NAB 0.43% $25.80 national australia bank limited

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  1. 5,769 Posts.
    Half Yearly Report/ASIC Half Yearly A/Cs

    NATIONAL AUSTRALIA BANK LIMITED 2002-05-09 ASX-SIGNAL-G

    HOMEX - Melbourne

    +++++++++++++++++++++++++
    REPORT OF THE DIRECTORS

    The directors of National Australia Bank Limited (hereinafter
    referred to as "the Company") present their report of the Group,
    being the Company and its controlled entities, for the half-year
    ended 31 March 2002 and the independent auditors' review report
    thereon.

    BOARD CHANGES

    Dr J Brian Clark and Mr Peter JB Duncan were appointed as independent
    non-executive directors in October and November 2001 respectively.

    DIVIDENDS

    The Directors have declared an interim dividend of 72 cents per
    ordinary share, fully franked, payable on 3 July 2002.


    The extent to which future dividends will be franked, for Australian
    taxation purposes, will depend on a number of factors including the
    proportion of the Group's profits that will be subject to Australian
    income tax and any future changes to Australia's business tax system
    as a result of the Australian Governments tax reform initiatives.

    ROUNDING OF AMOUNTS

    Pursuant to Class Order 98/100 made by the Australian Securities and
    Investments Commission on 10 July 1998, the Company has rounded off
    amounts in this report and the accompanying financial statements to
    the nearest million dollars, except where indicated.

    GROUP'S RESULTS

    The net profit attributable to members of the Company for the Group
    for the half year ended 31 March 2002 was $2,256 million, 11% higher
    than the March 2001 half year. Earnings attributable to ordinary
    shareholders (after distributions to holders of National Income
    Securities and Trust Units) rose by 13% from $1,913 million for the
    March 2001 half year to $2,161 million.

    REVIEW OF OPERATIONS

    Financial highlights for the period compared to the prior
    corresponding period included: Profitability

    * Cash earnings of $1,972 million up 8% from the March 2001 half year

    * Cash earnings from Australian operations contributed $1,126
    million, or 57% of Group cash earnings

    * Net interest income increased 6% to $3,603 million

    * Net interest margin improved 5 basis points to 2.71%

    * The charge to provide for doubtful debts increased 2% to $417
    million

    EARNINGS

    * Earnings per share growth of 11% to 139.0 cents per share

    * Cash earnings per share growth of 6% to 126.8 cents per share

    * Return on shareholders funds was 20%

    * Dividends per share increased 7.5%

    The movements from September 2001, to March 2002 are:

    * Underlying growth of 0.2 % in total assets in local currency terms

    * Movements in exchange rates decreased total assets by $14 billion

    * Gross loans and advances increased 3.7% in local currency terms

    * Funds under management and administration increased 9% to $70
    billion

    * Assets under custody and administration was up 4% to $359 billion

    HomeSide Lending, Inc (HomeSide) completed the sale of its operating
    platform and operating assets to Washington Mutual Bank, FA
    (Washington Mutual) as at 1 March 2002. The sale was completed in
    accordance with the 12 December 2001 agreement between Washington
    Mutual, HomeSide and others. Under the terms of the sale, HomeSide
    received cash for A$2,299 (US$1,184) million of operating assets,
    which consisted primarily of A$2,081 (US$1,072) million in warehouse
    and pipeline mortgage loans. The purchase price remains subject to
    final adjustment in accordance with the 12 December 2001 agreement.
    HomeSide still retains the mortgage servicing rights (MSR) and
    related financial hedges. Following the sale, HomeSide is no longer
    producing MSR and the book value will runoff through natural
    attrition and bulk sales. The sale of the operating platform and
    operating assets was made at a premium of A$49 million (US$25
    million) to the US generally accepted accounting principles (GAAP)
    book value of the net assets sold. Under Australian GAAP, the premium
    was slightly higher at A$52 million. After allowing for transaction
    costs and triggered costs, primarily employee liabilities, a loss of
    A$19 million (US$10 million) was recorded under Australian GAAP.

    Signed in accordance with a resolution of the directors.

    DCK Allen FJ Cicutto
    CHAIRMAN MANAGING DIRECTOR

 
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