National Australia Bank — franchise, risk and capital record

Purpose and five-year boundary

This record covers National Australia Bank Limited (ABN 12 004 044 937; ASX:NAB) and its consolidated Group for the five financial years ended 30 September 2021, 2022, 2023, 2024 and 2025. NAB is an Australian publicly listed company. The financial-statement boundary in each year is NAB together with its controlled entities; that is not the same thing as saying that every controlled entity is separately listed or that every disclosed franchise is a legal entity.

All five reports use NAB's 30 September financial-year end. Their issue/authorisation dates are distinct from the operating period: 9 November 2021 for FY2021, 9 November 2022 for FY2022, 9 November 2023 for FY2023, 7 November 2024 for FY2024, and 6 November 2025 for FY2025. References in the report to, for example, “2024” or “FY2024” therefore concern the twelve months ended 30 September 2024 unless the source expressly gives a different date.

The public reporting currency is Australian dollars. The annual financial-report conventions describe amounts as rounded to the nearest $m unless otherwise stated; later report tables also use $bn where NAB presents them that way. The report must preserve the issuer's stated unit, currency, ownership and reporting basis. In particular, Group, NAB Company, BNZ/New Zealand, controlled-entity, associate and segment figures are not interchangeable.

Legal and accounting-reporting basis

The accounting basis above does not make all narrative, sustainability or prudential material audited financial-statement information. FY2023, for example, states that EY audited the remuneration report and financial report, provided limited assurance over specified non-financial sustainability and Reconciliation Action Plan measures, and that selected environmental-measure assurance was separately available on NAB's website. Each assurance scope remains the one stated in the relevant document.

FY2021 split-report architecture

FY2021 is a material presentation boundary. NAB used a 2021 Annual Review alongside a separate 2021 Annual Financial Report:

• The Annual Review covers Group activities and performance, strategy, governance and financial/non-financial activity, and says its scope is NAB performance for the year ended 30 September 2021 unless stated otherwise.
• The Annual Financial Report contains the Directors' Report and Group financial statements. It is the source for the statutory financial-report boundary, accounting policies, statements and notes.
• NAB states that it brought its Annual Review and Sustainability Report together in 2021, while retaining the quantitative Sustainability Data Pack as a separate document.

Accordingly, a fact in the FY2021 Annual Review must not be represented as though it came from the Annual Financial Report, and vice versa. The FY2021 extracted annual-report corpus corresponds to the Annual Financial Report; qualitative FY2021 business, technology and sustainability facts require their official Annual Review source/page lineage.

FY2022–FY2025 annual-report and companion-document boundaries

FY2022 changed the presentation family by bringing three formerly separate reports into one Annual Report: the Annual Financial Report, Annual Review and Corporate Governance Statement. That integration is a FY2022 presentation change, not a retrospective restatement of FY2021's split-report architecture.

Across FY2022–FY2025, the Annual Report is thus the common five-year source spine, while the named companion documents remain separately bounded evidence. A limited-assurance statement, prudential disclosure, climate metric or management-discussion measure should retain the exact document and assurance/measurement status supplied by NAB.

Performance-measure and comparative boundaries

NAB's financial statements contain statutory Group and Company information, while NAB also presents management performance measures such as cash earnings, cash ROE and NIM. These must not be silently substituted for statutory profit, cash flow or a balance-sheet measure. For FY2025, NAB describes average balance measures as daily statutory averages, except average RWA, which uses reporting date and the two preceding quarter-end values. Such definitions are part of the reported basis, not generic five-year comparability assumptions.

Comparatives may carry restatements, reclassifications, discontinued-operation presentation or changing prudential calculation bases. The report will show those qualifications where they attach to a particular financial, capital, credit or segment series, rather than treating every displayed FY2021–FY2025 series as automatically like-for-like.

Subsequent-event and strategy-date boundary

The annual reporting period ends on 30 September; the November issuance/authorisation date permits directors' declarations and disclosed subsequent events to appear in the annual-report family, but does not move those later events into the prior-year operating result.

• NAB's customer-centric Group Strategy was introduced in November 2024. It is a dated strategy event after the FY2024 balance date, not an FY2024 year-end operating result and not a label retroactively applied to FY2021–FY2023.
• The reported disposal of NAB's remaining 20% MLC Life stake completed on 31 October 2025, after the FY2025 balance date. It belongs in the subsequent-event lane; it is not FY2025 closing ownership, FY2025 income or a FY2025 capital result.
• Other dated regulatory, board, portfolio and capital events are placed in their corresponding factual sections and the final annual chronology, with the report period and event date kept separate.

Section sources — official issuer documents and printed pages

• National Australia Bank 2021 Annual Financial Report, pp. 93–94 (legal identity, consolidated financial-report boundary, accounting basis, currency/rounding); and 2021 Annual Review, pp. 2–3 and 17 (Annual Review scope, reporting suite and FY2021 Annual Review/Sustainability Report arrangement).
• National Australia Bank 2022 Annual Report, pp. 1–4 (issuer identity, reporting-suite integration and report map) and p. 155 (consolidated financial-report boundary, accounting basis and director authorisation).
• National Australia Bank 2023 Annual Report, pp. 1–3 (issuer identity, reporting suite and assurance scope) and p. 159 (financial-report contents/boundary).
• National Australia Bank 2024 Annual Report, pp. 2–3 (reporting suite, report purpose and FY2024 definition).
• National Australia Bank 2025 Annual Report, pp. 2–4 (reporting suite and contents), pp. 86–88 (non-IFRS-measure and later-event context), pp. 144–152 (financial-report boundary), pp. 237–239 (consolidated entity disclosure statement and directors' declaration).

What this section records

This is a five-year record of the operating architecture and strategy language used by National Australia Bank Limited (NAB) in its own annual reports. It does not treat a brand, a customer-facing unit or a statutory entity as automatically being a reportable segment. Segment results, lending and deposit measurements are dealt with elsewhere in this report on their stated bases. In particular, New Zealand Banking (BNZ) segment figures are reported in the NAB Group's Australian-dollar segment presentation and must not be mixed with local-currency BNZ disclosures.

FY2021–FY2025 franchise and segment map

Boundary note. The segment assets and cash-earnings values above are only included where NAB's FY2021 segment note reported them. Segment assets include intercompany balances and eliminations in Corporate Functions and Other, so they are not substitutes for consolidated balance-sheet line items. Subsequent years retain the exact segment labels and boundaries in their relevant annual Note 2 disclosures rather than forcing non-like-for-like values into this map.

Strategy and operating-model chronology

Brand, entity and portfolio status register

Section sources

• NAB 2021 Annual Review, printed pp. 7–17; NAB 2021 Annual Financial Report, printed pp. 97–99, 168–169, 191.
• NAB 2022 Annual Report, printed pp. 12–15, 229–236.
• NAB 2023 Annual Report, printed pp. 12–19, 106–111, 169–175, 237–238.
• NAB 2024 Annual Report, printed pp. 12–16, 25–29, 111, 177–179, 262–263.
• NAB 2025 Annual Report, printed pp. 10–15, 25–29, 86–88, 155–157.

Reading this section

All monetary amounts below are in Australian dollars. Unless marked otherwise, dollar amounts are $m, balance-sheet amounts are the closing consolidated Group balance at 30 September, and earnings measures cover the year ended that date. The record deliberately keeps four different measures apart:

• Statutory profit is the audited accounting result. “Attributable to owners” is the amount attributable to National Australia Bank Limited shareholders after non-controlling interests and after discontinued operations where shown.
• Statutory profit from continuing operations excludes the separately presented discontinued-operations result. It is not interchangeable with total statutory profit.
• Cash earnings is NAB’s non-IFRS management performance measure. NAB says it starts with statutory continuing-operations profit and adjusts specified non-cash earnings items. It is not a cash-flow, funding or liquidity measure.
• Net cash from operating activities is a cash-flow-statement measure. It is affected by balance-sheet and other cash-flow movements, and is not “cash earnings”.

The five annual reports are all for years ended 30 September. A value stated in a later report as a comparative is retained only with its stated presentation basis; this avoids silently replacing an original-year statutory amount with a differently presented later comparator.

Five-year statutory performance and reported cash-earnings record

What the annual records say, year by year

• FY2021: Group statutory NPAT attributable to owners was $6,364m, including a $104m discontinued-operations loss. Continuing-operations NPAT was $6,471m. NAB reported cash earnings of $6,558m. The statutory income statement recorded $13,793m net interest income, $2,936m other income, $7,863m operating expenses and a $202m credit-impairment write-back. The $759m net operating cash inflow is a cash-flow-statement line, not a measure of cash earnings.
• FY2022: statutory attributable NPAT was $6,891m, while continuing-operations NPAT was $7,060m and the separately presented discontinued-operations result was a $169m post-tax loss. NAB reported $7.104bn cash earnings, 11.7% cash ROE and 211.7 cents diluted cash EPS. The statutory income statement recorded $14,840m net interest income, $3,730m other income, $8,702m operating expenses, a $124m credit-impairment charge and $2,684m income-tax expense. Net cash provided by operating activities was $28,221m; this remains a cash-flow basis distinct from both statutory profit and cash earnings.
• FY2023: statutory attributable NPAT was $7,414m and total statutory NPAT $7,419m; continuing-operations NPAT was $7,470m and discontinued operations recorded a $51m loss. Cash earnings were $7,731m. The report recorded $16,807m net interest income, $3,841m other income, $9,382m operating expenses and an $816m credit-impairment charge. NAB reported basic statutory EPS of 236.4 cents, cash ROE of 12.9% and statutory ROE of 12.3%.
• FY2024: statutory NPAT attributable to owners was $6,960m. The FY2024 report reported cash earnings of $7,102m and stated that it adjusts continuing-operations statutory profit for specified non-cash items; it expressly says the measure does not represent cash flows, funding or liquidity. The FY2024 Note 2 cash segment view recorded $16,754m NII, $3,496m other income, $9,427m operating expenses, a $728m cash credit-impairment charge and $2,975m income-tax expense. The statutory credit-impairment charge in Note 17 was $741m; it must not be relabelled as the cash measure.
• FY2025: statutory NPAT attributable to owners was $6,759m, continuing-operations statutory NPAT was $6,827m and total statutory NPAT was $6,798m. Cash earnings were $7,091m. The statutory income statement reported $17,403m NII, $3,469m other operating income, $10,348m operating expenses and an $833m credit-impairment charge. NAB identifies the FY2025 expense-presentation change and the restatement of the FY2024 comparative; this report therefore records the published basis rather than manufacturing a retrospective five-year adjustment.

Earnings-basis bridge: cash earnings versus audited statutory result

NAB’s definition is central to interpreting the series. It evaluates the businesses on cash earnings, defined as statutory NPAT from continuing operations adjusted for certain non-cash earnings items. The FY2025 report identifies hedging and fair-value volatility, amortisation of acquired intangible assets, and specified acquisition, integration, disposal or closure-related items as categories within that adjustment. It states that the cash-earnings basis was applied consistently with FY2024.

The “difference” column is an arithmetic comparison, not a claim that any one item causes the difference. FY2021–FY2024 full component bridges remain in each year’s segment-information note; the report uses the directly verified FY2025 bridge to demonstrate the reconciliation mechanics instead of reconstructing unverified component tables from mixed bases.

Balance-sheet and cash-flow record

Ordinary dividends and share buy-backs: dated record

These are historical issuer disclosures. This section makes no estimate of future earnings, dividends, value, target price, return or investor action.

Comparability and presentation register

1. FY2021 reporting split: FY2021’s Annual Financial Report contains the audited statements, while the Annual Review presents at-a-glance performance. Both are official NAB documents; each cited claim identifies its document and page. 2. Continuing versus discontinued operations: FY2021–FY2025 show a separately reported discontinued-operations result. Cash earnings is a continuing-operations performance measure unless stated, while statutory attributable NPAT is the audited shareholder-attributable total. The report therefore preserves both. 3. Cash versus statutory credit impairment: The FY2024 cash-segment credit-impairment charge was $728m, while the statutory charge in Note 17 was $741m. They are not corrected into a single invented number. 4. FY2025 expense presentation: NAB revised presentation of expenses directly attributable and incremental to earning income from banking services and restated FY2024 comparative information. The FY2025 table uses that reported restated comparator, while the FY2024 annual-report cash segment amounts are labelled as FY2024’s original cash basis. 5. Closing balances, KPI balances and averages: balance-sheet loans, GLAs, total customer deposits, deposits and other borrowings, closing assets and average assets have different definitions and timing. They remain separately named throughout.

Section 3 sources — official NAB documents

• National Australia Bank 2021 Annual Financial Report, printed pp. 85–90 (income statement, balance sheet and cash flow), pp. 97–99 (cash earnings/segment evidence), p. 107 (EPS), pp. 165–166 (dividends), p. 186 (cash-flow reconciliation).
• National Australia Bank 2021 Annual Review, printed pp. 5 and 7 (at-a-glance cash earnings, dividend and buy-back intention/progress).
• National Australia Bank 2022 Annual Report, printed p. 5 (KPIs), pp. 103–105 (performance, dividend and capital actions), pp. 148–153 (primary statements), p. 157 (cash-earnings reconciliation/segment information), pp. 219–220 (dividend/equity notes).
• National Australia Bank 2023 Annual Report, printed pp. 106–112 (five-year KPI and performance review), pp. 160–164 (primary statements), pp. 169–175 (cash/statutory reconciliation and segment information), pp. 231–233 (equity and distributions).
• National Australia Bank 2024 Annual Report, printed p. 5 (KPIs), pp. 110–114 (performance and capital management), p. 178 (cash segment information), Note 17 p. 199 (statutory credit impairment), Notes 27 and 30 pp. 236–240 (ordinary shares and dividend).
• National Australia Bank 2025 Annual Report, printed pp. 87–95 (definitions, five-year performance, capital management and dividend), pp. 89–90 (FY2025 audited Group closing balance-sheet values), pp. 145–150 (primary statements), pp. 154–157 (Note 2: cash/statutory reconciliation and segment information), and p. 152 (Note 1: FY2024 comparative presentation restatement).

Scope and reading basis

This section records NAB's customer-franchise, lending, deposit and disclosed credit-exposure information for the five financial years ended 30 September 2021–2025. It preserves the measures used by NAB rather than forcing them into one artificial series.

• Loans and advances on the balance sheet are accounting carrying amounts.
• Gross loans and advances in credit-risk tables are gross credit-risk amounts and can differ from the balance-sheet line.
• Gross loans and acceptances / GLAs are headline Group KPI measures. NAB's FY2025 KPI uses the label *gross loans and acceptances* and includes loans and advances at fair value.
• Total customer deposits is NAB's customer-deposit KPI. It is not the same as the audited balance-sheet category *deposits and other borrowings*, which can include commercial paper and repurchase agreements.
• Maximum credit exposure includes on- and off-balance-sheet exposures before collateral or other credit enhancement. It is not a funded-loan balance or an expected-loss measure.

All dollar amounts below are Australian dollars unless the source expressly uses a different basis. New Zealand Banking/BNZ is a separate NAB reportable segment. Segment information is presented on NAB's reported basis and is not a substitute for a BNZ standalone NZD balance sheet.

Five-year Group lending and deposit record

The table is a record of NAB's disclosed measures, not a reconstructed product-by-product portfolio. In particular, the FY2023–FY2025 customer-deposit KPI cannot be backfilled from FY2021–FY2022 deposits-and-other-borrowings accounting values without changing the measure.

Customer-franchise map and five-year record

Business and Private Banking / Business & Private

FY2021. Business and Private Banking was a reportable segment and the Annual Review described it as NAB's largest business-bank franchise. NAB reported a 22% overall business-bank market share, business-lending growth, approximately 550 additional customer-facing roles, and specialist strengths in agribusiness, professional services and health. The FY2021 segment note reported cash earnings of $2.480bn and segment assets of $208.189bn. Those segment assets include the segment-accounting basis and are not a business-loan balance.

FY2022. NAB continued to identify Business & Private as one of its core businesses. Its strategy disclosure described a named-banker model for small businesses with more complex needs and an evolving high-net-worth “Team of four” offering. The report's aggregate lending record does not provide a common standalone B&PB loan and deposit series for every year. NAB's FY2022 operating review instead reported strong home and business lending and deposit growth at Group/franchise narrative level.

FY2023. Business and Private Banking was reported as B&PB in the segment note. The report separately presents segment performance, but the evidence reviewed for this section does not support replacing the Group credit-risk and balance-sheet series with an unqualified B&PB portfolio total.

FY2024. B&PB remained a reportable segment. Segment assets were $262.096bn at 30 September 2024. This is segment-accounting information and includes intercompany balances that are eliminated in Corporate Functions and Other; it is not a B&PB gross-lending total.

FY2025. NAB described B&PB as its Australian relationship-led business and owner/private-wealth franchise, serving start-ups through medium and large businesses. It reported that it served one in four businesses in the SME market and one in three businesses in the agribusiness market under its stated market measures. On NAB's reported franchise metrics, B&PB business-lending balances increased 7.3%, deposits 6.6%, and new business-transaction-account openings 12% from FY2024. These are franchise metrics, not a common audited segment-loan table. The report also records $128bn of new business lending, defined as new or increased limits for new and existing customers and including gross value of transfers by existing customers into new products; it is a flow/limit measure, not a closing balance.

Personal Banking

FY2021. Personal Banking was a reportable segment with FY2021 cash earnings of $1.650bn and segment assets of $222.510bn. NAB described its scope as home lending and everyday-banking products, together with continued digital use, branch-network transformation and an Australia Post partnership. It identified the no-interest StraightUp card. These product and service references do not provide a complete card or unsecured-personal-loan balance series.

FY2022. NAB reported Australian home-lending growth of 7%, explicitly excluding the Citi consumer-business impact. On 1 June 2022 it completed the acquisition of Citi's Australian consumer business. The acquired perimeter included home lending, unsecured lending (personal loans and credit cards), retail deposits and private wealth management. That acquisition perimeter is not evidence that each component was disclosed as a standalone NAB segment balance in FY2022.

FY2023. Personal Banking continued as a reportable segment. The report discusses Citi consumer-business integration in the consumer-franchise context; selected comparators use an “excluding Citi consumer business” basis. The acquired business should therefore not be represented as an organic NAB portfolio that existed throughout the earlier five-year period.

FY2024. Personal Banking segment assets were $260.056bn. NAB reported Group housing loans of $416.758bn (FY2023: $406.298bn) in Note 12. The latter is a Group housing-loans figure, not a Personal Banking-only figure; the NAB Company equivalent of $361.195bn is likewise not a Group total.

FY2025. NAB stated that Personal Banking included home loans, deposits, debit and credit cards, personal loans, and physical, digital and assisted channels. It reported home-lending balances up 4.0% and retail deposits up 9.2% on its stated franchise measures. Approximately 270 proprietary home-lending bankers were added, offset by productivity such that net FTE increased by 120; it also reported branch refresh or extended Saturday trading at 32 locations. Proprietary-channel home-lending drawdowns were 41% of total drawdowns. NAB's economic-value table reported $103bn of new home lending, a new-lending flow and not a closing portfolio balance.

Corporate and Institutional Banking

FY2021. Corporate & Institutional Banking (C&I) was a reportable segment. NAB described financing, transaction banking, traded markets and asset servicing for key clients. FY2021 cash earnings were $1.207bn and segment assets $276.448bn. The segment-asset figure is not a pure customer-lending measure.

FY2022. NAB reported that C&I Banking pursued disciplined growth and transaction banking. The evidence supports the stated scope and activity, but does not support a separate common C&I deposit, product or exposure series across every annual report.

FY2023. Corporate and Institutional Banking (C&IB) remained a reportable segment with corporate/institutional client activities described by NAB. It must remain separate from both B&PB and BNZ; corporate transaction-banking and markets descriptions are not equivalent to a gross-loan portfolio allocation.

FY2024. C&IB segment assets were $278.047bn. Effective 1 October 2023, BNZ Markets Trading operations and enabling units were reported in New Zealand Banking rather than C&IB and Corporate Functions and Other; FY2023 comparatives were restated. This is a reporting-boundary change, so unadjusted earlier C&IB/NZ segment comparisons should not be made.

FY2025. NAB described C&IB as providing corporate finance, markets, transaction banking, enterprise payments and client coverage, with offices in Australia, the United States, Europe and Asia. It reported C&IB deposits up 10.5% and lending up 11.8%, alongside new transaction-banking mandates. These are reported franchise growth measures; they should not be merged with Group industry concentration values or used as a segment balance-sheet reconciliation.

New Zealand Banking / BNZ

FY2021. New Zealand Banking / BNZ was a reportable segment. NAB said BNZ grew market share in home lending and small/medium business in FY2021. Segment reporting was presented in AUD: cash earnings were $1.154bn and segment assets $96.734bn. Those AUD segment values are not the same as BNZ standalone NZD disclosure.

FY2022. NAB described NZ Banking as reporting SME business-lending growth and disciplined home-lending growth. BNZ is stated to be NAB's significant subsidiary, but this section keeps legal-entity ownership and statutory control detail separate from franchise performance.

FY2023. New Zealand Banking remained a reportable segment. The annual report's controlled-entity information names National Australia Group (NZ) Limited and Bank of New Zealand as 100%-owned entities. This supports a control boundary, not conversion of all NAB Group measures into BNZ results.

FY2024. New Zealand Banking segment assets were $120.389bn. The 1 October 2023 move of BNZ Markets Trading operations and enabling units into the NZ segment, with FY2023 comparative restatement, is material when reading its segment series.

FY2025. NAB described BNZ as serving personal, business, agriculture and private-banking customers. It reported more than 1.4 million customers and stated that BNZ increased market share in household deposits and key lending segments using RBNZ-sourced measures. NAB also stated that all BNZ branches had been open at least five days a week since April 2025. These are BNZ-specific disclosures; no Australian-franchise totals are folded into them.

ubank / 86 400

FY2021. 86 400 was acquired in May 2021 and was included in Corporate Functions and Other, with that lane also carrying UBank and eliminations. NAB described the 86 400 platform as part of accelerating UBank as a digital-attacker brand. The FY2021 report did not establish that all integration outcomes were complete.

FY2022. 86 400 integration and customer migration into ubank were progressing. NAB reported refreshed branding, digital features and accelerating new-customer acquisition growth in its target under-35 segment, without a validated comparable standalone customer count in this evidence record.

FY2023–FY2024. ubank was described as a customer-facing unit under the Chief Operating Office, not a separate reportable segment in Note 2. This is an important presentation boundary: a brand or operating unit should not be treated as a separately reported segment result.

FY2025. NAB described ubank as a digitally focused customer-facing unit under the Group Chief Operating Office. It reported a customer base exceeding 1.05 million, more than 200,000 customers added during the 12 months, and 24% year-on-year growth. The 2021 acquisition remains historical context rather than a FY2025 transaction.

Group credit exposure, commitments and concentration record

Gross loans, commitments and maximum exposure

FY2025 industry and geographic disclosure

NAB's FY2025 financial-risk table reports the following net loans and advances by industry. The table reports contingent liabilities/credit commitments and other financial assets separately; they are not added to the loan values below.

The same financial-risk disclosure records geographic loans and advances of $652.748bn for Australia, $97.556bn for New Zealand and $25.822bn for Other International. This is a financial-asset geographic classification, not a customer count, a branch footprint, or a reportable-franchise revenue allocation.

Customer support, specialised lending and product-programme facts

• In FY2021 NAB reported 31,047 unique primary Australian customers approved for hardship assistance for home loans, credit cards and personal loans. The Annual Review excludes customers with active deferrals at 30 September 2021 from that stated count; the measure is therefore not a Group loan-performance or ECL total.
• FY2023 reported $2.2bn of affordable and specialist housing lending, compared with $1.8bn in FY2022, in NAB's sustainability scorecard. It is a named social-finance measure, not Group-wide housing lending.
• FY2023 reported 15,354 NAB Assist customer accounts in financial hardship, compared with 15,654 in FY2022. It is an account-count metric rather than an ECL or impaired-asset balance.
• FY2024 reported a $463.8m spot balance for First Nations business/community lending and $4.4bn cumulative affordable and specialist housing lending. NAB labels these as progress toward stated targets; targets and reported lending are not interchangeable.
• FY2025 introduced NAB Customer Voices. NAB reported more than 180 teams using listen/learn/act practices, more than 750 individual actions and more than 120 experience improvements during 2025. These are programme activity counts, not universal customer-satisfaction or portfolio-performance measures.

Comparability boundaries and items not separately disclosed

1. The annual reports do not give a fully like-for-like five-year franchise-by-franchise deposit total. The report uses a mix of Group accounting balances, customer-deposit KPIs, growth percentages and segment assets. 2. Product-level balances for cards, unsecured personal lending, agribusiness and private wealth are not disclosed as one complete, common five-franchise series in the FY2025 annual report. NAB provides selected franchise descriptions, acquisition perimeter and industry/credit-risk tables instead. 3. Segment assets are not lending-only balances and include intercompany balances eliminated in Corporate Functions and Other. Corporate Functions and Other is a reconciliation/support lane rather than a customer franchise. 4. BNZ figures must retain their reportable-segment, local-entity and currency boundary. The FY2024 reassignment of BNZ Markets Trading operations and enabling units, with restated comparatives, is a specific break in segment comparability. 5. Credit-risk stages, risk grades, impairment/ECL, commitments and maximum exposure each answer different questions. They are not added together or substituted for loan carrying amounts.

Section sources

The report uses NAB-hosted issuer documents. Printed page references below are the pages in the PDF, rather than internal extraction identifiers.

• NAB 2021 Annual Financial Report: pp. 87–88 (Group balance sheet and segment context), 97–99 (segments), 115–117 (deposit/borrowing classification), 140–142 (credit stages and commitments).
• NAB 2021 Annual Review: pp. 5, 7, 9–10 (franchises, hardship, BNZ, business and personal-banking facts).
• NAB 2022 Annual Report: pp. 12–15 and 103 (franchise and growth facts), 150 (Group balance sheet), 192 and 196 (maximum exposure and gross-loan stages), 243–245 (Citi acquisition perimeter).
• NAB 2023 Annual Report: pp. 12–19 and 26–29 (business/customer framing), 106–113 (Group KPI and balance-sheet review), 169–175 (segment information), 203–218 (credit risk, maximum exposure, risk grades and geographic concentration), 29–42 (social-finance and customer measures).
• NAB 2024 Annual Report: p. 5 (reported customer/social-finance measures), pp. 25–29 (customer disclosures), pp. 111–112 (segment-reclassification and Group balance-sheet review), pp. 177–179 (segments), p. 192 (Group housing loans), p. 222 (deposit/funding description).
• NAB 2025 Annual Report: pp. 10–15 (franchise scope, growth metrics, product/distribution facts), pp. 13–14 (new lending/deposit definitions and customer-advocacy programme), p. 88 (five-year GLAs and customer-deposit KPIs), pp. 195–198 (credit grades, industry and geographic concentration).
• NAB annual reporting suite: issuer landing page for the five annual-report families and identified companion materials. No unpaged numeric claim in this section is drawn from the landing page.

Scope and comparability

This section records National Australia Bank Limited (NAB) Group disclosures for years ended 30 September 2021–2025. It separates four measures that can otherwise be confused:

1. Total customer deposits are a five-year KPI series, not total funding. 2. Deposits and other borrowings are a consolidated balance-sheet liability category. It includes more than customer deposits in the relevant accounting note. 3. Term wholesale funding raised is an annual issuance flow, not the closing outstanding debt balance. 4. LCR, NSFR, HQLA and contingent liquidity are prudential/liquidity-risk measures with distinct time bases and definitions.

NAB describes its funding mix as customer deposits, term wholesale funding, short-term wholesale funding and equity. The Group's framework allocates management to Group Treasury, independent review/challenge to Group Balance Sheet & Liquidity Risk Management, oversight to the Asset and Liability Committee, and ultimate responsibility to the Board. The annual reports describe daily monitoring, contractual and behavioural cash-flow modelling, a high-quality liquid-assets portfolio, diversification and maturity-concentration limits, a contingent funding plan and survival-horizon scenarios. These are disclosed framework features rather than reported stress-test outcomes.

Five-year deposits and funding record

The FY2021 annual financial report recorded $605.043bn in deposits and other borrowings at 30 September, compared with $546.176bn one year earlier. It also reported $12.5bn of term wholesale funding raised during the year: $9.7bn by NAB, including $5.6bn of Tier 2, and $2.8bn of BNZ senior unsecured debt. The FY2021 balance-sheet debt-instruments line was $41.878bn and other debt issues were $6.831bn. Neither closing liability line is a complete measure of wholesale funding raised or of total funding.

For FY2022, the accounting-note categories within $683.526bn of deposits and other borrowings included $310.347bn on-demand/short-term deposits, $48.555bn certificates of deposit, $100.289bn non-interest-bearing deposits, $44.346bn commercial paper and other borrowings, and $23.940bn repurchase agreements. These are accounting instrument categories and should not be summed with the headline total. NAB reported $39bn of term wholesale funding issuance across products, currencies and tenors, including the RBNZ Funding for Lending Programme. Group bonds, notes and subordinated debt were $119.283bn and other debt issues $7.318bn at year end; those are balance-sheet classes, not a total annual funding-flow measure.

In FY2023, NAB reported $587.4bn total customer deposits and $682.120bn deposits and other borrowings, explicitly different measures. It raised $40.254bn of term wholesale funding, versus $38.676bn in the FY2022 comparative disclosed in the FY2023 report, with a 4.3-year weighted-average maturity. The report separately identifies $31.866bn of Term Funding Facility allocation drawn, excluding the Citi Australian consumer-business acquisition; this historic facility allocation is not FY2023 term issuance.

For FY2024, the balance-sheet category deposits and other borrowings rose to $712.566bn, $30.446bn above FY2023. NAB reported $37.493bn term wholesale funding raised, with a five-year weighted-average maturity to first call. It also reported that the RBA Term Funding Facility allocation had been fully repaid by 30 September 2024; the facility's March 2020 establishment and three-year secured-funding purpose are historical context, not a FY2024 funding balance.

In FY2025, customer deposits were $658.4bn, up from $612.8bn in the FY2024 KPI comparator. The separate closing consolidated balance-sheet category deposits and other borrowings was $736.159bn at 30 September 2025. NAB reported $36.258bn term wholesale funding raised excluding AT1, RMBS and FLP, with a five-year weighted-average maturity to first call. Its operating review rounded this to $36.3bn across products and currencies: $33.3bn by NAB and $3.0bn by BNZ; the disclosed Tier 2 portions were $4.0bn and $0.8bn respectively. The rounded and detailed figures describe the same annual activity and are not additive.

Liquidity record and prudential boundary

FY2021 NSFR was 123%, compared with 127% in FY2020. NAB attributed the reduction largely to the Committed Liquidity Facility (CLF) declining from $55.1bn to $31.0bn. It reported September-quarter average regulatory liquid assets of $191bn, including $163bn of HQLA. The report also gave a 101% Stable Funding Index and said deposit inflows had outpaced lending growth; this is an issuer-defined indicator and is not substituted for LCR or NSFR.

FY2022 describes APRA's announced reduction of the CLF to zero by the end of calendar 2022, subject to market conditions, and says APRA specified that ADIs should not rely on CLF to meet the minimum 100% LCR requirement from the start of 2022. The FY2022 annual-ledger evidence does not contain a page-verified NAB LCR or NSFR percentage; it is recorded as not separately recovered rather than inferred.

The CLF was fully phased out to zero on 1 January 2023. At 30 September 2023 NAB reported NSFR of 116%, three percentage points below FY2022 under the FY2023 report's comparator, and a September-quarter average LCR of 140%. Market value of on-balance-sheet liquid assets was $222.463bn and unencumbered internal RMBS available as contingent liquidity was $80.089bn.

FY2024 LCR averaged 137% during the September quarter, three percentage points below the FY2023 result. NAB reported quarterly-average regulatory liquid assets of $215bn: $212bn HQLA and $3bn RBNZ repo-eligible securities. That quarterly-average regulatory measure is distinct from the $224.612bn market value of on-balance-sheet liquid assets at 30 September and the $99.404bn of unencumbered internal RMBS contingent liquidity.

At 30 September 2025 NSFR was 116%, one percentage point below FY2024. NAB says higher required stable funding from lending-volume growth and changes in regulatory-liquid-asset mix were partly offset by deposits and wholesale funding. FY2025 average LCR was 135%, with average HQLA of $208bn and average net cash outflows of $153bn. The Group's $220.042bn closing on-balance-sheet liquid assets and $83.953bn unencumbered internal RMBS remain separate measures from those average LCR inputs.

Covered bonds, securitisation, debt instruments and maturities

NAB's annual reports distinguish funding instruments from capital instruments and from securitisation vehicles. The FY2025 statutory controlled-entity disclosure names NAB Covered Bond Trust, BNZ Covered Bond Trust and a series of National RMBS trusts, including 2012-1, 2015-2, 2016-1, 2018-1, 2018-2, 2022-1, 2023-1, 2024-1 and Sasquatch Trust 2025-1. Those trusts are part of the Group's disclosed legal/entity and funding structures; their presence does not by itself establish an ordinary-share ownership percentage or convert every trust balance into customer deposits.

FY2021's funding/capital instrument register included NAB Capital Notes 2 ($1.50bn issued), NAB Capital Notes 3 ($1.87bn), NAB Capital Notes 5 ($2.39bn), Wholesale Capital Notes ($500m) and Wholesale Capital Notes 2 ($600m), together with stated issue/conversion dates and BBSW margins in the note. The register should not be recast as a single maturity ladder without retaining its instrument terms and capital classification.

In FY2023, the report records a $1.25bn subordinated-notes issue on 9 March and a $943.2101m capital-instrument redemption on 20 September. FY2025 then records the following dated actions, each with its stated currency and regulatory boundary:

The list shows reported issue and redemption events, not a net funding calculation. Term wholesale funding raised, closing debt balances, capital ratios and BNZ's RBNZ capital treatment remain distinct measures.

Interest-rate risk, derivatives, hedging and benchmark-transition record

NAB defines non-traded market risk principally as interest-rate risk in the banking book (IRRBB). Its financial-risk disclosures identify repricing, yield-curve, basis and optionality risk in the related regulatory-capital calculation. The Group reports using Value at Risk, Earnings at Risk, stress testing, repricing and cash-flow analysis, and scenario analysis. These are risk-management methods, not an earnings forecast or a statement that a stress event occurred.

In FY2021 NAB reported early adoption of AASB 2020-8 Phase 2 in connection with IBOR reform and stated that no assets or liabilities were restated as a result of the transition. The report directs readers to the relevant financial-instrument/derivative disclosure for exposure detail. In FY2022, the cash-flow hedge reserve was $(1.667)bn at 30 September 2022, compared with $86m at 30 September 2021. That reserve is an accounting-reserve measure, not a realised funding cost or a standalone IRRBB measure.

FY2023's financial-risk disclosure continues to describe IRRBB and the measurement framework. FY2024 states that differences in lending and deposit/funding maturity and repricing profiles can affect net interest margin; this is a risk disclosure rather than a forecast. FY2025 continues to describe an APRA-accredited internal model with the stated IRRBB design features. APRA's APS 117 IRRBB revisions came into effect on 1 October 2025, after the FY2025 balance date, and are therefore a dated regulatory change rather than FY2025 operating performance.

Section sources

• National Australia Bank 2021 Annual Financial Report — official issuer PDF, printed pp. 16–18 (liquidity, stable funding and term issuance), 87, 93–94 (IBOR transition), 111 and 115–117 (debt and instrument register), 125–149 (financial-risk/funding disclosure).
• National Australia Bank 2022 Annual Report — official issuer PDF, printed pp. 91–92 and 103–105 (funding, CLF and term issuance), 150 (balance-sheet debt classes), 172 (deposits/other-borrowings categories), 199–205 and 219 (derivatives, hedge accounting and reserve), 265–266 (defined liquidity measures).
• National Australia Bank 2023 Annual Report — official issuer PDF, printed pp. 106–115 (funding review, CLF and instrument events), 185–190 (bonds, notes and subordinated debt), 203–218 (funding/liquidity and non-traded market risk), 254–255 (capital-adequacy boundary), 272–273 (definitions).
• National Australia Bank 2024 Annual Report — official issuer PDF, printed pp. 112 (closing balance-sheet category) and 221–224 (liquidity-risk framework, funding mix, liquid assets, RMBS and LCR).
• National Australia Bank 2025 Annual Report — official issuer PDF, printed p. 88 (five-year customer-deposit KPI), pp. 89–90 (closing deposits-and-other-borrowings balance-sheet category), pp. 92–95 (funding, LCR, NSFR and dated instrument actions), pp. 182–207 (derivatives, hedging, funding/liquidity and IRRBB), pp. 237–238 (covered-bond/RMBS trust register).

The issuer's annual reporting-suite archive is included for report access. The section uses the five issuer-hosted annual-report PDFs and printed-page references above; it does not use internal extraction identifiers, ASX-hosted substitutes or a valuation/recommendation framework.

Scope and measurement boundary

This section records the Group disclosures that NAB places in its provision-for-credit-impairment and financial-risk notes. It deliberately keeps four different measures separate:

1. Credit impairment charge or write-back is the annual income-statement flow. 2. Provision / ECL is the closing expected-loss allowance, which can include loans and advances as well as guarantees and credit-related commitments depending on the year and table. 3. Gross impaired assets, defaults and risk grades are credit-quality or exposure measures, not the ECL balance. 4. Scenario outputs, stage-transfer sensitivities and forward-looking adjustments (FLAs) are model inputs or sensitivities, not realised losses or macroeconomic forecasts.

NAB describes a three-stage AASB 9 ECL model throughout the later reports. Stage 1 uses 12-month ECL; Stage 2 uses lifetime ECL when there has been a significant increase in credit risk (SICR); and Stage 3 uses lifetime ECL for non-performing exposure. In the FY2024–FY2025 disclosure, a facility more than 30 days past due is a SICR indicator; default is defined as 90 or more days past due or an assessment that full repayment is unlikely without remedial action. These are reporting definitions, not counts of defaults. The FY2021 report also describes Stage 1 as no significant increase in default risk, Stage 2 as a significant increase, and Stage 3 as credit impaired. [FY2021: Annual Financial Report (AFR) pp. 118–120; FY2024: Annual Report pp. 197–200; FY2025: Annual Report pp. 175–181.]

Five-year annual impairment flow

The table is an annual P&L record, not a provision series. In FY2024, NAB reconciled the $741m statutory charge to $968m of new and increased provisions, net of collective-provision releases, less $132m of individually assessed provision (IAP) write-backs and $95m of recoveries. In FY2025, NAB reconciled its $833m charge to $1,061m of new and increased provisions net of collective releases, less $178m of IAP write-backs and $50m of recoveries of amounts previously written off. [FY2021: AFR p. 85; FY2022: Annual Report p. 148; FY2023: Annual Report pp. 106–111; FY2024: Annual Report p. 199; FY2025: Annual Report pp. 88, 175–181.]

ECL / provision record and stated movement disclosures

The apparent FY2022 values above are not forced into one continuous series: the FY2022 ECL-movement-table balance ($4,332m) and the FY2023 report’s FY2022 comparative probability-weighted total ($5,056m) are retained with their respective reported table/basis labels. This report does not infer a reconciliation that NAB has not explicitly supplied in the extracted evidence.

At 30 September 2025, NAB reported $5,002m of collective provision (FY2024 $5,165m) and $1,163m of individually assessed provision (FY2024 $756m). The FY2025 key-portfolio ECL amounts were housing $1,296m, business $4,411m and other $458m; these are provision allocations, not gross loan balances. NAB attributed the rise in the individual component mainly to business-lending provisions, while its Note 17 describes stage migration, origination/repayment and forward-looking effects for collective components. [FY2021: AFR pp. 120–123; FY2022: Annual Report pp. 179–182; FY2023: Annual Report pp. 192–202; FY2024: Annual Report pp. 197–205; FY2025: Annual Report pp. 175–181.]

Stages, risk grades, impaired assets and enforcement record

The FY2021 report also stated that a payment deferral under COVID support packages did not by itself necessarily trigger a Stage 1-to-Stage 2 migration, consistent with the industry guidance described there. Modifications were separately disclosed. The report is therefore not read as treating every payment deferral as either a default or an ECL-stage event. [FY2021: AFR pp. 120–125, 140–142; FY2022: Annual Report pp. 182, 192, 196; FY2023: Annual Report pp. 192–214; FY2025: Annual Report p. 88 and pp. 191–198.]

Forward-looking adjustments, scenarios and sensitivities

NAB says its ECL measurement uses probability-weighted base, upside and downside scenarios for major loan portfolios, with FLAs for emerging risk at industry, portfolio or segment level. The following items are recorded as reported model information rather than as predictions.

For FY2025, NAB’s stated explanation of the base-case provision movement included lower forward-looking provisions, including release from target-sector FLAs and refreshed macroeconomic variables, partly offset by individual provisions, Business & Private Banking business-lending volume and deterioration in Australian asset quality. The report has a separate explanation for downside movement. This section attributes those explanations to NAB and makes no further causal inference. The independent auditor’s key-audit-matter discussion identified the $6,165m provision, AASB 9 application, macroeconomic assumptions, SICR identification, individual/collective provisions and scenario/weighting judgement as audit focus areas; it does not create a separate assurance conclusion on every scenario output. [FY2022: Annual Report pp. 181–182, 192; FY2023: Annual Report pp. 192–202; FY2024: Annual Report pp. 197–205; FY2025: Annual Report pp. 175–181, 242–243.]

Five-year chronological record

Section sources — official NAB documents

• NAB 2021 Annual Financial Report, printed pp. 85, 118–125 and 140–142.
• NAB 2022 Annual Report, printed pp. 148, 179–182, 192 and 196.
• NAB 2023 Annual Report, printed pp. 106–111, 192–202 and 203–214.
• NAB 2024 Annual Report, printed pp. 197–205.
• NAB 2025 Annual Report, printed p. 88, pp. 175–181, 191–198 and 242–243.

Reporting boundary and reading rules

• The capital ratios and risk-weighted assets (RWA) below are NAB's reported APRA Level 2 Group prudential measures at 30 September unless another basis is stated. They are not statutory consolidated equity, total assets, or cash-earnings measures.
• NAB also disclosed an internationally comparable CET1 ratio in FY2022. That is a separate calculation basis from the APRA ratio and is retained as such rather than joined to the APRA five-year series.
• A pro-forma ratio is shown only where NAB stated it, and is kept separate from the reported closing ratio. BNZ/RBNZ instruments and ratios are likewise a separate regulatory boundary; they do not automatically form part of NAB Group APRA total capital.

Five-year reported APRA Level 2 Group series

The FY2023 report says NAB adopted APRA's revised capital framework on 1 January 2023. The FY2022/FY2023 comparison therefore crosses a disclosed calculation-framework boundary; it is a reported five-year series, not an unqualified like-for-like trend calculation.

FY2021 — closing capital, target and initial buy-back

• NAB reported a 13.00% CET1 ratio at 30 September 2021, with Tier 1 of 14.64%, total capital of 18.91% and RWA of $417.2bn. The Annual Review stated the CET1 ratio was 153 basis points above FY2020.
• NAB stated it intended to manage CET1 over time toward 10.75%–11.25%. This was management's operating range, not an APRA minimum. It also described 65%–75% cash-earnings dividend-payout guidance, subject to Board determination and circumstances; this is a payout-policy disclosure, not an investment-return conclusion.
• On 30 July 2021 NAB announced an intention to buy back up to $2.5bn of ordinary shares on market to manage CET1 toward the stated range. The Annual Review recorded that approximately 20% had been completed by year end; the financial report records $486m bought back and cancelled in FY2021.
• The FY2021 financial report describes APRA capital requirements at Level 1 (NAB plus approved Extended Licensed Entities) and Level 2 (NAB plus controlled entities, with stated exclusions). It states that NAB, as an Australian domestic systemically important bank (D-SIB), was required to hold an additional 1% CET1 buffer and that Australia's countercyclical buffer was zero at that date.
• NAB recorded APRA's 2021 revised-capital-standards timetable for implementation from 1 January 2023. This was a future regulatory implementation timetable in the FY2021 report, not a change already applied to FY2021 reported ratios.

FY2022 — buy-backs and the revised-framework transition

• NAB reported FY2022 APRA-basis CET1 of 11.51%. It separately disclosed an internationally comparable CET1 ratio of 16.89%; the two ratios use different bases and are not interchangeable.
• NAB said the APRA-basis CET1 ratio fell 149 basis points in FY2022, primarily reflecting $3.9bn of shares bought back. During the year it completed the $2.5bn programme announced in July 2021 and began a further programme of up to $2.5bn. At 30 September 2022, $1.9bn / 65,404,623 ordinary shares had been acquired under the further programme; the report's FY2022 total states $3.9bn / 134,952,672 ordinary shares were bought back and cancelled.
• NAB's then CET1 target range was 10.75%–11.25%; it said the range would move to 11.00%–11.50% from 1 January 2023 under APRA's revised capital framework. It disclosed approximately 11.8% pro-forma CET1 at 30 September 2022 after the remaining $0.6bn buy-back and estimated new-framework impact. The 11.8% value is an issuer-stated pro-forma estimate, not the 11.51% closing reported ratio.
• NAB stated that it had used APRA's Standardised Measurement Approach for operational risk from 1 January 2022. It also described the D-SIB loss-absorbing-capacity pathway: an interim 3% of RWA increase by 1 January 2024 and a final 4.5% of RWA increase by January 2026. These are requirement dates stated in the report, not a conclusion about future funding actions.
• The FY2022 final ordinary dividend was 78 cents per share, and total FY2022 ordinary dividends were 151 cents per share, fully franked. The reported six-month cash-earnings payout ratio for the final dividend was 68.5%; that ratio has a cash-earnings and half-year basis.

FY2023 — revised APRA basis, distributions and capital actions

• NAB reported FY2023 CET1 of 12.22%, Tier 1 of 14.19% and RWA of $435.0bn. It states that the APRA revised capital framework was adopted on 1 January 2023, with the CET1 target range moving to 11.00%–11.50% from that date.
• NAB disclosed CET1 of approximately 11.94% on a pro-forma basis after the announced further ordinary-share buy-back. This must remain distinct from the reported closing 12.22% CET1 ratio.
• On 15 August 2023 NAB announced an intention to buy back up to $1.5bn of ordinary shares. It commenced on 29 August; the report says $0.3bn had been completed in the half-year to 30 September 2023, stated as 0.07% of CET1 capital.
• FY2023 ordinary dividends were 167 cents per share, with a 67.7% cash-earnings payout ratio. NAB stated a Board-guided 65%–75% range; the amount, ratio and Board guidance have different bases.
• NAB recorded a $1.25bn subordinated-notes issue on 9 March 2023 and a $943.2101m subordinated-notes redemption on 20 September 2023. Its capital-adequacy note defines CET1, Tier 1 and total capital under APRA requirements. The report separately addresses BNZ and RBNZ capital-review changes; no BNZ capital ratio is added to the NAB Group APRA series.
• The report also records APRA's revised leverage-ratio exposure methodology effective from 1 January 2023, announced APS 117 revisions expected from 2026, and the D-SIB total-capital pathway of 3% of RWA from 1 January 2024 and 4.5% by January 2026. These are dated prudential-framework disclosures.

FY2024 — reported ratio, target and AT1 consultation

• NAB reported FY2024 APRA Level 2 CET1 of 12.35%, 13 basis points above FY2023. The stated CET1 operating target range remained 11.0%–11.5%; NAB describes it as a Board-set operating range above minimum requirements, not an APRA minimum.
• NAB's stated capital-management objective was adequacy, efficiency and flexibility, including sufficient capital above regulatory requirements and within balance-sheet risk appetite. This is an issuer policy statement, not a guarantee.
• NAB reported $2.1bn of FY2024 on-market ordinary-share buy-back cancellations, including $1.1bn in the second half. The equity-note reconciliation records $2,077m, a source-specific accounting presentation/rounding figure; both figures are retained with their stated context rather than merged.
• The report references APRA's APS 117 IRRBB revisions as effective 1 October 2025, and APRA consultation on capital changes and liquidity review. Those were future or consultation-stage regulatory items in FY2024.
• In its FY2024 risk-factor discussion, NAB recorded APRA consultation on replacing 1.5% AT1 with 0.25% CET1 and 1.25% Tier 2 from January 2027, subject to feedback. It was a consultation/proposal in the FY2024 report, not an already-effective rule.
• NAB separately disclosed ordinary shares, AT1 instruments and Tier 2/subordinated notes in the relevant notes. No aggregate capital-instrument amount is constructed here because the instruments have different contractual and prudential treatment.

FY2025 — closing ratio, APRA requirements and dated instrument actions

• NAB reported FY2025 CET1 of 11.70%, 65 basis points lower than FY2024. NAB lists volume growth, long-term investment and completion of the buy-back as key drivers. It separately disclosed pro-forma CET1 of 11.81% adjusted for the sale of the remaining MLC Life stake; that sale completed after the balance date and the 11.81% is not FY2025 closing capital.
• In May 2025 NAB raised its CET1 operating target by 25 basis points to greater than 11.25%, which it linked to APRA's AT1 phase-out decision. This is an operating target, not a regulatory minimum.
• NAB described APRA's AT1 phase-out from 1 January 2027 for large internationally active banks as replacing 1.5% AT1 with 0.25% CET1 and 1.25% Tier 2. Existing AT1 treatment remains subject to the reported transition language; the replacement components are not presented as already-effective FY2025 capital.
• NAB states that the D-SIB loss-absorbing-capacity requirement was 3% of RWA from 1 January 2024 and would increase by a further 1.5% to 4.5% from 1 January 2026. NAB states the 4.5% total-capital requirement would have been met based on its 30 September 2025 RWA and total-capital position.
• APRA APS 117 IRRBB revisions came into effect on 1 October 2025. NAB reports internal-model re-accreditation and separately refers to a future APS 116 market-risk consultation timetable. RBNZ consultations on international comparability, risk weights and capital-ratio options are also described as regulatory process, not completed requirements.
• The $3.0bn ordinary-share buy-back completed on 12 March 2025. The report states 87,824,707 shares were bought back and cancelled in total, with $0.6bn / 16,572,039 shares occurring in FY2025. The FY2025 ordinary dividend was 170 cents per share; NAB states the final 85-cent dividend was fully franked and that the dividend reinvestment plan was expected to be satisfied in full by on-market purchases.
• Dated capital/funding instrument actions listed by NAB include: $600m NAB Wholesale Capital Notes 2 redeemed on 17 July 2025; US$1.25bn subordinated notes issued on 14 January; CAD1.0bn subordinated notes redeemed on 12 June; HKD400m subordinated notes issued on 24 July; $1.5bn domestic subordinated notes issued on 30 July; and CHF225m subordinated notes issued on 3 September. NAB also reports a BNZ US$500m Tier 2 subordinated-notes issue on 28 January 2025, and expressly states that it qualifies under RBNZ rules rather than Group total capital under APRA rules.

Capital-instrument register boundary

• FY2021's financial-report register names perpetual floating-rate notes, convertible preference shares, convertible notes, NAB Capital Notes 2, 3 and 5, Wholesale Capital Notes and Wholesale Capital Notes 2. It records CPS II ($1.717bn) as redeemed on 17 December 2020, before the FY2021 year-end.
• FY2022 balance-sheet classes of Group bonds, notes and subordinated debt ($119,283m) and other debt issues ($7,318m) are accounting instrument classes. They do not mean each balance counts identically in CET1, Tier 1 or total capital.
• Across FY2023–FY2025, dated subordinated-note issuance/redemption and AT1/Wholesale Capital Notes actions are retained above only where a date, amount and stated basis are present. This report does not calculate its own regulatory-capital contribution, redemption effect or future instrument requirement.

Section sources — official NAB documents

• NAB 2021 Annual Financial Report, printed pp. 7, 107, 115–117 and 185–186 (five-year KPI table, CPS II/instrument register, APRA Level 1/Level 2 and buffer disclosure).
• NAB 2021 Annual Review, printed pp. 5 and 7 (CET1 comparison, stated target and buy-back status).
• NAB 2022 Annual Report, printed pp. 5, 103–105, 150 and 219–220 (APRA/international CET1 bases, capital framework transition, buy-backs, dividends and instrument classes).
• NAB 2023 Annual Report, printed pp. 106–115, 185–190, 231–233, 250–255 and 272–273 (capital KPIs, target, APRA/RBNZ changes, instruments, distributions and capital definitions).
• NAB 2024 Annual Report, printed pp. 5, 97, 114–115, 193–196, 236–240 and 258–261 (CET1, target, APRA consultation, buy-back and instrument/equity/capital notes).
• NAB 2025 Annual Report, printed pp. 88 and 92–94 (five-year capital series, target, buy-back, APRA/RBNZ settings and dated FY2025 actions), and pp. 212–216 (capital-instrument disclosure lane).

Scope and reading boundary

NAB itself presented “Data security, technology and innovation” as a FY2021 material theme, then used the named annual-report lane “Data security and technology” in FY2022 and “Technology, data and security” in FY2023–FY2024. FY2025 describes its technology modernisation work within the customer and creating-value material rather than creating a directly comparable five-year KPI set. This section therefore records disclosed programmes, milestones and bounded metrics by reporting year. It does not treat an announced capability as implemented, a training-reach figure as control effectiveness, or a productivity statement as a statutory expense outcome.

The FY2021 qualitative record is drawn from NAB's issuer-hosted *2021 Annual Review*, checked alongside the *2021 Annual Financial Report*. FY2022–FY2025 references are to each year's consolidated NAB Annual Report. All periods are years ended 30 September; a later announced event is labelled separately.

Five-year programme and event register

Disclosed metrics: comparable only where the source basis permits

Status and comparability observations

• No complete five-year quantitative cyber-incident, breach, loss-prevention, application-migration, AI-outcome or technology-expense series is separately disclosed in the five annual reports used here. Empty cells are retained as not separately disclosed, not interpreted as zero.
• Technology investment and productivity figures are reported in performance/operating-expense contexts and carry the issuer's own basis. They are not used here to claim a causal relationship with statutory earnings, service availability, incident changes or customer outcomes.
• FY2023, FY2024 and FY2025 cloud, availability and incident-reduction measures use non-identical labels/scopes. The values are recorded in their original annual contexts rather than normalised into a synthetic trend.
• The financial-crime, cyber and privacy record overlaps with Section 9's governance, regulatory and remediation chronology. This section records the technology/control and status facts; Section 9 retains enforceable-undertaking, regulatory and remediation status so that a technology programme is not mistaken for closure of a regulatory matter.

Section sources (official NAB documents and printed pages)

• NAB 2021 Annual Review, printed pp. 3–4 (material themes), 7 (86 400/UBank), 9 (business digital/data process), 17 (Open Banking/open finance), 42 (cloud/data capability), 57 (reporting-suite reference).
• NAB 2021 Annual Financial Report, printed pp. 103–104 (capitalised-software accounting-policy comparability context).
• NAB 2022 Annual Report, printed p. 19 (technology/data resource), p. 23 (ubank product update), pp. 42–47 (data security, technology, scam and privacy activity), p. 103 (investment/productivity and technology-control context), pp. 243–247 (LanternPay acquisition).
• NAB 2023 Annual Report, printed pp. 43–46 (Technology, data and security), pp. 76–79 (Board technology oversight), pp. 85–101 (technology and operational-risk context).
• NAB 2024 Annual Report, printed pp. 46–49 (Technology, data and security), pp. 86–90 (governance/control context), pp. 91–106 (risk-management context).
• NAB 2025 Annual Report, printed pp. 14–18 (technology modernisation, AI, payments, fraud/scams, privacy and cyber), pp. 73–84 (risk context), pp. 86–88 and 92 (investment/productivity and expense basis), p. 86 (later executive event).

*Source treatment:* this is independent, transformed factual prose and reconstructed tables from the cited public records. It does not reproduce NAB charts, logos, photographs or extended source passages.

Scope and status discipline

This section records what National Australia Bank Limited (NAB) disclosed in its FY2021–FY2025 reporting family about governance, risk management, conduct, financial-crime compliance, regulatory matters, remediation and contingencies. Each financial year ends on 30 September. It distinguishes an investigation, an enforceable obligation, an in-progress plan, a completed or largely-complete payment stream, a recognised accounting provision, and an uncertain contingent exposure. These are different states and must not be read as interchangeable.

The FY2021 qualitative governance and conduct references are from NAB's issuer-hosted *2021 Annual Review*, used alongside the extracted *2021 Annual Financial Report*. FY2022–FY2025 use NAB's annual-report governance, risk-management, directors' report and financial-statement disclosures. A risk category or control-framework description is not evidence that a risk event occurred or that all risk was eliminated.

Five-year governance and risk-framework record

Conduct, speak-up and financial-crime record

Regulatory, remediation and litigation status register

NULIS class-action record at FY2025

The FY2025 annual report provides a dated procedural update that should remain distinct from the MLC Wealth transaction's retained-liability provisions. The report says a class action against NULIS Nominees (Australia) Limited was commenced in October 2019. An initial trial on selected claims occurred on 9 October 2023. Judgment was delivered in NULIS's favour on 2 December 2024, with final orders dismissing the proceeding and awarding costs to NULIS on 12 February 2025. The applicant filed an appeal on 12 March 2025; a hearing date had not been fixed at the FY2025 report date. NAB stated potential outcomes and total costs remained uncertain and, although NULIS was no longer part of the Group after the MLC Wealth transaction, NAB remained liable for costs and retained conduct of the matter under that transaction's terms. This is therefore recorded as first-instance dismissal followed by an appeal pending at FY2025 report date, not as a final closure. [FY2025 Annual Report, Note 30 pp. 217–220.]

Provisions and contingencies: accounting boundary

The annual reports do not support a single five-year “remediation cost” or “legal liability” series. The FY2022 $100m figure is a top-up to payroll and customer-related remediation provisions; the FY2022 $103m is additional financial-crime-remediation spend mainly related to EU requirements; the FY2025 approximately $130m concerns payroll review/remediation costs incurred that year. They differ in date, programme, accounting/expense description and certainty. They are shown above as separate reported amounts and are not summed.

For FY2023–FY2025, NAB says provisions are recognised where compensation can be reliably estimated, while final outcomes and total costs for certain matters remain uncertain. The financial statements' commitments/contingent-liability note is the correct boundary for proceedings, retained MLC Wealth matters, tax risk and other potential exposures; no probability, unprovided amount or provision is inferred in this section.

Sources

• NAB 2021 Annual Review, printed PDF pp. 2–4, 12 and 27.
• NAB 2021 Annual Financial Report, printed PDF pp. 85, 103–104 and 167–173.
• NAB 2022 Annual Report, printed PDF pp. 12, 56–80, 70–74, 103 and 225–228.
• NAB 2023 Annual Report, printed PDF pp. 61–85, 86–101, 102–156, 203–218 and 231–236.
• NAB 2024 Annual Report, printed PDF pp. 77, 86–92, 108 and 241–244.
• NAB 2025 Annual Report, printed PDF pp. 19, 51–84, 86–96 and Note 30, pp. 217–220 (commitments and contingent liabilities).

Scope, control and presentation boundary

This section records NAB Group legal-entity, ownership and portfolio facts from the five annual-report periods. It does not treat a reportable segment, a customer brand, a securitisation trust, a covered-bond vehicle, or an associate as automatically interchangeable concepts.

• NAB’s FY2021 financial-report policy states that an entity is consolidated when NAB has power over it, exposure or rights to variable returns, and the ability to use power to affect those returns; consolidation starts when control is obtained and stops when control ceases.
• The annual reports’ controlled-entity disclosures are the authoritative legal registers at each year end. A named trust may be controlled without an ordinary-share percentage. Conversely, an interest in an associate is not a controlled subsidiary.
• New Zealand Banking / BNZ is both an operating reporting lane and a legal-entity structure. The financial segment uses its own stated currency, attribution and eliminations; it must not be read as a stand-alone Australian NAB equivalent.
• ubank is a NAB customer-facing brand/unit, not a separately reported segment result in the later segment notes. The 86 400 acquisition explains part of its platform history but does not make all subsequent ubank activity a new acquisition event.

Five-year legal-entity and operating-identity register

Associate and unconsolidated-structure boundary

Dated acquisition, disposal and portfolio-action chronology

Segment, discontinued-operation and currency boundaries

Section sources

• NAB 2021 Annual Financial Report, printed pp. 97–99 (segments/discontinued operation), 168–172 (Citi proposal and legacy-contingency disclosure), 173–178 (controlled entities, associates and structures), 189–91 (transactions); and NAB 2021 Annual Review, printed p. 7 (86 400, UBank, MLC Wealth and Citi status).
• NAB 2022 Annual Report, printed pp. 12, 15–16, 75–79, 103, 225–36 and 243–47 (BNZ governance, ubank/86 400, LanternPay, MLC legacy matters, structured entities and Citi acquisition accounting).
• NAB 2023 Annual Report, printed pp. 106–15, 169–75, 231–40 (Citi integration/comparability, segment boundary, MLC/BNZ Life transaction matters, controlled entities, associate and structured entities).
• NAB 2024 Annual Report, printed pp. 110–11, 177–79, 229–31 and 262–63 (MLC run-off/discontinued operations, NZ wealth-business disposal, segment treatment, intangible note and consolidated-entity statement).
• NAB 2025 Annual Report, printed pp. 10–11 (BNZ and ubank business context), 86 and 96 (MLC Life subsequent event), 221–23 (Note 31 entity/other disclosure), 236 (subsequent event) and 237–39 (Consolidated Entity Disclosure Statement, control and tax notes).

Source-use and copyright note: This is independent, descriptive synthesis of reported legal-entity, control and transaction facts. It does not reproduce NAB’s controlled-entity schedules, financial-report tables, logos or visual material; readers needing the complete statutory entity register should use the linked issuer reports and printed pages.

Reading boundary

This is a five-year record of disclosures made in NAB's annual-report family for years ended 30 September 2021–2025. It distinguishes: (1) an ambition or target, (2) a policy or programme commitment, (3) a reported progress measure, and (4) an assured metric where NAB identifies a limited-assurance scope. It does not convert a target, a customer engagement count, an emissions methodology, or a programme activity into a completed environmental or social outcome.

NAB's FY2021 qualitative material is drawn from the issuer's *2021 Annual Review*, which accompanied the *2021 Annual Financial Report*. From FY2022 onward, the annual report contains a named Creating value lane and refers readers to separate Climate Reports and Sustainability Data Packs. A Climate Report/Data Pack figure is therefore not imported here unless its issuer document, page and measurement boundary have been checked. In particular, operational-emissions reporting may use an environmental reporting year rather than NAB's 30 September financial year, and operational Scope 3 is not the same thing as attributable financed or facilitated emissions.

Five-year annual-report record

Climate strategy, financed/facilitated emissions and targets

• FY2021 baseline and governance. NAB's Annual Review described a lending-portfolio net-zero-by-2050 goal, while also explaining that it needed a baseline estimate of attributable financed emissions and sector-level understanding to monitor portfolio alignment. It reported an initial estimate of attributable financed emissions across selected Australian lending sectors and then expansion of the estimate to further sectors. These were measurement-development steps, rather than an annual Group operational-emissions inventory. The same FY21 report records a Sustainability Council, Board climate-development sessions and an oil-and-gas-sector risk review; each is an organisational/risk-management action, not a transition outcome.

• FY2022 target publication and customer engagement. NAB said it had published targets for four sectors and had engaged 86 of its largest GHG-emitting customers on transition plans. The report describes the strategy as supporting customer decarbonisation and resilience, reducing financed and operational emissions and building capability. The distinction matters: a customer-engagement count is not a count of completed customer transition plans, and a sector target is not an achieved reduction.

• FY2023 reporting-suite boundary. The Annual Report's scorecard carries a three-sector FY2023 interim-target count and a four-sector FY2022 comparator. It directs readers to the issuer's Climate Report for methodology and more detailed climate disclosures. No narrative is added here to explain the difference because the annual-report pages alone do not establish whether it resulted from a scope, presentation or methodology change.

• FY2024 new environmental-finance ambition. The annual report presents progress of $7.3bn toward the $80bn-by-2030 environmental-finance ambition and directs readers to its Climate Report/Data Pack for climate methods and Scope 1–3 detail. This report preserves that source boundary rather than blending companion-document metrics into an annual-report series.

• FY2025 strategy and sector scope. NAB said its refreshed climate strategy focused on supporting customers into a resilient net-zero economy. It stated that its 12 sector decarbonisation targets covered eight of nine high-emitting sectors in the UNEP FI Guidance and expressly noted that no agriculture target had been set. It said it monitors attributable financed and facilitated emissions to understand/manage portfolio exposure. The reported scope is important: financed/facilitated emissions are not included in the Group's operational-emissions inventory.

Operational environment and emissions: separate measurement lane

NAB's FY2021–FY2022 reports describe operational decarbonisation and a science-based operational-emissions target. FY2022 reports 72.4% renewable electricity and warns that part of the apparent FY2021–FY2022 operational-emissions reduction reflected pandemic-related occupancy and travel conditions and may not be permanent. That caveat remains part of the historical record.

FY2025 labels its measure as the 2025 environmental reporting year, not simply the 30 September financial year. It reported market-based Scope 1, Scope 2 and operational Scope 3 emissions of 81,267 tCO2-e, after certified-renewable-energy use, versus a restated 2024 comparator of 76,818 tCO2-e. NAB attributed the increase principally to expanded operational Scope 3 boundary and operations expansion in India and Vietnam. The report states that operational Scope 3 excludes Scope 3 associated with the Group's financed and facilitated emissions; the latter have their own measurement lane. It also explains that the 2024 total was restated by 19 tCO2-e for waste-incineration overstatement. These are issuer-reported inventory/methodology facts, not an independent conclusion about net climate impact.

Environmental finance, housing and First Nations economic measures

The environmental-finance record has a definition boundary:

The social-finance/impact record also has separate scopes. FY2021 reported $1.8bn cumulative affordable/specialist-housing financing; FY2022 $3.6bn. FY2023 reported $2.2bn lending to assist Australians to access affordable and specialist housing, a scorecard annual measure rather than automatically a cumulative figure. FY2024 reported $4.4bn cumulative lending toward a $6bn-by-2029 target and a $463.8m First Nations lending spot balance toward a $1bn-by-end-2026 target. FY2025 reports an expanded $60bn housing-affordability-financing ambition by 2030 and continues to describe the $1bn First Nations businesses/community-organisations lending ambition on a spot basis by 2026. These measures must retain their issuer labels rather than being summed into one “social impact” total.

Colleagues, inclusion and workforce measures

• FY2021: NAB reported colleague engagement score 77 and people-leadership score 88 from its July survey; this is a colleague-survey measurement, not an externally comparable financial-performance metric.
• FY2024: colleague engagement score was 78, described as one point above the stated top-quartile target score of 77.
• FY2025 workforce boundary: spot FTE was 41,880 and average FTE 40,301 including discontinued operations; excluding discontinued operations the corresponding numbers were 41,723 and 40,112. The report says the Colleague Strategy was refreshed in October 2024, a date after FY2024 balance date but before the FY2025 reporting period.
• FY2025 inclusion table: women represented 63% of the non-executive NAB Board, 51% of Group subsidiary boards, 36% of salary-level-7 executive management, 38% at level 6, 40% of senior management and 49% of the total organisation. NAB reported a 14.9% gender pay gap in the table, with stated target of less than 10% by 2026. The report cautions that the displayed WGEA analysis is a mean Australian-workforce measure and does not separately measure equivalent-role pay; it uses the stated reporting window and employment-population definition.
• FY2025 inclusion survey: NAB's table reports 2025 scores of 79 for women, 81 for men, 77 for people with disability and/or neurodivergence, 82 for ethnically under-represented colleagues, 79 for LGBTQIA+ colleagues and 82 for carers. NAB identifies the July engagement survey, peer benchmarks, expanded neurodivergence categorisation from 2024 and ubank demographic-survey exclusion as methodology qualifications. These are survey scores, not headcount percentages.
• FY2025 policies and practices: NAB reported up to 16 weeks paid parental leave; 298 men taking parental leave, 49% of all colleagues taking parental leave; and a 98% Australian return-to-work rate across genders. It also reported cultural/religious leave used by 7,464 colleagues, its no-tolerance policy for harassment/discrimination, Board-endorsed continuation of measurable objectives for another year, and current accessibility/RAP plans. These are all report-period policies or reported usage/outcomes with their stated scope.

Human rights, modern slavery and stakeholder/community record

NAB's annual reports treat human rights as a material sustainability/ESG-risk area. The FY2025 report says human-rights risk can arise through operations and customer/supplier relationships, including banking operations, supply chain, private-wealth services and communities. It says Sustainability Risk—including human rights—is integrated into the Group Risk Management Framework, risk appetite, policy, high-risk ESG-sensitive sector/area list and risk assessment where applicable. It also says it operates a grievance process and that human-rights grievance data is available in the Sustainability Data Pack; those data are not reproduced without the companion source page.

FY2025 reported actions include a refreshed Group Human Rights Policy and guidance effective October 2025; additional ESG training; review of human-rights questions in ESG-risk checklists; and an update to a third-party risk module for sourcing categories potentially at higher modern-slavery risk following a 2024 review. NAB also records engagement with First Nations leaders, industry working-group participation and consideration of AI, children's rights, climate/biodiversity and Free, Prior and Informed Consent as emerging human-rights areas. Those statements describe risk identification and management, not an assertion that human-rights or modern-slavery risk has been eliminated.

The FY2025 Annual Report states that the Modern Slavery and Human Trafficking Statement would be available in December 2025 and would outline actions in operations and the value chain; it also says NAB has reported on modern slavery since 2016. Accordingly, this section records the annual report's stated availability and programme activity, but does not recast a future statement as an audited FY2025 completed report or claim a specific modern-slavery outcome not contained in the cited annual-report page.

Community and First Nations measures likewise retain source definitions. FY2021 reported $5.6m grants/support for customers, colleagues and communities before/during/after natural disasters and described Indigenous-business/community priorities. FY2023 reported $6.0m Indigenous-supplier spend and microfinance/hardship metrics. FY2025 reported $26.4m spend with First Nations suppliers against its $18m target, $36.6m community investment under its stated definition (partnerships, donations, grants, in-kind support and volunteering), and a more rigorous mechanism to track delivery of the 2024–2027 Reconciliation Action Plan. The FY2025 report separately notes that $9.8m in financial contributions supported communities affected by 17 disasters, including $6.0m in relief grants to 5,149 customers and 445 colleagues. These are reported financial-contribution/programme figures and should not be combined with lending, supplier-spend or environmental-finance measures.

Assurance scope map

Section sources — official NAB documents

• NAB 2021 Annual Review, printed pp. 2–5, 17, 21–56, especially pp. 30–31, 39–40 and 55 (material themes, climate strategy/diagnostic, environmental finance, housing, people, community and assurance boundary).
• NAB 2021 Annual Financial Report, printed risk/ESG disclosure pages and reporting-suite boundary pp. 93–94 (used only for the FY21 annual-report boundary alongside the Annual Review).
• NAB 2022 Annual Report, printed pp. 19–49, especially pp. 24, 28, 38–39, 42–43, 71 and 103 (scorecard, environmental-finance/housing progress, operational boundary, climate training/CVA and Chief Climate Officer).
• NAB 2023 Annual Report, printed pp. 1–3, 20–55 and 56–59 (Creating value, scorecard measures, Climate Report/Data Pack boundary and limited-assurance boundary).
• NAB 2024 Annual Report, printed pp. 5, 18–66, especially pp. 25–29, 38–45, 50–53, 61–66 and 108–109 (environmental finance/housing/First Nations, climate/environment, human rights/modern slavery and assurance boundary).
• NAB 2025 Annual Report, printed pp. 13, 19–29, 29–41, 42–48 and 86–87, especially pp. 24–28 and 37–41 (strategy/sustainability, colleagues/community, climate/environment, human rights/modern slavery and limited assurance).

Scope and reading rule

This chronology records material dated events and year-end reported states found in the five selected NAB annual-report periods. FY2021 through FY2025 mean years ended 30 September. A report issue date is not treated as an operating-performance date. Plans, proposed transactions, completions, ongoing programmes and events after the balance date retain distinct status labels.

Figures are NAB-reported, normally Group and AUD unless a row states a different basis. Cash earnings, statutory profit, prudential capital ratios, ECL provisions, balance-sheet totals and segment measures are separate bases and are not combined.

FY2021 — year ended 30 September 2021

FY2022 — year ended 30 September 2022

FY2023 — year ended 30 September 2023

FY2024 — year ended 30 September 2024

FY2025 — year ended 30 September 2025 and separated later events

Cross-period comparability and later-event controls

1. Financial-year versus report date: every period ends on 30 September. Annual-report issue/authorisation in November is a document date, not evidence of activity during the financial year. 2. FY2021 reporting architecture: FY2021 qualitative business, technology and sustainability evidence is cited to the checked official Annual Review; the Annual Financial Report is the source for audited statements and financial-risk/capital disclosures. 3. Capital and liquidity: the FY2023 APRA framework commencement and target-range change are explicit comparability boundaries. CET1, Tier 1, total capital, RWA, LCR, NSFR, customer funding index and balance-sheet liquidity assets have separate definitions/bases. 4. Earnings and credit: cash earnings, statutory profit, discontinued operations, credit-impairment charge and ECL provision balance are not substitutes for each other. 5. Franchises and entities: BNZ reporting remains distinct from Australian Group measures; Citi, 86 400/ubank, MLC Wealth and MLC Life each have dated acquisition/disposal/control boundaries. The FY24 BNZ segment presentation change restated comparatives. 6. Sustainability and technology: targets, issuer-reported progress, assurance scopes and operational measures retain their stated definitions. Environmental reporting may use a different period from the financial year. 7. Later events: the November 2024 strategy update and the 31 October 2025 MLC Life sale are retained as later/differently timed events, not silently folded into prior-year results.

Primary sources

All primary-document links below are issuer-hosted NAB documents. Printed pages are shown in each section source note; no market-announcement identifiers, internal evidence locators or local paths are exposed.

Source-use rule: NAB Climate Reports, Pillar 3 Reports, Sustainability Data Packs and management-discussion documents can be added only when the specific official NAB document, printed page and scope/basis are recorded for the claim. This section adds no valuation, target price, recommendation or forecast.

Factual-record purpose; no investment recommendation. This is an independent, descriptive record of public corporate disclosures. It does not provide a valuation, target price, earnings forecast, buy/sell/hold view, personalised advice, offer, solicitation or recommendation regarding NAB or any financial product.

Accuracy and liability limitation. Information is drawn from publicly available issuer sources considered reliable as of the stated report date. Accuracy, completeness, currency and fitness for any purpose are not guaranteed. To the maximum extent permitted by applicable law, MII and its contributors disclaim liability for loss arising from use of, reliance on or inability to use this report. Nothing excludes or limits liability that cannot lawfully be excluded or limited.

AI and human review. AI was used actively and substantially for evidence extraction, comparison, organisation, drafting and explanatory presentation. A reasonableness review was performed before release, but it is not an audit, assurance engagement, financial-service assessment or a substitute for consulting the cited source material and qualified advisers.

Copyright, affiliation and images. This report is an independent transformative analysis: prose, reconstructed tables and explanatory visual presentation were prepared by MII from reported facts. It does not reproduce long passages, company charts, photographs or logos. NAB names and document titles are used only to identify sources; all source-material rights remain with their respective owners. MII is not affiliated with, sponsored by or endorsed by NAB. The lead image is AI-generated and is labelled as such.

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