region 56 New Zealand Region 64 nabCapital 70 Central Functions 75 Section 5 Financial Report Consolidated Financial Statements 80 Notes to the Consolidated Financial Statements 85 Compliance Statement 109 Section 6 Supplementary Information Section 7 Glossary of Terms This page has been left blank intentionally Group Corporate Affairs 500 Bourke Street Melbourne Victoria 3000 AUSTRALIA www.nabgroup.com National Australia Bank Limited ABN 12 004 044 937 ASX Announcement Tuesday, 21 October 2008 NAB reports solid underlying business performance Revenue growth and cost control drives underlying profit FY 08 compared with FY 07, ongoing operations Revenue Ÿ 5.8% to $15.4 billion Expenses ʈ 2.0% to $7.3 billion Underlying Profit Ÿ13.9% to $8.1 billion Operating Income less Operating Expenses excluding charge for Bad and Doubtful Debts Net Profit ʈ 0.9% to $4.5 billion Attributable to members of the Co. Cash earnings up prior to conduit costs Cash earnings excluding conduit costs Ÿ 7.7% to $4.7 billion Cash earnings ʈ10.7% to $3.9 billion Strong Capital, Funding and Liquidity Tier 1 Capital Ratio 7.35% Total Capital Ratio 10.93% Term funding raised $28 billion (av. mat. 4 years) Liquid Asset Portfolio Ÿto $66 billion from $54 billion Full Year Dividend Increased 2008 final dividend Ÿ 2 cps to 97 cps, fully franked 2008 full year dividend Ÿ 12 cps to 194 cps, fully franked Group Performance Comments National Australia Bank Group Chief Executive Officer, John Stewart said: "In an extremely difficult environment, each of the Group's businesses delivered strong underlying results. This reflects the continued strength of our franchises, effective cost disciplines, and pro-active credit management. On a pre-provisioning basis, the Group's underlying profit was $8.1 billion, up 13.9% on the prior year. “Unfortunately, this strong result was marred by the provisions required against conduit assets in the nabCapital securitisation business, reflecting unprecedented conditions in global markets. “While significant, the loss of approximately $1 billion incurred by nabCapital is considerably less than write-offs by many of our global peers. The strength of the Group's underlying profit growth allowed this loss to be absorbed and still deliver cash earnings of $3.9 billion, down 10.7% on the prior year. “Our core banking franchises have performed well despite great volatility in financial markets. “Our traditional branch banking and wealth management operations are all profitable, well capitalised and conservatively funded. Overall, and individually, our banking businesses have sound asset quality and are well provisioned. While this is the norm for the Australian banking industry, it is in stark contrast to the situation of many banks around the world,” he said. “The continued revenue growth and tight cost control demonstrates the quality of the disciplined management of the underlying businesses. “The Australian region continues to perform well with strong revenue growth and an outstanding cost to income ratio of 40.6% for the banking operation in the second half of the year. MLC has performed well given the deterioration in investment market conditions. “The UK Region demonstrated resilience under exceptionally difficult market conditions where a number of banks have struggled to survive. It has out-performed local peers on many key measures, and on asset quality, by a large margin. “Our New Zealand operation has recorded the seventh consecutive half year of flat costs and delivered solid revenue and earnings growth. “nabCapital’s exceptional underlying profit growth was driven in large part by performance across the Global Markets business, which achieved record revenues. “The NAB’s Tier 1 capital was strong at 7.35% and $28 billion of term funding was raised during the year, with a four year average maturity. Our liquidity is very strong with liquid assets of $66 billion, more than double the pre-market dislocation levels. These conservative capital, funding and liquidity settings are considered appropriate in light of the continuing uncertainty about global credit market conditions. “I am confident NAB’s operations are well placed to weather this uncertain environment, with the appropriate focus on core businesses and the right financial settings to maintain strength and flexibility,” Mr Stewart said. Asset Quality The deteriorating economic conditions and volatility in financial markets, particularly in the second half of the financial year, has led to an expected softening in asset quality, albeit following a prolonged benign credit cycle. The Group undertook a thorough review of its loan portfolio in the 4th quarter of September 2008 financial year. This extensive review focused on higher risk areas and was undertaken across all regional businesses by credit personnel with external auditor oversight, to provide additional verification of the adequacy of provision coverage. The review concluded that the portfolio is performing well and the Group is appropriately provisioned. The lending portfolio is well diversified, both geographically and by product. Total provisions now stand at $3,294 million. Capital
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