Edgar Filing: NATIONAL AUSTRALIA BANK LTD

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 May 2006

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 Form 40-F 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 Performance Measures

							Mar 2006
	Half Year to						Results
Input Schedule	Mar 06		Sep 05		Mar 05		Announcement
	$m		$m		$m
*Performance Summary*
Australian Banking	989		882		965		Page 14
Wealth Management Australia	174		202		201		Page 18
Asia Banking & Wealth Management	29		15		14		Page 12
Total Australia	1,192		1,099		1,180
Total UK	257		229		307		Page 25
Total New Zealand	167		164		153		Page 26
Institutional Markets & Services	286		279		298		Page 30
Other (incl. Group Funding & Corporate Centre)	65		(61	)	(191	)	Page 34
Cash earnings before significant items and distributions	1,967		1,710		1,747
Distributions	(127	)	(109	)	(95	)	Page 110
Cash earnings before significant items	1,840		1,601		1,652
Significant items after tax	270		(380	)	1,058		Page 129
Cash earnings after significant items	2,110		1,221		2,710
Adjusted for:
Net profit attributable to Minority Interest	259		456		154		Page 54
Distributions	127		109		95		Page 110
Treasury shares	(104	)	(96	)	(47	)	Page 2
Impairment of goodwill	(5	)	0		0		Page 96
Foreign exchange gains / (losses) on exchangeable capital units	(134	)	0		0		Page 2
Net profit	2,253		1,690		2,912
Net profit attributable to minority interest	(259	)	(456	)	(154	)	Page 123
Net profit attributable to members of the Company	1,994		1,234		2,758
Distributions	(127	)	(109	)	(95	)	Page 110
Earnings attributable to ordinary shareholders	1,867		1,125		2,663

*Other Data*
Average interest-earnings assets	364,120		323,099		327,871		Page 133
Average equity	25,177		30,045		27,573		Page 136
Average minority interest in controlled entities	0		4,617		3,945		Page 136

Average Trust Preferred Securities	975		975		975		Page 136
Average Trust Preferred Securities II	1,014		1,014		44		Page 136
Average National Income Securities	1,945		1,945		1,945		Page 136

Weighted average ordinary shares (no. ‘000)	1,571,329		1,541,350		1,534,833		Page 127
Diluted weighted average ordinary shares (no. ‘000)	1,612,573		1,545,480		1,602,978		Page 127
Ordinary shares - Fully paid (no. ‘000)	1,603,182		1,567,188		1,558,324		Page 130
Ordinary shares - Partly paid (no. ‘000)	429		466		536		Page 130

Tier 1 capital	24,311		22,779		23,156		Page 120
Total equity / net assets	26,073		31,554		29,603		Page 55
Minority interest in controlled entities	0		6,224		4,107		Page 55
Trust Preferred Securities	975		975		975		Page 108
Trust Preferred Securities II	1,014		1,014		1,014		Page 108
National Income Securities	1,945		1,945		1,945		Page 108
Distributions	127		109		95		Page 110
Goodwill	4,776		4,767		4,701

	Half Year to
Output summary - ratios (1)	Mar 06		Sep 05		Mar 05
	$m		$m		$m

*Earnings per share (EPS)*

Basic cash earnings per ordinary share (before significant items) - cents	115.5		102.5		106.2
Cash earnings before significant items	1,840		1,601		1,652
Add: Interest expense on ExCaps	31		53		53
Adjusted cash earnings for cash EPS calculation	1,871		1,654		1,705
Weighted average ordinary shares (no. ‘000)	1,593,176		1,562,509		1,555,388
Diluted weighted average ordinary shares (no. ‘000)	1,634,420		1,631,013		1,623,533
Diluted cash earnings per share (before significant items) - cents	114.5		101.4		105.0

Basic earnings per ordinary share (after significant items) - cents	118.8		73.0		173.5
Earnings attributable to ordinary shareholders	1,867		1,125		2,663
Add: Interest expense on ExCaps	31		—		53
Adjusted earnings for EPS calculation	1,898		1,125		2,716
Weighted average ordinary shares (no. ‘000)	1,571,329		1,541,350		1,534,833
Diluted weighted average ordinary shares (no. ‘000)	1,612,573		1,545,480		1,602,978
Diluted earnings per share (after significant items) - cents	117.7		72.8		169.4

*Performance*

Return on average equity before significant items	15.4	%	14.0	%	15.6	%
Earnings attributable to ordinary shareholders	1,867		1,125		2,663
Add: Significant items after tax	(232	)	380		(1,058	)
Adjusted earnings for ROE calculation	1,635		1,505		1,605
Average equity	25,177		30,045		27,573
Less: Average minority interest in controlled entities	—		(4,617	)	(3,945	)
Less: Average preference share capital	—		—		—
Less: Average Trust Preferred Securities	(975	)	(975	)	(975	)
Less: Average Trust Preferred Securities II	(1,014	)	(1,014	)	(44	)
Less: Average National Income Securities	(1,945	)	(1,945	)	(1,945	)
Adjusted average equity for ROE calculation	21,243		21,494		20,664

Cash earnings on average equity before significant items	17.4	%	14.9	%	16.0	%
Cash earnings before significant items	1,840		1,601		1,652
Average equity	25,177		30,045		27,573
Less: Average minority interest in controlled entities	—		(4,617	)	(3,945	)
Less: Average Trust Preferred Securities	(975	)	(975	)	(975	)
Less: Average Trust Preferred Securities II	(1,014	)	(1,014	)	(44	)
Less: Average National Income Securities	(1,945	)	(1,945	)	(1,945	)
Adjusted average equity for cash earnings on average equity calculation	21,243		21,494		20,664

Return on average assets before significant items	0.73	%	0.70	%	0.74	%
Earnings attributable to ordinary shareholders	1,867		1,125		2,663
Add: Significant items after tax	(232	)	380		(1,058	)
Adjusted earnings for ROE calculation	1,635		1,505		1,605
Total average assets	451,557		428,027		433,744

*Net interest margin (NIM)*	2.31	%	2.14	%	2.12	%
Net interest income	4,192		3,472		3,472
Average interest-earning assets	364,120		323,099		327,871

	Half Year to
Output summary - ratios (1)	Mar 06		Sep 05		Mar 05
	$m		$m		$m

*Banking cost to income ratio*	55.58	%	59.89	%	58.60	%
Group Operating Expenses	(3,933	)	(4,093	)	(3,902	)
Less: Wealth Management operating expenses	296		354		303
Less: Depreciation on leased vehicle assets	279		279		266
Less: Eliminations	(87	)	(108	)	(125	)
Banking operating expenses	(3,445	)	(3,568	)	(3,458	)
Group net interest income	4,192		3,472		3,472
Less: Wealth Management net interest income	6		—		(5	)
Banking net interest income	4,198		3,472		3,467
Group other operating income	2,502		2,987		2,903
Less: Wealth Management other operating income	(310	)	(330	)	(328	)
Add: Depreciation on leased assets	(279	)	(279	)	(266	)
Less: Eliminations	87		108		125
Banking other operating income	2,000		2,486		2,434

*Cash earnings per average FTE*	94		81		78
Cash earnings before significant items	1,840		1,601		1,652
Average FTE	39,215		39,395		42,591

*Net tangible assets (NTA) per share ($)*	10.75		10.54		10.76
Total equity / net assets	26,073		31,554		29,603
Less: Minority interest in controlled entities	—		(6,224	)	(4,107	)
Less: Trust Preferred Securities	(975	)	(975	)	(975	)
Less: Trust Preferred Securities II	(1,014	)	(1,014	)	(1,014	)
Less: National Income Securities	(1,945	)	(1,945	)	(1,945	)
Less: Distributions	(127	)	(109	)	(95	)
Less: Goodwill	(4,776	)	(4,767	)	(4,701	)
Net tangible assets (NTA)	17,236		16,520		16,766
Ordinary shares - Including partly paid (no. ‘000)	1,603,611		1,567,654		1,558,860

(1) Any differences noted between the above ratios and those published in the Group’s external Results documents are solely due to rounding.

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

	Signature:	/s/ *Michaela J Healey*
Date: Ÿ11 May 2006	Name: Michaela J Healey
	Title: Company Secretary