FILE NO 1-9945

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 April 2007

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 x

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 x

 

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

“ This Report on Form 6-K shall be deemed to be incorporated by reference in the prospectus included in the Registration Statement on Form F-3 (No. 333-6632) of National Australia Bank Limited and to be part thereof from the date on which this Report, is filed, to the extent not superseded by documents or reports subsequently filed or furnished.”

 

ASX Announcement

Melbourne, 28 March, 2007

National Australia Bank update on redemption of Exchangeable Capital Units (“ExCap securities”)

Following from the announcement of 16 February, 2007, National Australia Bank confirms that approximately 99.4% of the ExCap securities had already been converted into ordinary National Australia Bank Limited shares prior to the mandatory redemption date (26 March 2007).

As at 26 March 2007 (NY time) the remaining 229,371 ExCap securities were redeemed at the rate of US$25.4648 per ExCap security, being a total of US$5,840,886.64.

For further information:

Felicity Glennie-Holmes	Hany Messieh
Senior Manager, External Relations	Head of Investor Relations
T 03 8641 3627 M 0412 673 038	T  03 8641 2312 M  0414 446 876

 

or visit www.nabgroup.com

This statement does not constitute an offer of any securities for sale.  The securities offered will not be registered under the U.S. Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements.

ASX Announcement

Group Corporate Affairs 500 Bourke Street, Melbourne Victoria 3000 Australia www.nabgroup.com ABN 12 004 044 937 Thursday 5 April 2007

 

National Australia Bank appoints Group Executive General Manager Development and New Business

National Australia Bank Group Chief Executive Officer, John Stewart, today announced the appointment of Mark Joiner to the new role of Group Executive General Manager Development and New Business.

Mr Joiner will report to John Stewart as part of the National Bank’s Group Executive Committee. The areas of group development and group strategic investments will report to Mr Joiner.

“Mark has experience in identifying and developing new business opportunities.

“Following the appointment of the former EGM Group Development, Cameron Clyne as Chief Executive Officer Bank of New Zealand it is important to focus on developing new opportunities.

“Mark will continue the work commenced by Cameron and build on the Group’s portfolio of businesses,” Mr Stewart said.

Mark Joiner was previously chief financial officer and head of strategy and mergers and acquisitions for Citigroup’s Global Wealth Management business.

He joined National Australia Bank last year as part of the Australian Executive Committee as Executive General Manager Office of the Chief Executive Officer Australia.

For further information:

Brandon Phillips Group Manager, External Relations T 03 8641 3857 M 0419 369 058

Hany Messieh Head of Investor Relations T 03 8641 2312 M 0414 446 876

 

ASX Announcement

National Australia Bank Limited ABN 12 004 044 937 500 Bourke Street, Melbourne VIC 3000 Australia Telephone: 613-8641-3500 Tuesday 24 April 2007

 

National Australia Bank 1H07 reporting template

National Australia Bank today released its proposed format of certain disclosures for the 31 March 2007 results announcement.

The following is a summary of the main changes to the disclosures made at the 30 September 2006 results announcement:

·                  The Divisional Performance Summary and Divisional Cash Earnings pages will disclose cash earnings on a pre and post IoRE (ie Investment earnings on shareholders’ retained profits and capital from life businesses net of capital funding costs) basis (refer pages 1 - 3).

·                  Australia region cash earnings disclosures have been expanded to disclose cash earnings on a pre and post IoRE basis (refer page 4).

·                  Wealth Management Australia disclosures have been expanded to provide additional information for the Investments and Insurance businesses (refer pages 6 - 8).

·                  UK region net interest spreads have been restated to reflect a change to the treatment of intracompany liabilities.  There has been no impact to Group net interest spreads (refer page 9).

·                  New Zealand region cash earnings disclosures have been expanded to disclose cash earnings on a pre and post IoRE basis (refer page 11).

·                  Note 3 “Gains less losses on financial instruments at fair value” disclosures have been expanded to provide greater granularity.  Assets and liabilities designated at fair value and the derivatives matched against these assets and liabilities, plus the impact of hedge ineffectiveness of designated hedging relationships,have been disclosed (refer page 16).

·                  “Net tangible assets per ordinary share” have been restated to reflect the full impact of all intangibles and to exclude all non ordinary share equity items (refer page 16).  This will be disclosed as a new note 7 in the 31 March 2007 results announcement.  Updated calculations are available on www.nabgroup.com.

·                  Sources of operating profit have been disclosed for Australia.  This will appear as supplementary note 10 in the 31 March 2007 results announcement (refer page 17).

The 31 March 2007 results announcement will be made on Thursday 10 May 2007.

For further information:

Brandon Phillips Group Manager, External Relations T 03 8641 3857 M 0419 369 058

Hany Messieh Head of Investor Relations T 03 8641 2312 M 0414 446 876

 

Divisonal Performance Summary

DIVISONAL PERFORMANCE SUMMARY

		Half Year to						Fav / (Unfav) Change on
		Mar 07 $m		Sep 06 $m		Mar 06 $m		Sep 06 %		Mar 06 %
Cash earnings (1)
Australian Banking				1,139		990
Wealth Management Australia				163		145
Asia Banking & Wealth Management				(4	)	18
Australia Region				1,298		1,153
UK Region				323		257
New Zealand Region				208		165
nabCapital				332		286
Other (incl. Group Funding & Corporate Centre)				63		64
Cash earnings before distributions and IoRE (2)				2,224		1,925
Distributions				(127	)	(127	)
Cash earnings before IoRE				2,097		1,798
IoRE (after tax)				30		42
Cash earnings				2,127		1,840
Cash earnings from disposed operations				(117	)	(52	)
Cash earnings - ongoing operations				2,010		1,788
Reconciliation to net profit
Cash earnings				2,127		1,840
Adjusted for non cash earnings items:
Significant items after tax				15		270
Net profit attributable to minority interest				490		259
Distributions				127		127
Treasury shares after tax				(22	)	(104	)
IoRE discount rate variation after tax				(6	)	—
Impairment of goodwill				5		(5	)
Revaluation gains / (losses) on exchangeable capital units after tax				22		(134	)
Net profit on sale of controlled entities				108		—
Fair value gain on economic hedge of the proceeds on sale of controlled entities				22		—
Net profit				2,888		2,253
Net profit attributable to minority interest				(490	)	(259	)
Net profit attributable to members of the Company				2,398		1,994
Distributions				(127	)	(127	)
Earnings attributable to ordinary shareholders				2,271		1,867

(1)  Cash earnings is a performance measure used by the management of the Group.

(2)  IoRE represents investment earnings on shareholders’ retained profits and capital from life businesses net of capital funding costs.

1

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Financial Review: Divisonal Performance Summary

DIVISONAL CASH EARNINGS

		Australia region						UK		NZ		nabCapital		Other(1)		Eliminations		Total		Disposed		Total
Half year ended 30 September 2006		Banking $m		WM $m		Asia $m		Region $m		Region $m		$m		$m		$m		Group $m		Operations(4) $m		Ongoing $m
Net interest income		2,490		14		13		957		374		503		143		—		4,494		33		4,527
Net life insurance income including IoRE (2)		—		559		4		—		5		—		—		—		568		(4	)	564
Other operating income		1,007		339		1		558		250		285		124		(85	)	2,479		(246	)	2,233
Net operating income		3,497		912		18		1,515		629		788		267		(85	)	7,541		(217	)	7,324
Operating expenses (3)		(1,709	)	(315	)	(20	)	(902	)	(289	)	(399	)	(165	)	85		(3,714	)	48		(3,666	)
Underlying profit		1,788		597		(2	)	613		340		389		102		—		3,827		(169	)	3,658
Charge to provide for doubtful debts		(164	)	—		—		(156	)	(24	)	7		1		—		(336	)	1		(335	)
Cash earnings before tax		1,624		597		(2	)	457		316		396		103		—		3,491		(168	)	3,323
Income tax expense		(485	)	83		—		(134	)	(107	)	(64	)	(40	)	—		(747	)	51		(696	)
Cash earnings before distributions and minority interest		1,139		680		(2	)	323		209		332		63		—		2,744		(117	)	2,627
Net profit - minority interest		—		(490	)	—		—		—		—		—		—		(490	)	—		(490	)
Distributions																(127	)	(127	)	—		(127	)
Cash earnings		1,139		190		(2	)	323		209		332		63		(127	)	2,127		(117	)	2,010
IoRE (after tax)		—		(27	)	(2	)	—		(1	)	—		—		—		(30	)	2		(28	)
Cash earnings before IoRE		1,139		163		(4	)	323		208		332		63		(127	)	2,097		(115	)	1,982

(1)  Other includes Group Funding, Corporate Centre and elimination entries within Australia Region.

(2)  Net life insurance income is the profit before tax of the life insurance and investment businesses of the statutory funds of the life insurance companies of the Group (excluding net interest income).

(3)  Operating expenses excludes the life insurance expenses incorporated within net life insurance income (Wealth Management businesses only).

(4)  Operating expenses for disposed operations reflect a cessation of depreciation charges for Custom Fleet for the four months from 1 April 2006 until settlement when this asset was classified as “held for sale”. The depreciation for this period would have been $100 million if the assets had continued to be depreciated.

2

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Financial Review: Divisonal Cash Earnings

		Australia Region						UK		NZ		nabCapital		Other(1)		Eliminations		Total		Disposed		Total
Half Year Ended 31 March 2006		Banking $m		WM $m		Asia $m		Region $m		Region $m		$m		$m		$m		Group $m		Operations $m		Ongoing $m
Net interest income		2,315		(6	)	13		883		401		434		152		—		4,192		49		4,241
Net life insurance income including IoRE (2)		—		952		33		—		8		—		—		—		993		(33	)	960
Other operating income		1,082		310		11		590		232		294		70		(87	)	2,502		(379	)	2,123
Net operating income		3,397		1,256		57		1,473		641		728		222		(87	)	7,687		(363	)	7,324
Operating expenses (3)		(1,875	)	(296	)	(29	)	(954	)	(372	)	(366	)	(128	)	87		(3,933	)	299		(3,634	)
Underlying profit		1,522		960		28		519		269		362		94		—		3,754		(64	)	3,690
Charge to provide for doubtful debts		(115	)	—		1		(152	)	(22	)	17		1		—		(270	)	—		(270	)
Cash earnings before tax		1,407		960		29		367		247		379		95		—		3,484		(64	)	3,420
Income tax expense		(417	)	(527	)	—		(110	)	(80	)	(93	)	(31	)	—		(1,258	)	12		(1,246	)
Cash earnings before distributions and minority interest		990		433		29		257		167		286		64		—		2,226		(52	)	2,174
Net profit - minority interest		—		(259	)	—		—		—		—		—		—		(259	)	—		(259	)
Distributions																(127	)	(127	)	—		(127	)
Cash earnings		990		174		29		257		167		286		64		(127	)	1,840		(52	)	1,788
IoRE (after tax)		—		(29	)	(11	)	—		(2	)	—		—		—		(42	)	11		(31	)
Cash earnings before IoRE		990		145		18		257		165		286		64		(127	)	1,798		(41	)	1,757

(1)  Other includes Group Funding, Corporate Centre and elimination entries within Australia Region.

(2)  Net life insurance income is the profit before tax of the life insurance and investment businesses of the statutory funds of the life insurance companies of the Group (excluding net interest income).

(3)  Operating expenses excludes the life insurance expenses incorporated within net life insurance income (Wealth Management businesses only).

3

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Management Discussion & Analysis - Australia Region

AUSTRALIA REGION

Summary - ongoing operations

		Half Year to						Fav / (Unfav) Change on
Cash earnings		Mar 07 $m		Sep 06 $m		Mar 06 $m		Sep 06 %		Mar 06 %
Australian Banking				1,071		974
Wealth Management Australia before IoRE				163		145
Asia before IoRE				(6	)	1
Cash earnings before IoRE				1,228		1,120
IoRE (after tax)				27		29
Cash earnings				1,255		1,149

 

Australian Banking

Performance Summary - ongoing operations

		Half Year to						Fav / (Unfav) Change on
		Mar 07 $m		Sep 06 $m		Mar 06 $m		Sep 06 %		Mar 06 %
Net interest income				2,509		2,344
Other operating income				864		867
Total income				3,373		3,211
Operating expenses				(1,682	)	(1,712	)
Underlying profit				1,691		1,499
Charge to provide for doubtful debts				(164	)	(115	)
Cash earnings before tax				1,527		1,384
Income tax expense				(456	)	(410	)
Cash earnings				1,071		974

 

4

Managment Discussion and Analysis - Australia Region

Key Performance Measures - ongoing operations

		Half Year to						Fav / (Unfav) Change on
		Mar 07		Sep 06		Mar 06		Sep 06 %		Mar 06 %
Performance & profitability
Return on average assets (annualised)				1.01%		1.00%
Cost to income ratio				49.4%		52.9%
Cash earnings per average FTE (annualised) ($’000)				117		108
Net interest income
Net interest margin				2.39%		2.42%
Net interest spread				2.30%		2.36%
Average balance sheet ($bn)
Gross loans and acceptances				208.9		194.5
Interest-earning assets				208.9		194.3
Retail deposits				85.9		82.0

 

		As at
		31 Mar 07		30 Sep 06		31 Mar 06
Full-time equivalent employees (FTE)				18,286		18,132
Asset quality
Gross impaired assets ($m)				549		430
Gross loans and acceptances ($bn)				213.9		198.9
Gross impaired assets to gross loans and acceptances				0.26 %		0.22 %
Specific provision to gross impaired assets				14.0%		25.0%
Market share (%) (1)
Housing				13.80		14.08
Business (including nabCapital)				18.96		18.74
Other personal				15.23		15.52
Retail deposits (Personal & Business)				13.94		14.23

(1)  Source: Reserve Bank of Australia (September 2006 data).

5

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Managment Discussion and Analysis - Australia Region

Wealth Management Australia

Performace Summary

		Half Year to						Fav / (Unfav) Change on
		Mar 07 $m		Sep 06 $m		Mar 06 $m		Sep 06 %		Mar 06 %
Investments				88		80
Insurance				75		65
Profit from operations (after tax)				163		145
IoRE (after tax) (1) (2)				27		29
Cash earnings (2)				190		174

(1)  IoRE represents investment earnings on shareholders’ retained profits and capital from life insurance businesses net of capital funding costs.

(2)  The impact of changes in the discount rate on policyholder liabilties has been excluded from cash earnings.

Key Performance Measures

		As at
		31 Mar 07		30 Sep 06		31 Mar 06
Full-time equivalent employees (FTEs)				3,952		3,995
Financial advisers (No.)
Bank channels				484		476
Aligned channels				822		821

 

Investments Performance Summary

		Half Year to						Fav / (Unfav) Change on
		Mar 07 $m		Sep 06 $m		Mar 06 $m		Sep 06 %		Mar 06 %
Gross income				574		547
Volume related expenses				(193	)	(196	)
Net income				381		351
Operating expenses				(275	)	(245	)
Profit before tax				106		106
Income tax expense				(18	)	(26	)
Profit from operations (after tax)				88		80

 

Investments Key Performance Measures

		Half Year to						Fav / (Unfav) Change on
		Mar 07		Sep 06		Mar 06		Sep 06 %		Mar 06 %
Average funds under management ($bn) (1)				92.3		87.3
Cost to average funds under management (bps) (1)				60		56

(1)  Includes funds under management & administration.

 

Market

As at

Market share - Australia %

Position (Rank)

31 Dec 06

30 June 06

31 Dec 05

Retail Funds (Ex Cash)

12.4%

12.8%

Total Master Funds (Platforms)

15.3%

16.2%

Total Wholesale Funds

6.1%

6.5%

Source: Plan for Life Australian Retail & Wholesale Investments Market Share & Dynamics Report.

6

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Managment Discussion and Analysis - Australia Region

Funds under management and administration		Opening balance $m		Inflows $m		Outflows $m		Investment earnings $m		Other (1) $m		Closing balance $m
Half Year ended 31 March 2007
Master Funds (Platforms)		57,757
Other Retail		5,942
Total Retails Funds (Ex Cash)		63,699
Wholesale		22,259
Cash Management		3,868
Trustee		4,227
Total		94,053
Half year ended 30 September 2006
Master Funds (Platforms)		54,870		6,369		(3,935	)	1,399		(946	)	57,757
Other Retail		6,250		83		(388	)	69		(72	)	5,942
Total Retails Funds (Ex Cash)		61,120		6,452		(4,323	)	1,468		(1,018	)	63,699
Wholesale		21,353		2,163		(1,484	)	227		—		22,259
Cash Management		3,725		7,123		(7,039	)	97		(38	)	3,868
Trustee		4,344		—		(117	)	—		—		4,227
Total		90,542		15,738		(12,963	)	1,792		(1,056	)	94,053
Half year ended 31 March 2006
Master Funds (Platforms)		49,417		4,359		(3,690	)	5,256		(472	)	54,870
Other Retail		6,701		70		(454	)	488		(555	)	6,250
Total Retails Funds (Ex Cash)		56,118		4,429		(4,144	)	5,744		(1,027	)	61,120
Wholesale		19,416		1,404		(1,811	)	2,344		—		21,353
Cash Management		3,948		5,752		(6,029	)	90		(36	)	3,725
Trustee		4,673		—		(329	)	—		—		4,344
Total		84,155		11,585		(12,313	)	8,178		(1,063	)	90,542

(1) Other includes trust distributions and flows due to the sale/purchase of businesses.

7

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Managment Discussion and Analysis - Australia Region

Insurance Performance Summary

		Half Year to						Fav / (Unfav) Change on
		Mar 07 $m		Sep 06 $m		Mar 06 $m		Sep 06 %		Mar 06 %
Gross income				412		378
Volume related expenses				(213	)	(186	)
Net income				199		192
Operating expenses				(100	)	(100	)
Profit before tax				99		92
Income tax expense				(24	)	(27	)
Profit from operations (after tax)				75		65

Insurance Key Performance Measures

		Half Year to						Fav / (Unfav) Change on
		Mar 07 $m		Sep 06 $m		Mar 06 $m		Sep 06 %		Mar 06 %
Average annual inforce premiums (Group & Retail) ($m)				685.4		648.3
Cost to average annual inforce premiums (%)				29		31

 

Market

As at

Market share - Australia %

Position (Rank)

31 Dec 06

30 June 06

31 Dec 05

Retail risk insurance inforce

15.0%

14.9%

New retail risk annual premiums

12.4%

11.7%

Source: DEXX&R Life Analysis. Retail risk insurance includes term, trauma and disability insurance.

 

Annual Inforce Premiums		Opening balance $m		Sales/New business $m		Lapses & other movements $m		Closing balance $m
Half year ended 31 March 2007
Retail		568.0
Group Risk		139.6
Total		707.6
Half year ended 30 September 2006
Retail		537.1		50.3		(19.4	)	568.0
Group Risk		126.1		36.5		(23.0	)	139.6
Total		663.2		86.8		(42.4	)	707.6
Half year ended 31 March 2006
Retail		508.1		44.3		(15.3	)	537.1
Group Risk		125.3		12.6		(11.8	)	126.1
Total		633.4		56.9		(27.1	)	663.2

8

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Managment Discussion and Analysis - UK Region

UK REGION

Performance Summary - ongoing operations

		Half Year to						Fav / (Unfav) Change on
Australian dollars		Mar 07 $m		Sep 06 $m		Mar 06 $m		Sep 06 %		Mar 06 %
Net interest income				963		889
Other operating income				506		516
Total income				1,469		1,405
Operating expenses				(889	)	(893	)
Underlying profit				580		512
Charge to provide for doubtful debts				(155	)	(152	)
Cash earnings before tax				425		360
Income tax expense				(124	)	(108	)
Cash earnings				301		252

 

Pounds sterling		£m		£m		£m		%		%
Net interest income				392		377
Other operating income				205		219
Total income				597		596
Operating expenses				(360	)	(379	)
Underlying profit				237		217
Charge to provide for doubtful debts				(63	)	(65	)
Cash earnings before tax				174		152
Income tax expense				(51	)	(46	)
Cash earnings				123		106

 

9

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Managment Discussion and Analysis - UK Region

Key Performance Measures

		Half Year to						Fav / (Unfav) Change on
		Mar 07		Sep 06		Mar 06		Sep 06 %		Mar 06 %
Performance & profitability
Return on average assets (annualised)				0.95	%	0.92	%
Cost to income ratio				59.5	%	62.7	%
Cash earnings per average FTE (annualised) (£’000)				27		23
Net interest income
Net interest margin				3.41	%	3.68	%
Net interest spread (1)				3.17	%	3.44	%
Average balance sheet (£bn)
Gross loans and acceptances				21.7		19.5
Interest-earning assets				22.9		20.6
Retail deposits				13.5		12.4

(1) The September 2006 and March 2006 half year net interest spreads have been restated upwards by 19 basis points and 40 basis points respectively to reflect a change to the treatment of intracompany liabilities. There has been no impact to Group net interest spreads. The impact for the September 2006 full year was a restatement upwards by 30 basis points to 3.30%.

 

		As at
		31 Mar 07		30 Sep 06		31 Mar 06
Full-time equivalent employees (FTE)				8,822		9,094
Asset quality
Gross impaired assets (£m)				68		57
Gross loans and acceptances (£bn)				23.1		21.1
Gross impaired assets to gross loans and acceptances				0.29 %		0.27 %
Specific provision to gross impaired assets				15.0%		20.7%
Financial advisers (no.)				166		166
Funds under management (£m)				1,260		1,184

 

10