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NAB) Is Publicly Listed in Australia ANNUAL FINANCIAL REPORT 2016 Neville Mock, Mock Red Hill National Australia Bank Limited ABN 12 004 044 937 This 2016 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 no longer produces a concise report under section 314(2) of the Corporations Act 2001 (Cth), and instead compiles 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 60 Operating and financial review 2 Income statements 62 Directors’ information 18 Statements of comprehensive income 63 Other matters 25 Balance sheets 64 Auditor’s independence declaration 29 Cash flow statements 65 Remuneration report 30 Statements of changes in equity 67 Notes to the financial statements 69 Directors' declaration 146 Independent auditor's report 147 Shareholder information 153 Glossary 158 2016 Annual Financial Report 1 Report of the Directors Operating and financial review The directors of National Australia Bank Limited (NAB) present their superannuation fund, and the second largest fund in Australia’s report, together with the financial statements of the Group, being NAB superannuation sector. and its controlled entities, for the year ended 30 September 2016. During 2016, a number of changes to the composition of the Board Certain definitions occurred: • Mr Michael Chaney retired from his role as Chairman and non- The Group’s financial year ends on 30 September. The financial year executive director. The directors appointed Dr Ken Henry to ended 30 September 2016 is referred to as 2016 and other financial succeed Mr Chaney as Chairman, effective 17 December 2015. years are referred to in a corresponding manner. The abbreviations $m • Three independent non-executive directors were appointed: Ms and $bn represent millions and thousands of millions (i.e. billions) of Anne Loveridge on 15 December 2015, Mr Doug McKay on Australian dollars respectively. Any discrepancies between total and 1 February 2016 and Mr Philip Chronican on 2 May 2016. Ms sums of components in tables contained in this report are due to Loveridge was elected by shareholders at the 2015 Annual General rounding. Meeting (AGM) and Mr McKay and Mr Chrorican will stand for Key terms used in this report are contained in the Glossary. election at the 2016 AGM. • Non-executive director Mr Paul Rizzo retired from the Board on Forward-looking statements 17 December 2015. This report contains certain forward-looking statements. The words In March 2016, Mr Gary Lennon was appointed as Chief Financial ‘anticipate’, ‘believe’, ‘expect’, ‘project’, ‘estimate’, ‘likely’, ‘intend’, Officer following the resignation of Mr Craig Drummond. ‘should’, ‘could’, ‘may’, ‘target’, ‘plan’ and other similar expressions are intended to identify forward-looking statements. Indications of, and On 22 July 2016, NAB announced changes to its organisational guidance on, future earnings and financial position and performance structure as well as its Executive Leadership Team. These changes are also forward-looking statements. took effect in August 2016. Further information on the current Executive Leadership Team can be viewed online at Such forward-looking statements are not guarantees of future www.nab.com.au. performance and involve known and unknown risks, uncertainties and other factors, many of which are beyond the control of the Group, The Group’s Business which may cause actual results to differ materially from those The Group is a financial services organisation with approximately expressed or implied in such statements. There can be no assurance 35,000 employees, operating through a network of more than 1,000 that actual outcomes will not differ materially from these statements. locations, with more than 582,000 shareholders and serving nearly 10 Further information on important factors that could cause actual results million customers. to differ materially from those projected in such statements is The majority of the Group's financial services businesses operate in contained on page 10 under “Disclosure on Risk Factors”. Australia and New Zealand, with branches located in Asia, the UK and Rounding of amounts the US. The Group's brands share a commitment to providing customers with quality products and services. The Group's In accordance with Australian Securities and Investments Commission relationships are based on the principles of providing quality help, (ASIC) Corporations Instrument 2016/191, all amounts have been guidance and advice to achieve better financial outcomes for rounded to the nearest million dollars, except where indicated. customers. Principal activities In 2016 the Group operated the following divisions: The principal activities of the Group during the year were banking • Australian Banking, including personal banking and business services, credit and access card facilities, leasing, housing and general banking, offers a range of banking products and services to retail finance, international banking, investment banking, wealth and business customers, ranging from small and medium management services, funds management, life insurance and enterprises through to Australia’s largest institutions. The Group's custodian, trustee and nominee services. personal banking products can be accessed through various channels including NAB, NAB Broker, nabtrade and UBank. The Significant changes in the state of affairs Group's business banking products cater to customers’ needs with In February 2016, NAB successfully completed the demerger and specialist expertise in agribusiness, property, health, government, Initial Public Offering (IPO) of CYBG PLC (CYBG) (1). This separation education and community. Australian Banking also comprises Fixed has enabled NAB to pursue a strategy in the core markets of Australia Income, Currencies and Commodities (FICC), specialised finance, and New Zealand which is driven by the vision to be Australia and New debt markets, asset servicing and treasury. Zealand’s most respected bank. • NAB Wealth provides superannuation, investment and insurance solutions to retail, corporate and institutional clients. It operates one On 3 October 2016, the Group completed the sale of 80% of NAB of the largest networks of financial advisers in Australia under Wealth’s life insurance business to Nippon Life Insurance Company brands which include MLC, JBWere, JANA and Plum. (Nippon Life) (1). NAB has retained the remaining 20%. As part of this • NZ Banking comprises the Retail, Business, Agribusiness, transaction, NAB has entered into a 20 year distribution agreement to Corporate & Institutional and Insurance franchises in New Zealand, provide life insurance products through its owned and aligned operating under the ‘BNZ’ brand. It excludes BNZ’s markets distribution networks. NAB Wealth has retained full ownership of its operations which form part of Australian Banking. investment business which includes superannuation platforms, advice and asset management. As part of this sale process, NAB has also simplified and streamlined the structure of its superannuation business by way of a Successor Fund Merger, merging five of its super funds into one. In doing so, NAB has created Australia’s largest retail (1) Refer to Note 41 – Discontinued operations for further information. 2 NATIONAL AUSTRALIA BANK Report of the Directors Operating and financial review (continued) Strategic Highlights 3. Engage our people Vision and Objectives The Group is committed to: • Identifying and nurturing talent to deliver great results The Group is executing a refreshed strategy in pursuit of its vision of for customers. being Australia and New Zealand’s most respected bank. To realise • Building great leaders to drive performance. this vision, the Group strategy outlines three objectives to guide • Building people capability to perform at a higher level and support a execution and measure performance: culture that drives high performance. Performance is measured 1. Customers are advocates. using a balanced scorecard approach. 2. People are engaged. 3. Shareholder return on equity (ROE) is improved. As a result of this focus employee engagement improved from 56% for the September 2015 full year to 61% for the September 2016 full Outcomes for 2016 year. (3) The Group engagement score is now above the “Global High During the September 2016 full year, the Group made significant Performing Organisations Benchmark”. (3) progress towards achieving these goals. 4. Deliver improved returns 1. Focus on core Australia and New Zealand customers Divesting CYBG and 80% of NAB Wealth's life insurance business, During the September 2016 full year, the Group completed a major has tilted the portfolio towards business lines with higher
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