Edgar Filing: NATIONAL AUSTRALIA BANK LTD

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON DC 20549

FORM 6-K

REPORT OF FOREIGN ISSUER

Pursuant to Rule 13a-16 or 15d-16 of

the Securities Exchange Act of 1934

For the month of November 2005

National Australia Bank Limited

ACN 004 044 937

(Registrant’s Name)

Level 24

500 Bourke Street

MELBOURNE VICTORIA 3000

AUSTRALIA

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ý Form 40-F o

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes o No ý

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82

NATIONAL AUSTRALIA BANK

Template for Key Performances Measures

									Sep 2005
	Half Year to				Year to				Results
Input Schedule	Sep 05		Mar 05		Sep 05		Sep 04		Announcement
	$m		$m		$m		$m
*Performance Summary*
Banking
Net interest income	3,527		3,549		7,076		7,184		Page 67
Other operating income	2,233		2,110		4,343		4,165		Page 81
Eliminations (between Banking & WM)	(58	)	(81	)	(139	)	(141	)	Page 81
Banking net operating income	5,702		5,578		11,280		11,208		Page 5

Wealth Management (WM)
Net interest income	2		4		6		7		Page 67
Net life insurance income ex IORE	1,031		495		1,526		919		Page 80
Investment earnings on shareholders’ retained profits & capital from life businesses (IORE)	83		63		146		93		Page 80
Other operating income	437		461		898		807		Page 81
Total operating income	7,255		6,601		13,856		13,034		Page 5

Banking operating expenses	(3,345	)	(3,246	)	(6,591	)	(6,119	)	Page 83
Eliminations (between Banking & WM)	58		81		139		141		Page 83
Wealth Management operating expenses	(441	)	(411	)	(852	)	(834	)	Page 83
Charge to provide for doubtful debts	(253	)	(281	)	(534	)	(559	)	Page 86
Net operating income before tax	3,274		2,744		6,018		5,663		Page 5

Banking income tax expense	(603	)	(648	)	(1,251	)	(1,362	)	Page 90
Wealth Management income tax expense	(414	)	(229	)	(643	)	(279	)	Page 90
Cash earnings before significant items, distributions including outside equity interest	2,257		1,867		4,124		4,022		Page 5
Wealth Management revaluation profit after tax	294		51		345		16		Page 38
Goodwill amortisation	(48	)	(50	)	(98	)	(103	)	Page 84
Net profit before significant items	2,503		1,868		4,371		3,935		Page 5
Significant items after tax	(450	)	821		371		(384	)	Page 91
Net profit	2,053		2,689		4,742		3,551		Page 5
Net profit attributable to outside equity interest
Wealth Management	(456	)	(154	)	(610	)	(365	)	Page 5
Institutional Markets & Services	—		—		—		(9	)	Page 5
Net profit attributable to members of the Company	1,597		2,535		4,132		3,177		Page 5
Distributions	(109	)	(95	)	(204	)	(187	)	Page 4
Earnings attributable to ordinary shareholders	1,488		2,440		3,928		2,990		Page 5

Less: Wealth Management revaluation profit after tax	(294	)	(51	)	(345	)	(16	)	Page 38
Add: Goodwill amortisation	48		50		98		103		Page 84
Cash earnings after significant items	1,242		2,439		3,681		3,077		Page 4
Add: Significant items after tax	450		(821	)	(371	)	384		Page 91
Cash earnings before significant items	1,692		1,618		3,310		3,461		Page 4

*Other Data*
Average interest-earnings assets	319,900		324,886		322,393		306,500		Page 71
Average equity	32,612		30,130		31,371		27,802		Page 74
Average outside equity interest in controlled entities	4,617		3,945		4,281		3,314		Page 74
Average preference share capital	—		—		—		227		Page 74
Average Trust Preferred Securities	975		975		975		975		Page 74
Average Trust Preferred Securities II	1,014		44		531		—		Page 74
Average National Income Securities	1,945		1,945		1,945		1,945		Page 74

Weighted average ordinary shares (no. ‘000)	1,562,509		1,555,388		1,559,118		1,515,270		Page 98
Diluted weighted average ordinary shares (no. ‘000)	1,629,408		1,621,985		1,626,226		1,581,810		Page 98
Ordinary shares - Fully paid (no. ‘000)	1,567,188		1,558,324		1,567,188		1,550,784		Page 97

Tier 1 capital	22,779		23,156		22,779		21,048		Page 94
Total equity / net assets	34,280		32,001		34,280		29,766		Page 6
Outside equity interest in controlled entities	6,224		4,107		6,224		3,866		Page 6
Trust Preferred Securities	975		975		975		975		Page 6
Trust Preferred Securities II	1,014		1,014		1,014		—		Page 6
National Income Securities	1,945		1,945		1,945		1,945		Page 6
Distributions	(109	)	(95	)	(204	)	(187	)	Page 4
Goodwill	522		571		522		632		Page 94
Excess of net market value over net assets of life insurance controlled entities	5,220		4,878		5,220		4,904		Page 38

	Half Year to				Year to
Output summary - ratios	Sep 05		Mar 05		Sep 05		Sep 04
	$m		$m		$m		$m

*Earnings per share (EPS)*

Basic cash earnings per ordinary share (before significant items) - cents	108.3		104.0		212.3		228.5
Cash earnings before significant items	1,692		1,618		3,310		3,461
Add: Interest expense on ExCaps	53		53		106		112
Adjusted cash earnings for cash EPS calculation	1,745		1,671		3,416		3,573
Weighted average ordinary shares (no. ‘000)	1,562,509		1,555,388		1,559,118		1,515,270
Diluted weighted average ordinary shares (no. ‘000)	1,629,408		1,621,985		1,626,226		1,581,810
Diluted cash earnings per share (before significant items) - cents	107.1		103.0		210.1		226.0

Basic earnings per ordinary share (after significant items) - cents	95.2		156.9		251.9		197.3
Earnings attributable to ordinary shareholders	1,488		2,440		3,928		2,990
Add: Interest expense on ExCaps	53		53		106		112
Adjusted cash earnings for EPS calculation	1,541		2,493		4,034		3,102
Weighted average ordinary shares (no. ‘000)	1,562,509		1,555,388		1,559,118		1,515,270
Diluted weighted average ordinary shares (no. ‘000)	1,629,408		1,621,985		1,626,226		1,581,810
Diluted earnings per share (after significant items) - cents	94.6		153.7		248.1		196.1

*Performance*

Return on average equity before significant items	16.2	%	14.0	%	15.0	%	15.8	%
Earnings attributable to ordinary shareholders	1,488		2,440		3,928		2,990
Add: Significant items after tax	450		(821	)	(371	)	384
Adjusted earnings for ROE calculation	1,938		1,619		3,557		3,374
Average equity	32,612		30,130		31,371		27,802
Less: Average outside equity interest in controlled entities	(4,617	)	(3,945	)	(4,281	)	(3,314	)
Less: Average preference share capital	—		—		—		(227	)
Less: Average Trust Preferred Securities	(975	)	(975	)	(975	)	(975	)
Less: Average Trust Preferred Securities II	(1,014	)	(44	)	(531	)	—
Less: Average National Income Securities	(1,945	)	(1,945	)	(1,945	)	(1,945	)
Adjusted average equity for ROE calculation	24,061		23,221		23,639		21,341

Cash earnings on average equity before significant items	14.0	%	14.0	%	14.0	%	16.2	%
Cash earnings before significant items	1,692		1,618		3,310		3,461
Average equity	32,612		30,130		31,371		27,802
Less: Average outside equity interest in controlled entities	(4,617	)	(3,945	)	(4,281	)	(3,314	)
Less: Average preference share capital	—		—		—		(227	)
Less: Average Trust Preferred Securities	(975	)	(975	)	(975	)	(975	)
Less: Average Trust Preferred Securities II	(1,014	)	(44	)	(531	)	—
Less: Average National Income Securities	(1,945	)	(1,945	)	(1,945	)	(1,945	)
Adjusted average equity for cash earnings on average equity calculation	24,061		23,221		23,639		21,341

*Net interest margin (NIM)*	2.20	%	2.19	%	2.20	%	2.35	%
Net interest income	3,529		3,553		7,082		7,191
Average interest-earning assets	319,900		324,886		322,393		306,500

*Banking cost to income ratio*	58.1	%	57.4	%	57.7	%	53.9	%
Banking operating expenses	3,345		3,246		6,591		6,119
Banking net interest income	3,527		3,549		7,076		7,184
Banking other operating income	2,233		2,110		4,343		4,165

*Net tangible assets (NTA) per share ($)*	11.60		11.82		11.60		11.13
Total equity / net assets	34,280		32,001		34,280		29,766
Less: Outside equity interest in controlled entities	(6,224	)	(4,107	)	(6,224	)	(3,866	)
Less: Trust Preferred Securities	(975	)	(975	)	(975	)	(975	)
Less: Trust Preferred Securities II	(1,014	)	(1,014	)	(1,014	)	—
Less: National Income Securities	(1,945	)	(1,945	)	(1,945	)	(1,945	)
Less: Distributions	(204	)	(95	)	(204	)	(187	)
Less: Goodwill	(522	)	(571	)	(522	)	(632	)
Less: Excess of net market value over net assets of life insurance controlled entities	(5,220	)	(4,878	)	(5,220	)	(4,904	)
Net tangible assets (NTA)	18,176		18,416		18,176		17,257
Ordinary shares - Fully paid (no. ‘000)	1,567,188		1,558,324		1,567,188		1,550,784

SIGNATURE PAGE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorised.

	NATIONAL AUSTRALIA BANK LIMITED


		*/s/ Garry F Nolan*
		Garry F Nolan
Date: 9 November 2005	Title:	Company Secretary

/s/ Garry F Nolan