Annual financial and audit reports

FULL YEAR RESULTS 2021

Management Discussion and Analysis

National Australia Bank Limited ABN 12 004 044 937

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FULL YEAR RESULTS 2021

SECTION 1 GROUP HIGHLIGHTS	9
Information about cash earnings and other non-	10
IFRS measures
Group performance results	11
Review of Group performance results	12
Shareholder summary	13
Key performance indicators	14

SECTION 2 GROUP REVIEW	15
Net interest income	16
Net interest margin	17
Other operating income	18
Markets and Treasury income	19
Operating expenses	20
Investment spend	21
Taxation	22
Lending	23
Goodwill and other intangible assets	24
Customer deposits	25
Asset quality	26
Capital management and funding	29

SECTION 3 DIVISIONAL REVIEW	35
Business and Private Banking	36
Personal Banking	38
Corporate and Institutional Banking	40
New Zealand Banking	43
Corporate Functions and Other	46
SECTION 4 SUPPLEMENTARY INFORMATION	49
SECTION 5 GLOSSARY	81

2021 Full Year Results Management Discussion and Analysis

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