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2017 Annual Financial Report (Report) Is Lodged with the Australian Securities and Investments Commission and ASX Limited

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2017 Annual Financial Report (Report) Is Lodged with the Australian Securities and Investments Commission and ASX Limited ANNUAL Our vision is to FINANCIAL be Australia and New Zealand’s most REPORT respected bank 2017 Robert Ravens Bridestowe Lavender Estate National Australia Bank Limited ABN 12 004 044 937 This 2017 Annual Financial Report (Report) is lodged with the Australian Securities and Investments Commission and ASX Limited. National Australia Bank Limited (NAB) is publicly listed in Australia. The Report contains information prepared on the basis of the Banking Act 1959 (Cth), Corporations Act 2001 (Cth) and Accounting Standards and Interpretations issued by the Australian Accounting Standards Board. NAB also produces a non-statutory Annual Review which can be viewed online at nabgroup.com/annualreports. To view the Report online, visit nabgroup.com/annualreports. Alternatively, to arrange for a copy to be sent to you free of charge, call Shareholder Services on 1300 367 647 from within Australia, or +61 3 9415 4299 from outside Australia. Nothing in the Report is, or should be taken as, an offer of securities in NAB for issue or sale, or an invitation to apply for the purchase of such securities. All figures in the Report are in Australian dollars unless otherwise stated. Table of Contents Report of the Directors 2 Financial Report 57 Operating and financial review 2 Income statements 59 Directors’ information 19 Statements of comprehensive income 60 Other matters 25 Balance sheets 61 Auditor’s independence declaration 29 Cash flow statements 62 Remuneration report 30 Statements of changes in equity 63 Corporate governance 56 Notes to the financial statements 65 Directors' declaration 143 Independent auditor's report 144 Shareholder information 150 Glossary 156 2017 Annual Financial Report 1 Report of the Directors Operating and financial review The directors of National Australia Bank Limited (NAB) present their Further information on important factors that could cause actual results report, together with the financial statements of the Group, being NAB to differ materially from those projected in such statements is and its controlled entities, for the year ended 30 September 2017. contained on page 11 under “Disclosure on Risk Factors”. Certain definitions Rounding of amounts The Group’s financial year ends on 30 September. The financial year In accordance with ASIC Corporations (Rounding in Financial / ended 30 September 2017 is referred to as 2017 and other financial Directors' Reports) Instrument 2016/191, all amounts have been years are referred to in a corresponding manner. The abbreviations $m rounded to the nearest million dollars, except where indicated. and $bn represent millions and thousands of millions (i.e. billions) of Principal activities Australian dollars respectively. Any discrepancies between total and sums of components in tables contained in this report are due to The principal activities of the Group during the year were banking rounding. services, credit and access card facilities, leasing, housing and general finance, international banking, investment banking, wealth Key terms used in this report are contained in the Glossary. management services, funds management and custodian, trustee and Forward-looking statements nominee services. This report contains statements that are, or may be deemed to be, Significant changes in the state of affairs forward-looking statements. These forward-looking statements may be During the 2017 financial year, a number of changes to the identified by the use of forward-looking terminology, including the terms composition of the Board occurred: "believe", "estimate", "plan", "project", "anticipate", "expect", “target”, • Non-executive director Mr Daniel Gilbert retired from the Board on "intend", “likely”, "may", "will", “could” or "should" or, in each case, their 16 December 2016. negative or other variations or other similar expressions, or by • Non-executive director Ms Jillian Segal retired from the Board on discussions of strategy, plans, objectives, targets, goals, future events 16 December 2016. or intentions. Indications of, and guidance on, future earnings and financial position and performance are also forward-looking In addition, non-executive director Ms Ann Sherry AO was appointed statements. You are cautioned not to place undue reliance on such to the Board on 8 November 2017. forward-looking statements. In November 2017, NAB announced changes to its Executive Such forward-looking statements are not guarantees of future Leadership Team. Ms Angela Mentis, currently Chief Customer Officer performance and involve known and unknown risks, uncertainties and – Business and Private Banking, was appointed Managing Director other factors, many of which are beyond the control of the Group, and CEO of Bank of New Zealand. Mr Anthony Healy, currently which may cause actual results to differ materially from those Managing Director and CEO of Bank of New Zealand, was appointed expressed or implied in such statements. There can be no assurance Chief Customer Officer – Business and Private Banking. The that actual outcomes will not differ materially from these statements. appointments, which are subject to regulatory approval, will take effect from 1 January 2018. Page 4 of this report describes certain initiatives relating to the Group’s strategic agenda (“Program”), including certain forward-looking The Group’s Business statements. These statements are subject to a number of risks, The Group is a financial services organisation with approximately assumptions and qualifications, including: (1) detailed business plans 33,000 employees, operating through a network of more than 900 have not been developed for the entirety of the Program, and the full locations, with more than 571,000 shareholders and serving over nine scope and cost of the Program may vary as plans are developed and million customers. third parties engaged; (2) the Group’s ability to execute and manage the Program in a sequenced, controlled and effective manner and in The majority of the Group's financial services businesses operate in accordance with the relevant project and business plan (once Australia and New Zealand, with branches located in Asia, the United developed); (3) the Group’s ability to execute productivity initiatives Kingdom (UK) and the United States (US). The Group's brands share and realise operational synergies, cost savings and revenue benefits in a commitment to providing customers with quality products and accordance with the Program plan (including, in relation to CTI and services. The Group's relationships are based on the principles of ROE targets, the extension of improvements beyond the current providing quality help, guidance and advice to achieve better financial Program plan); (4) the Group’s ability to meet its internal net FTE outcomes for customers. reduction targets; (5) the Group’s ability to recruit and retain FTE and In 2017 the Group operated the following divisions: contractors with the requisite skills and experience to deliver Program • Consumer Banking and Wealth comprises the NAB and UBank initiatives; (6) there being no significant change in the Group’s financial consumer banking divisions, and the Wealth divisions of Advice, performance or operating environment, including the economic Asset Management and Superannuation. The division provides conditions in Australia and New Zealand, changes to financial markets customers with access to independent advisers, including and the Group’s ability to raise funding and the cost of such funding, mortgage brokers and the financial planning network of self- increased competition, changes in interest rates and changes in employed, aligned and salaried advisers in Australia. customer behaviour; (7) there being no material change to law or • Business and Private Banking focusses on serving priority small regulation or changes to regulatory policy or interpretation, including and medium (SME) customers via the NAB Business franchise and relating to the capital and liquidity requirements of the Group; and (8) specialist services in key segments including Agriculture, Health, for the purpose of calculating FTE cost savings and redundancy costs, Government, Education, Community and Franchise. The division the Group has assumed an average FTE cost based on Group-wide also serves NAB's micro and small business customers and averages, and such costs are not calculated by reference to specific includes Private Banking and JBWere. productivity initiatives or individual employee entitlements. 2 NATIONAL AUSTRALIA BANK Report of the Directors Operating and financial review (continued) • Corporate and Institutional Banking provides a range of lending and • A simplified digital Superannuation portal to help customers better transactional products and services related to financial and debt understand their retirement options and e-forms pre-populated with capital markets, specialised capital, custody and alternative existing customer data. investments. The division serves its customers in Australia and • A virtual banking assistant pilot for business customers using globally through branches in the US, UK and Asia with specialised artificial intelligence chat technology to help customers fulfill simple industry relationships and product teams. needs through self-service. • NZ Banking comprises the Retail, Business, Agribusiness, The Group continues to enhance its products and services for Corporate and Insurance franchises and Markets Sales operations customers through digitisation and innovation, as evidenced by: in New Zealand, operating
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