National Australia Bank Limited · ASX:NAB
National Australia Bank — 1H26 Earnings Presentation
129 slides from National Australia Bank's earnings presentation, May 4, 2026
Slide 1: Half Year Results 2026
national australia bank Half Year Results 2026 Investor Presentation 4 May 2026 Andrew Irvine Group Chief Executive Officer Inder Singh Group Chief Financial Officer and Group Executive, Strategy 2026 National Australia Bank Limited ABN 12 004 044 937 AFSL and Australian Credit Licence 230686
Slide 2: NAB 2026 Half Year Results Index
NAB 2026 Half Year Results Index This presentation is general background information about NAB. It is intended to be used by a professional analyst audience and is not intended to be relied upon as financial advice. Refer to page 129 for legal disclaimer. Financial information in this presentation i
Slide 3: Overview
Overview Andrew Irvine Group Chief Executive Officer
Slide 4: Key messages
Key messages • Underlying profit1 growth of 6.4% reflects good balance sheet momentum and stable margins • Increased balance sheet resilience to support customers in more volatile environment • Customer-centric strategy supporting better customer experiences • Modernising our technology to build a b
Slide 5: Financial results
Financial results Underlying profit ($m) Cash earnings1 ($m) Statutory profit ($m) 6.4% ex LNIs 2.3% ex LNIs (18.0%) 7.1% ex LNIs 0.1% ex LNIs (19.3%) 5,852 5,463 5,502 1,347 3,583 3,508 3,588 3,407 3,352 949 2,750 4,505 2,639 1H25 2H25 1H26 1H25 2H25 1H26 1H25 2H25 1H26 Impact of large notable item
Slide 6: Cash ROE and EPS
Cash ROE and EPS1 Cash return on equity (ex LNIs) Basic cash EPS (ex LNIs) (cents) 130 117 117 117 12.9% 107 114 114 115 115 11.7% 11.6% 11.6% 11.4% 1H22 2H22 1H23 2H23 1H24 2H24 1H25 2H25 1H26 Dividend per share and payout ratio (cents) 78 83 84 84 85 85 85 85 73 1H22 2H22 1H23 2H23 1H24 2H24 1H25
Slide 7: Good underlying momentum in 1H26
Good underlying momentum in 1H26 Business & Private Banking Corporate & Institutional Banking Underlying profit Underlying profit 5.4% Business lending 4.6% Business 1.7% 6.9% growth lending growth Transaction Disciplined deposit 10.8% deposit growth1 management 2,703 2,850 1,379 1,403 Margin Cash R
Slide 8: Staying close to our customers
Staying close to our customers Challenging environment for customers as elevated volatility and cashflow pressures likely to persist in 2H26 Supporting our SME business customers Retail customers have strong buffers • Business conditions relatively stable in March but • Consumer sentiment deteriorat
Slide 9: More resilient balance sheet for uncertain times
More resilient balance sheet for uncertain times Increased capital and provisioning coverage Appropriate provisioning $5.1bn CP at Mar 26 includes $1.9bn of forward-looking provisions • Discount and partial underwrite of 1H26 DRP expected to raise ~$1.8bn and contribute ~40bps of CET1 in 2H26, 1.69%
Slide 10: Our long-term strategy
Our long-term strategy Why we are here To be the most customer-centric company in Australia and New Zealand national australia bank Who we are here for Customers {-@») Customers who trust us and choose us to be their bank xa) Colleagues Customer obsessed colleagues who are proud to work at NAB Who w
Slide 11: Progressing the rollout of NAB Customer Voices
Progressing the rollout of NAB Customer Voices NAB Customer Voices - a three pillar approach to deepen relationships and improve advocacy Identified 20 “Must Win Battles” – Design and rollout customer key customer experiences that Track performance using granular feedback loops to drive continuous i
Slide 12: Strategic NPS
Strategic NPS Net Promoter Score relative to major bank peers =#1 Medium & Large Business1 =#2 Mass Consumer2 +30 +10 25 25 5 +25 +5 +20 3 3 18 +0 +15 12 -5 -4 +10 +5 -10 +0 -15 Mar 25 Jun 25 Sep 25 Dec 25 Mar 26 Mar 25 Jun 25 Sep 25 Dec 25 Mar 26 NAB Peer 1 Peer 2 Peer 3 NAB Peer 1 Peer 2 Peer 3 =#
Slide 13: Transforming for the future
Transforming for the future A multi-year, business-led transformation shaping the bank to be simpler, faster and more resilient Simple Fast Resilient Modern foundations that improve Fewer products Accelerating delivery to customers availability of services to Simpler processes customers Ongoing work
Slide 14: Modernising and migrating core platforms
Modernising and migrating core platforms Investment in strong Progressively upgrading payments platforms foundations Multi-cloud infrastructure Cloud-based real-time payments engine (>90% applications migrated) Payment Migration of all payment flows completed in Improved resilience (>95% pro
Slide 15: AI supporting customer-centric strategy
AI supporting customer-centric strategy AI opportunities aligned to three strategic outcomes AI for Growth AI for Productivity AI for colleagues Banker.AI Operations.AI Colleagues: Access to Enabling bankers to spend Improved financial crime transaction AI tooling for approved monitoring use cas
Slide 16: Three key priorities to drive strong sustainable returns
Three key priorities to drive strong sustainable returns Strategic focus Grow • Clear market leadership in Business & Private Banking business • Disciplined growth in Corporate & Institutional Banking banking • More seamless experiences for customers and bankers Successful execution Drive • Grow tra
Slide 17: Grow business banking
Grow business banking Largest Australian business lender with 22% market share1 Business & Private Banking (B&PB) Corporate & Institutional Banking (C&IB) • Strong SME business lending market share 28%2 • Disciplined growth focus and portfolio management • Servicing personal and business banking nee
Slide 18: Clear market leadership in SME banking
Clear market leadership in SME banking1 Supporting long term business growth in Australia We bank ~1 in 4 of SME market2 Strong B&PB pipeline5 ~1 in 3 of Agri market2 Ongoing development of business lending platform - faster, more seamless lending outcomes Closer collaboration between B&PB and
Slide 19: Driving deposit growth
Driving deposit growth Deposit growth in 1H26 increasingly skewed to transaction accounts Personal Banking – 1H26 outcomes B&PB and C&IB – 1H26 outcomes • 1x system1 growth in household deposits in • Strong growth in business deposits – 1.2x system2 1H26 reflecting strong growth in HNW and • B&PB tr
Slide 20: Strengthen proprietary home lending
Strengthen proprietary home lending Focus on continuing to execute our home lending strategy 1H26 outcomes • Optimise home lending growth and returns • Increasing contribution from ~2701 new bankers in FY25 • Deliver seamless customer and broker experiences supported by simple, clear and consistent
Slide 21: 1H26 Financials
1H26 Financials Inder Singh Group Chief Financial Officer
Slide 22: Financial results
Financial results Underlying profit ex LNIs1 Cash earnings ex LNIs1,2 Statutory profit ($m) ($m) ($m) 6.4% 2.3% (18.0%) 5,852 5,502 3,508 3,588 3,352 2,750 2H25 1H26 2H25 1H26 2H25 1H26 P&L key financial indicators 2H25 ($m) 1H26 ($m) 1H26 v 2H25 Net operating income 10,545 10,870 3.1% ex Markets &
Slide 23: Large notable items
Large notable items Change in capitalised software policy A larger portion of investment spend to be expensed • Reduced the useful life of software assets annually1 (%) • Changed the nature of assets that will qualify for capitalisation in future Opex Capex • Increased the threshold for capitalisati
Slide 24: 1H26 revenue
1H26 revenue Net operating income (HoH) ($m) HoH increase 3.1% (ex M&T 1.8% increase ) (18) 16 13 147 167 10,268 10,545 10,723 10,870 Mar 25 Sep 25 Volumes Margin Fees & Other Mar 26 Markets & Mar 26 Commissions (ex M&T) Treasury Markets & Treasury (M&T) income breakdown Key revenue drivers HoH ($m)
Slide 25: Net interest margin
Net interest margin Net interest margin (HoH) HoH increase 3bps Flat ex M&T and Liquid Assets 0.02% 0.01% (0.04%) 0.03% 0.00% 0.01% Aust HL -2bp Deposits +3bp Largely revenue neutral Aust BL -2bp Costs +1bp (includes +1bp vol Mix +1bp impact) Higher hedged vol 1.78% offset -1bp 1.81% 1.70% Mar 25 Se
Slide 26: Operating expenses
Operating expenses Operating expenses ex large notable items1 (HoH) ($m) HoH decrease -0.5% (3) 51 52 (199) 58 16 4,421 Lower 5,043 remediation, 5,018 higher performance based compensation Sep 25 Salary related Volume related Technology Depreciation & Productivity Other Mar 26 & Investment Amortisat
Slide 27: Asset quality
Asset quality Non-performing exposures (NPL) as a % of GLAs 1H26 outcomes • Default but not impaired ratio down 7bps with improvement in 1Q26 2Q26 Australian home loan and B&PB business lending portfolios in 1Q, trends stabilised over 2Q 1.49% 1.55% 1.47% 1.52% 1.39% 0.29% • Higher impaired asset ra
Slide 28: Business & Private Banking business lending asset quality
Business & Private Banking business lending asset quality Key 1H26 considerations Non-performing exposures (NPLs) as % of GLAs • NPL ratio down 22bps but stable over 2Q • Stable to improving outcomes for most sectors over 1H26 1Q26 2Q26 • No impact from Middle East conflict in 2Q ratios but represen
Slide 29: Provisioning
Provisioning Total provision balances higher Key considerations ($m) 1.80% • Total provisions of $6.4bn (or 1.68% of CRWA) 1.69% 1.68% increased to 1.7x 100% base case scenario3 1.62% 1.64% 1.55% 1.56% • IAP of $1.3bn, $91m higher than Sep 25 reflecting 1.46% 1.47% 1.47% new and increased provisions
Slide 30: Capital impacted by growth and volatility
Capital impacted by growth and volatility Group Level 2 CET1 capital ratio (%) L1: 11.60% L1: 11.53% 0.81 (0.59) (0.24) (0.09) (0.08) 0.11 0.03 10.5% minimum4 IRRBB -10bps Volume growth -30bps 11.70 Market Risk -2bps 11.65 12.05 Operational Risk -3bps Capital Floor Adjustment +6bps Sep 25 Cash earni
Slide 31: Strong funding and liquidity metrics
Strong funding and liquidity metrics Key messages Liquidity position well above regulatory minimums • Maintained strong funding and liquidity position with LC (%) • LCR and NSFR well above regulatory minimums • Balance sheet is well positioned for periods of volatility • Term funding issuance well p
Slide 32: Closing comments
Closing comments Andrew Irvine Group Chief Executive Officer
Slide 33: Navigating a more uncertain outlook
Navigating a more uncertain outlook • Outlook remains highly uncertain – dependent on Conditions remain around average2 duration and intensity of Middle East conflict (Net bal.) • Energy price shock adding to inflationary pressures; 20 economic growth expected to slow to 1.5%1 in 2026 0 • Sharp fall
Slide 34: Key areas of focus in FY26
Key areas of focus in FY26 • Maintain prudent balance sheet settings • Staying close to customers through period of higher uncertainty • Execution of strategy to deliver improved customer advocacy, supported by multi-year business transformation to be simpler, faster and more resilient • Ongoing tec
Slide 35: Additional Group Information
Additional Group Information
Slide 36: NAB at a glance
NAB at a glance Cash earnings (excluding large notable % of Cash earnings Key financial data 1H26 items) divisional splits1,2 Business & Private Banking 52% Cash earnings excluding large notable items1,2 $3,588m Personal Banking 20% Cash ROE (excluding large notable items) 11.6% Corporate & Institut
Slide 37: Markets & Treasury income
Markets & Treasury income Markets & Treasury (M&T) income breakdown ($m) 970 993 868 846 813 719 719 696 583 602 606 478 445 470 369 345 343 262 26 29 8 3 10 0 367 358 364 345 360 368 365 366 387 (17) (37) (15) Mar 22 Sep 22 Mar 23 Sep 23 Mar 24 Sep 24 Mar 25 Sep 25 Mar 26 NAB risk management1 Deriv
Slide 38: Remediation
Remediation Remediation provision charges1 Customer-related remediation provision charges1 ($m) Customer-related remediation • Continuing operations include matters that 109 110 101 relate to the incorrect charging of rates and fees, 87 14 13 and application of discounts 73 45 • JBWere Adviser Servi
Slide 39: Group cash earnings reconciliation to statutory net profit
Group cash earnings reconciliation to statutory net profit • NAB uses cash earnings (rather than statutory net profit attributable to owners of the Company) for its internal management reporting purposes and considers it a better reflection of the Group’s underlying performance. Accordingly, informa
Slide 40: Embedding our organisational behaviours to build a customer-obsessed culture
Embedding our organisational behaviours to build a customer-obsessed culture Colleague engagement (eSat) remains top quartile1 88 77 78 79 78 People Leader score (above top quartile of 85) Feb 24 Feb 25 Feb 26 Top Quartile Target Who we are (1) Source: NAB Heartbeat survey. Top quartile comparison i
Slide 41: Digital Transformation, Technology and Innovation
Digital Transformation, Technology and Innovation
Slide 42: Customer Brain
Customer Brain Customer Brain continues to connect our bankers to our customers at the right time, with the right action Grow business banking Adding to the foundations Increasing customer contact Using real-time data, the Customer Brain generates ~3,500 adaptive models Customers individualised inte
Slide 43: Digital Customer Experience: Mobile
Digital Customer Experience: Mobile We continue to deliver excellent digital experiences whilst keeping our customers safe #1 Major banking app in the Apple App Store & Google Play for over a year1 Enhanced security for customers verifying 4.6 identity for 3rd party services Apple App Store Google P
Slide 44: Digital Customer Experience: NAB Connect
Digital Customer Experience: NAB Connect Supporting B&PB1 and C&IB customers to manage their business anywhere, NAB Connect continues to lead the market in complex business digital banking channels #1 Digital Platform1 for 7 years running Mobile App and internet capability with +99% service availabi
Slide 45: Investing to protect customers against scams, fraud and cyber security risks
Investing to protect customers against scams, fraud and cyber security risks 24/7 fraud assistance for customers 1H26 initiatives and outcomes included: Providing specialist fraud and scams assistance 24/7 by phone or web chat to protect and support customers, with trained branch staff available t
Slide 46: Additional Divisional Information
Additional Divisional Information – Business & Private Banking 48 – Personal Banking 53 – Corporate & Institutional Banking 55 – New Zealand Banking 59 – ubank 64
Slide 47: Divisional contributions
Divisional contributions Divisional cash earnings1 Cash Earnings Underlying Profit 1H26 ($m) 1H26 v 2H25 1H26 ($m) 1H26 v 2H25 Business & Private Banking 1,850 9.9% 2,850 5.4% Personal Banking 700 0.3% 1,132 3.7% Corporate & Institutional Banking2 921 (2.6%) 1,403 1.7% New Zealand Banking3 728 3.4%
Slide 48: Business & Private Banking
Business & Private Banking Cash earnings and revenue Net interest margin ($m) 7.4% (3.1% HoH) 12.3% (9.9% HoH) 3.07% 3.01% 3.02% 3.02% 4,177 4,354 4,487 1,647 1,683 1,850 1H25 2H25 1H26 1H25 2H25 1H26 2H24 1H25 2H25 1H26 Cash earnings Total revenue Business and housing lending GLAs and deposits Cred
Slide 49: Business & Private Banking business lending
Business & Private Banking business lending Broad-based growth Diversified Australian business lending growth (YoY)1 across most sectors including Trade, Manufacturing, Denotes lending balance Construction, as at 31 March 2026 Accommodation & Cafes 9.7% 9.6% 11.1% 10.1% 11.2% 9.3% Agri Health CRE2 O
Slide 50: Business & Private Banking (B&PB)
Business & Private Banking (B&PB) Australia’s leading business bank servicing the business & personal banking needs of SME customers1 More bankers in Deep sector Integrated HNW Relationship-led Deep credit more places specialisations offering capability Increasingly enabled Agri, Health, CRE by digi
Slide 51: An integrated Private Wealth offering
An integrated Private Wealth offering Deepening relationships and supporting intergenerational wealth opportunities of our customers Private Banking Private Investments Wealth advisory business with Digital trading platform Private bankers providing Investment specialists 185-year heritage providing
Slide 52: B&PB business lending platform
B&PB business lending platform Ongoing digitisation to supporting faster, more seamless lending experiences for bankers and customers Simplified Fast, automated Digital fulfilment, End-to-end, Automated account origination, digital verification & settlement & digital business management application
Slide 53: Personal Banking
Personal Banking Cash earnings and revenue Net interest margin ($m) 10.0% (3.2% HoH) 26.1% (0.3% HoH) 1.72% 1.80% 1.85% 1.70% 2,239 2,386 2,463 698 700 555 1H25 2H25 1H26 1H25 2H25 1H26 2H24 1H25 2H25 1H26 Cash earnings Total revenue Housing lending GLAs and deposits Credit impairment charge and as
Slide 54: Personal Banking
Personal Banking Deepening customer Achieving profitable Delivering deposit Building sustainability in relationships home lending growth growth consumer finance • Investing in Premier Banking, • Expanding NAB’s proprietary • Scaling data and analytics • Successfully migrating white NAB’s dedicated o
Slide 55: Corporate & Institutional Banking
Corporate & Institutional Banking1 Cash earnings and underlying profit Net interest margin ($m) 6% (1.7% HoH) 2.14% 2.12% 2.17% 2.03% 1.4% (-2.6% HoH) 1,323 1,379 1,403 1.07% 1.12% 1.10% 1.05% 908 946 921 1H25 2H25 1H26 1H25 2H25 1H26 2H24 1H25 2H25 1H26 Cash earnings Underlying profit C&IB Ex Marke
Slide 56: Disciplined growth in Corporate & Institutional Banking
Disciplined growth in Corporate & Institutional Banking1 GLA outcomes Higher Corporate lending Deposits ($bn) combined with disciplined ($bn) portfolio management 146 142 132 134 1 0 3 1 52 48 51 49 32 34 26 29 116 124 132 111 52 55 61 60 Sep 24 Mar 25 Sep 25 Mar 26 Sep 24 Mar 25 Sep 25 Mar 26 Custo
Slide 57: Corporate & Institutional Banking
Corporate & Institutional Banking Deep expertise & Tech-enabled solutions Ongoing simplification & leading capabilities making doing business easier disciplined balance sheet usage Long term Leading Debt Focused Global relationships with Strong Transaction Sustainability Capital Markets Markets offe
Slide 58: Corporate & Institutional Banking customer metrics
Corporate & Institutional Banking customer metrics Large Corporate & Institutional – NPS1 Large Corporate & Institutional - RSI1 Transactional Banking – RSI2 60 630 580 50 550 40 580 520 30 20 490 530 10 460 0 480 430 2020 2021 2022 2023 2024 2025 2020 2021 2022 2023 2024 2025 2020 2021 2022 2023 20
Slide 59: New Zealand Banking
New Zealand Banking Cash earnings and revenue Net interest margin (NZ$m) 2.79% 2.76% 2.72% -6.8% (3.4% HoH) 0.1% (0.1% HoH) 2.62% 781 728 1,754 1,755 1,756 2.34% 2.37% 2.45% 2.33% 704 1H25 2H25 1H26 1H25 2H25 1H26 2H24 1H25 2H25 1H26 Cash earnings Total revenue Net interest margin Net interest margi
Slide 60: New Zealand Banking
New Zealand Banking Customer Enhanced digital Good balance sheet Focus on obsession capability momentum returns • Strong customer growth • Customers onboarded • Above system growth in • Strong focus on returns with >50k customers through digital channels: household deposits and given increased capit
Slide 61: New Zealand Banking customer metrics
New Zealand Banking customer metrics #1 BNZ Consumer NPS1 #3 BNZ Business NPS2 15 40 6 38 10 5 6 29 30 0 0 28 -5 -4 20 19 -10 18 -15 10 -20 -24 -25 0 -30 Mar 25 Jun 25 Sep 25 Dec 25 Mar 26 Mar 25 Jun 25 Sep 25 Dec 25 Mar 26 BNZ Peer 1 Peer 2 Peer 3 Peer 4 BNZ Peer 1 Peer 2 Peer 3 Peer 4 (1) Sourced
Slide 62: New Zealand housing lending key metrics
New Zealand housing lending key metrics New Zealand housing lending Sep 24 Mar 25 Sep 25 Mar 26 Mar 25 Sep 25 Mar 26 Drawdowns1 Total Balances (spot) NZ$bn 60.1 62.1 63.9 66.2 7.7 8.8 9.5 By product - Variable rate 9.6% 12.1% 13.2% 11.2% 15.5% 17.0% 12.6% - Fixed rate 88.7% 86.2% 85.1% 87.0% 82.4% 8
Slide 63: New Zealand customer deposits
New Zealand customer deposits Customer deposits balances by product (NZ) Customer deposits percentage by product (NZ) ($bn) (%) 87 90 85 80 82 3 3% 3% 3% 3% 3% 3 3 3 3 40 46% 47% 46% 45% 44% 39 39 37 38 18 19 20% 19% 21% 21% 22% 16 16 17 24 25 26 27 28 31% 31% 30% 31% 31% Mar 24 Sep 24 Mar 25 Sep 25
Slide 64: Branchless banking and smart technology
BRANCHLESS BANKING AND SMART TECHNOLOGY HELPING YOUNG AUSTRALIANS DO BETTER WITH MONEY Continue momentum Growing customer base with a clear focus on younger demographics (under 35) and continued book growth across both Loans and 1 Million+ 80,000+ >60% Onboarded customers under Total customers Custo
Slide 65: Experience and feature innovation
EXPERIENCE AND FEATURE INNOVATION Customer controlled payments In-App Messages Confirmation of Payee Spending Rewards Customers can view and adjust their All updates and announcements are Customers can verify they’re paying Everyday spending becomes daily payment limits instantly, in-app delivered t
Slide 66: Additional product information: Australian Lending
Additional product information Australian Lending
Slide 67: Australian gross loans and advances by division
Australian gross loans and advances by division1 Business & Private Banking Personal Banking Corporate & Institutional ubank ($bn) Banking 291 280 4 262 267 4 264 269 3 254 258 9 3 9 9 10 113 109 103 106 132 261 124 245 249 255 111 116 166 174 155 158 13 15 16 17 Sep 24 Mar 25 Sep 25 Mar 26 Sep 24 M
Slide 68: Australian Housing Lending
Additional product information Australian Housing Lending
Slide 69: Housing lending key metrics
Housing lending key metrics1 Australian housing lending Sep 24 Mar 25 Sep 25 Mar 26 Mar 25 Sep 25 Mar 26 Portfolio Drawdowns3 Total Balances (spot) $bn2 348 355 364 373 41 47 48 Average loan size $’000 per account 384 397 413 427 599 604 633 By product type - Variable rate 89.7% 93.2% 95.3% 93.7% 97
Slide 70: Housing lending practices & policies
Housing lending practices & policies Key origination requirements Loan-to-value (LVR) limits • Income verified using a variety of documents including Principal & Interest – Owner Occupier 95% payslips and/or checks on salary credits into customers’ accounts Principal & Interest – Investor 90% • 10%
Slide 71: Housing lending volume and flow movements
Housing lending volume and flow movements Housing lending flow movements1 ($bn) (5) (12) 58 (29) (3) 364 373 Sep 25 New fundings Interest Pre- External Advantedge Mar 26 & & payments refinance redraw2 repayments & closures Housing lending by division ($bn) 248.7 254.7 260.5 112.9 106.0 109.3 15.1 16
Slide 72: Housing lending portfolio profile
Housing lending portfolio profile Housing lending volume by borrower and repayment Australian mortgages profile1 type1 VIC/TAS 32% Owner Occupier Interest Only, 3.8% Owner Line of Credit, 1.8% Occupier QLD 15% Principal & Investor Interest, Interest Only, 60.9% 13.1% WA 7% NSW/ACT 42% SA/NT 4% Inves
Slide 73: Housing lending portfolio profile
Housing lending portfolio profile Owner occupied lending volume growth1 Investor lending volume growth1 ($bn) ($bn) 5.3% (3.3% HoH) 4.2% (0.7% HoH) 235.5 240.0 248.0 123.2 127.5 128.4 Mar 25 Sep 25 Mar 26 Mar 25 Sep 25 Mar 26 Owner Occupier monthly growth2 Investor monthly growth2 Movement 2.0% impa
Slide 74: Housing lending offset and redraw balances
Housing lending offset and redraw balances1 Offset & redraw balances Offset & redraw balances distribution by number of ($bn) accounts 110 30% 45% 100 25% 35% 90 20% 25% 80 15% 15% 70 10% 5% 5% 60 0% -5% 50 0 up to 5k 5k to 50k 25k to 50k 50k to 100k 100k to 250k to 500k to Sep 23 Mar 24 Sep 24 Mar
Slide 75: Housing lending LVR
Housing lending LVR1 LVR breakdown at origination Dynamic LVR breakdown of drawn balance2 60% 60% Mar 26 Dynamic LVR 37.0% 40% 40% 20% 20% 0% 0% LVR LVR LVR LVR LVR LVR LVR LVR LVR LVR ≤60% 60.01% - 70% 70.01% - 80% 80.01% - 90% >90% ≤60% 60.01% - 70% 70.01% - LVR 80.01% - 90.01% - 80% >100% 90% 100
Slide 76: Australian Deposits
Additional product information Australian Deposits
Slide 77: Australian customer deposits
Australian customer deposits1 Customer deposit by product ($bn) Customer deposit by product (%) 599 582 560 34 5% 5% 5% 6% 537 32 29 60 9% 9% 10% 10% 26 56 52 48 171 170 32% 31% 29% 28% 172 170 148 154 25% 26% 25% 26% 133 143 160 164 175 181 30% 29% 30% 30% Sep 24 Mar 25 Sep 25 Mar 26 Sep 24 Mar 25
Slide 78: Australian customer deposits
Australian customer deposits1 Business & Private Banking2 Personal Banking2 Corporate & Institutional Corporate Functions & ($bn) Banking Other3 252 235 238 21 223 20 19 17 182 176 87 169 85 161 89 35 37 146 86 32 142 30 132 134 1 0 3 1 34 35 34 52 48 52 33 51 49 49 50 45 32 34 49 74 78 81 26 29 42
Slide 79: Group Asset Quality
Additional information Group Asset Quality
Slide 80: Group credit impairment charge
Group credit impairment charge Credit impairment charge as % of GLAs Global Financial 1.4% Crisis 1.2% 1.0% COVID 0.8% 0.6% 0.4% 0.18% Late 80’s / Early 90’s 0.2% Recession -0.1% Sep Sep Sep Sep Sep Sep Sep Sep Sep Sep Sep Sep Sep Sep Sep Sep Sep Sep Sep Sep Sep Sep Sep Sep Sep Sep Sep Sep Sep Sep S
Slide 81: Individually assessed provisions and charges
Individually assessed provisions and charges Individually assessed provision (IAP) Net write-offs ($m) ($m) 0.11% 0 55.8% 0.06% 0.06% 0.08% 51.4% 51.4% 47.4% 0 0 1,600 1,254 1,163 0.3 0 920 71 87 756 431 55 0 59 325 1,092 1,167 237 225 0 697 865 0 0% -0.2 0 Sep 24 Mar 25 Sep 25 Mar 26 Sep 24 Mar 25
Slide 82: Group estimated long run loan loss rate
Group estimated long run loan loss rate Group business mix – GLAs by category Estimating long run loan loss rate Sep 1985 Long run Long run 10 years Personal NAB Australian average average lending 8% geography net write off rates as a % of GLAs (1985 – (2006 – (2016 – 20252) 20252) 20252) Commercial
Slide 83: Group lending mix
Group lending mix1 Gross loans and acceptances by product - $804.2bn Gross loans and acceptances by geography2 Other International 3% Asset Overdrafts 1% New Zealand 12% & lease financing 2% Credit card outstandings 1% Australia 85% Housing loans 55% Housing loans 57.00% Gross loans and acceptances
Slide 84: Provisions
Provisions Movement in provisions1 ($m) $221m increase in provisions for expected credit losses Sep 25 – Mar 26 91 148 (170) 152 6,386 6,037 6,165 $300m increases in forward-looking provisions Mar 25 Sep 25 Underlying Forward-looking Target sector Individually Mar 26 collective provision Economic Fo
Slide 85: Expected Credit Losses (ECL) assessment
Expected Credit Losses (ECL) assessment ECL scenarios & weightings Key considerations Total Provision for ECL1,2 1H26 100% • Increase in ECL vs Sep 25 reflects an increase of $300m in $m (probability 100% Base 100% forward-looking provisions and increased IAP balances, Upside Downside partially offs
Slide 86: Group non-retail lending industry sector analysis
Group non-retail lending industry sector analysis Non-performing exposures (NPLs) as % of lending EAD1 by regulatory industry categories2 Target sectors with FLAs3 Mar 25 Sep 25 Mar 26 NPLs as a % of EAD (Mar 26) NPLs (ex F&I) as a % of EAD (Mar 26) 4% 2H25 & 1H26 Utilities increase due to a small n
Slide 87: Target sector forward-looking adjustments (FLAs)
Target sector forward-looking adjustments (FLAs) Collective provision target sector FLAs ($m) Agriculture, Forestry & Fishing Construction Energy Intensive Industries 1 450 Tourism, Hospitality and Entertainment 42 Australian Mortgages 62 Retail Trade 334 304 Commercial Property 76 58 29 267 Other 2
Slide 88: ECL provisioning by stages
ECL provisioning by stages Loans and advances by stage1 Provisions by stage Provision coverage by stage2 ($bn) ($m) (%) 1,053 0.60 0.60 0.61 1,027 6,386 1,000 6,037 6,165 12 12 11 195 200 206 2,196 2,350 2,442 19.5 19.4 20.0 794 815 835 3,190 3,169 3,331 1.64 0.39 1.58 0.38 1.62 0.38 651 646 613 0.0
Slide 89: Probability of default (PD) analysis
Probability of default (PD) analysis Group non-retail IRB EAD1 by probability of default ($bn) Non-performing Investment grade Sub investment grade 1.28% Mar 26 57.5% Mar 26 (58.9% Sep 25 ) 41.2% Mar 26 (39.9% Sep 25) (1.24% Sep 25) 250 200 150 100 50 0 0 to <0.15% 0.15 to <0.25% 0.25 to <0.50% 0.50
Slide 90: Australia housing lending arrears profile
Australia housing lending arrears profile1 Arrears declining as % of GLAs and limited impairment 2.45% 1.82% 1.87% 1.63% 1.75% 1.75% 1.79% 1.65% 1.68% 1.61% 1.42% 1.58% 1.24% 1.41% 1.18% 1.15% 1.22% 1.08% 1.15% 1.07% 0.98% 1.04% 0.90% 1.00% 0.93% 0.73% 0.67% 0.76% 0.11% 0.12% 0.10% 0.10% 0.10% 0.06%
Slide 91: Australian housing lending arrears profile
Australian housing lending arrears profile1 90+ DPD2 & Impaired assets as a % of GLAs by purpose 2.5% 2.0% 1.5% 1.16% 1.0% 1.01% 0.5% 1.00% 0.0% Sep 17 Sep 18 Sep 19 Sep 20 Sep 21 Sep 22 Mar 23 Sep 23 Mar 24 Sep 24 Mar 25 Sep 25 Mar 26 Investor First Home Buyer Owner Occupier 30+ DPD as a % of GLAs
Slide 92: Australian card and personal lending
Australian card and personal lending Key considerations Cards1 and personal lending CIC and as a % of total cards and personal lending GLAs ($m) • Increased CICs mainly due to higher arrears in the 2.79% 2.22% 2.21% 2.18% Citi portfolio including impacts of migration • Consumer card revolve rate has
Slide 93: C&IB and B&PB business lending asset quality
C&IB and B&PB business lending asset quality1 Business lending credit impairment charge and as a % Business lending non-performing exposure and as a % of GLAs of GLAs ($m) ($m) 2.04% 600 1.87% 2.03% 500 0.26% 0.20% 0.24% 0.19% 1.66% 400 1,615 1,893 1,206 300 995 200 351 339 276 3,910 4,298 4,327 100
Slide 94: Business & Private Banking asset quality
Business & Private Banking asset quality B&PB credit impairment charge and as % of GLAs1,2 B&PB non-performing exposures and as % of GLAs1 ($m) 0.25% 0.21% 2.41% 2.54% 2.43% 0.18% 0.14% 2.12% 322 6,485 7,079 7,044 292 5,580 237 16 206 1,648 1,707 1,796 37 1,439 308 24 165 266 5,372 5,248 175 4,141 4
Slide 95: Business & Private Banking business lending
Business & Private Banking business lending Non-performing exposures (NPLs) as % of GLAs Aligned to revised APS 220 3.04% 3.22% 3.00% 2.66% 2.30% 0.67% 0.73% 2.14% 0.69% 1.75% 0.60% 1.66% 0.37% 0.39% 0.51% 0.33% 2.37% 2.49% 2.31% 1.77% 1.91% 2.06% 0.73% 1.33% 0.65% 0.66% 0.58% 0.51% 1.24% 0.23% 0.21
Slide 96: Agriculture, forestry & fishing exposures
Agriculture, forestry & fishing exposures1 Group EAD $64.3bn March 2026 Key considerations • Weather conditions remained mixed, with recent lack of rainfall across parts of regional NSW and Southern Queensland while previously dry areas in Western Victoria and South Australia have seen improvements
Slide 97: Commercial real estate (CRE)
Commercial real estate (CRE)1 Gross loans & acceptances (GLAs) Breakdown by total GLAs By sector By geography New Australia Total2 Zealand Residential QLD Retail 11% 17% WA Total CRE (A$bn) 77.3 6.9 84.2 VIC 27% Industrial 5% SA 25% Increase / (decrease) from 21% 6% 3.3 (0.1) 3.2 Sep 25 (A$bn) Touri
Slide 98: Commercial real estate
Commercial real estate Key asset quality considerations Sector considerations • Interest rate increases present a headwind to customer • Uncertain interest rate outlook (driven by persistent inflation serviceability Interest Cover Ratios (ICRs). More recent and geopolitical tensions) expected to aff
Slide 99: Construction
Construction1 Exposure at default Key considerations • Work pipelines remain healthy, but the Middle East conflict has created cost escalations in various inputs which may compress project margins for EAD $15.1bn EAD $16.1bn some contractors 1.8 • ~4% non-retail lending EAD including subcontractors
Slide 100: Energy intensive industries
Energy intensive industries1 Exposure at default Key considerations Sep 25 Mar 26 • Transport and Manufacturing sectors have been EAD EAD EAD EAD challenged in recent periods by input cost inflation and $21.9bn $22.6bn $22.7bn $23.1bn limited ability to fully pass through higher costs to 4.2 2.2 4.1
Slide 101: Capital, Funding & Liquidity
Additional information Capital, Funding & Liquidity
Slide 102: Risk-weighted assets
Risk-weighted assets Risk-weighted assets IRRBB RWA ($bn) ($bn) Mar 26 IRRBB sensitivity to +/- 10 bps movement 4.0 (2.3) in swap rates equivalent to ~$0.5bn of RWA 0.8 1.1 5.6 25 4.6% 6 3.5% 3.5% 4.1% 20 17.9 4 13.9 2 449.8 15 13.0 10.0 0 10 -2 440.6 5 -4 0 -6 Sep 25 Credit Market Operational IRRBB
Slide 103: Capital & Deposit hedges
Capital & Deposit hedges NAB replicating portfolios balance NAB replicating portfolios1 (AUD $bn) (%) 100 3.19% 3.41% 5 2.92% 80 3.00% 4 60 3 2.00% 40 73 73 78 2 1.00% 20 40 40 41 1 0 0.00% 0 Mar 25 Sep 25 Mar 26 Mar 21 Mar 22 Mar 23 Mar 24 Mar 25 Mar 26 Capital - invested to 3 years Deposit - inves
Slide 104: Internationally comparable capital ratios
Internationally comparable capital ratios 29.6% 28.6% 28.8% 20.6% 19.8% 19.7% 17.6% 17.1% 17.1% 20.3% 21.0% 20.3% 14.1% 20.4% 12.0% 14.3% 11.7% 13.7% 12.1% 13.6% 11.6% Mar 25 Sep 25 Mar 26 Equivalent internationally comparable ratios1 APRA Common Equity Tier 1 ratios APRA Tier 1 ratios APRA Total ca
Slide 105: Key regulatory changes impacting capital and liquidity
Key regulatory changes impacting capital and liquidity APRA regulatory change1 2026 2027 2028 Key points Capital reforms (APRA) Loss-Absorbing Capacity • The Group has met the LAC requirements, effective from Implemented (LAC) 1 January 2026 • From 1 January 2027, NAB will replace 1.5% AT1 capital w
Slide 106: Tier 2 and Additional Tier 1
Tier 2 and Additional Tier 11 Key messages APRA changes to major banks’ capital minimums (%) • NAB is compliant with APRA’s fully phased-in LAC 20.45% requirements, equal to 4.5% RWA 18.25% 18.25% • APRA’s Jan 27 requirements will replace 1.5% AT1 with an Tier 2, 6.80% LAC, 4.50% LAC, 4.50% addition
Slide 107: Asset Funding
Asset Funding Funded balance sheet Group sources and uses of funds, 6 months to 31 March 26 ($bn) $1,042bn $1,042bn 20 20 Short Term Wholesale, 11% Liquid Assets1, Term Funding 6 <12 months, 2 22% 19 8 Other Deposits3, 4% 3% Other Short 3 Term Assets2, 1% 21 15 Customer Other Short Term Term Term Ot
Slide 108: Liquidity
Liquidity Liquidity coverage ratio (quarterly average) Net stable funding ratio composition ($bn) Group NSFR 116% as at 31 Mar 26 $725bn 137% 139% 135% 132% Wholesale funding $627bn & Other Liquids and Non-Financial Other Assets Corporate Deposits Other Loans 215 Retail/SME 212 208 200 Deposits 157
Slide 109: Term wholesale funding profile
Term wholesale funding profile Historical term funding issuance1 ($bn) 8.1 5.0 4.3 5.0 5.0 5.2 years years years years years years 39 40 1 1 37 36 33 3 29 30 30 28 20 18 13 10 9 9 7 8 7 2 FY21 FY22 FY23 FY24 FY25 1H26 Tenor2 RBNZ Funding Facilities RBA Term Funding Facility Senior Unsecured and Subo
Slide 110: Diversified & flexible term wholesale funding portfolio
Diversified & flexible term wholesale funding portfolio 1H26 Issuance by product type 1H26 Issuance by currency RMBS 9% GBP 15% EUR 24% Other 2% Senior 45% NZD 3% Covered 27% AUD 34% USD 22% Subordinated 19% Outstanding issuance by product type1, 2 Outstanding issuance by currency1 RMBS 2% JPY 1% Ot
Slide 111: Funding costs
Funding costs Indicative term wholesale funding issuance costs1 Average term wholesale funding portfolio costs2 (bps) (bps) 350 125 300 250 120 200 150 115 100 50 0 110 Sep Mar Sep Mar Sep Mar Sep Mar Sep Mar Sep Mar Sep Mar Sep Mar Sep Mar Sep Mar 21 22 22 23 23 24 24 25 25 26 21 22 22 23 23 24 24
Slide 112: Sustainability
Additional information Sustainability
Slide 113: Sustainability priorities anchored in customer needs
Sustainability priorities anchored in customer needs Our Support our customers’ environmental and social needs with a safe and sustainable approach ambition Our Climate Housing affordability First Nations strategic To support customers as we move To support increased housing supply To support the ec
Slide 114: Power generation exposures
Power generation exposures Group power generation EAD by fuel source1,2 (AUD$bn) 10.67 0.13 9.37 0.00 8.87 0.19 0.21 1.84 8.58 8.09 0.49 0.24 0.00 0.00 • ~$1.4bn (19%) increase in financing to renewable 7.39 0.00 1.89 energy on prior half 0.00 1.44 0.48 1.47 1.38 Gas • Financing to renewables now co
Slide 115: Resources exposures
Resources exposures Resources EAD by type1,2,3 Thermal coal mining exposure2,6 (AUD$bn) (AUD$bn) 0.24 7.49 7.54 0.20 0.46 0.48 0.16 Thermal coal EAD 0.21 0.18 6.69 6.87 0.24 0.20 0.14 0.14 0.53 Gold Ore Mining 0.51 6.18 1.17 0.25 42% 59% 1.2 0.27 0.14 43% 0.16 0.66 5.53 Metallurgical Coal 51% 51% 0.
Slide 116: Economic data
Additional information Economic data
Slide 117: Australia and NZ key economic indicators
Australia and NZ key economic indicators Australian economic indicators (%)1 NZ economic indicators (%)1 CY23 CY24 CY25 CY26(f) CY27(f) CY23 CY24 CY25 CY26(f) CY27(f) GDP growth2 1.3 1.2 2.6 1.5 1.9 GDP growth2 1.4 -1.6 1.3 1.8 2.4 Unemployment3 3.9 4.0 4.2 4.5 4.7 Unemployment3 4.0 5.1 5.4 5.8 5.7
Slide 118: Consumer dynamics will continue to be important
Consumer dynamics will continue to be important Consumer spending has held up1 Real disposable income growth is easing2 (%) 15 MoM YoY 10 -20 0 20 40 0 10 20 30 5 Total 2.1 8.4 0 Total goods 3.7 8.8 -5 Total services 0.4 -10 7.9 -15 2015 2017 2019 2021 2023 2025 Fuel 33.5 Interest payable Interest R
Slide 119: Labour market conditions remain healthy
Labour market conditions remain healthy Unemployment remains low1 Labour demand growth remains positive2 (%) (%) 4 7 2 6 0 5 -2 4 Employment growth 3 Unemployment rate -4 2 -6 2006 2010 2014 2018 2022 2026 2006 2010 2014 2018 2022 2026 Forward looking indicators still healthy3 Labour market remains
Slide 120: Supply and demand imbalance continues to support house prices
Supply and demand imbalance continues to support house prices House price growth has diverged1 Rents growth remains elevated2 (Index) (%) Sydney Melbourne Brisbane Sydney Melbourne Brisbane Adelaide Perth Hobart 250 15 Adelaide Perth Hobart 230 10 210 190 5 170 150 0 130 -5 110 90 -10 2019 2020 2021
Slide 121: Business conditions have held up
Business conditions have held up Conditions remain around average1 Capacity utilisation remains above average1 (Net Bal.) (%) 85 20 0 80 -20 Business confidence 75 Capacity utlilisation Business conditions -40 Long-run average -60 70 2008 2011 2014 2017 2020 2023 2026 2008 2011 2014 2017 2020 2023 2
Slide 122: Inflation is above the target band
Inflation is above the target band Underlying inflation has reaccelerated1 Goods and services inflation has reaccelerated2 (%) (%) (%) 7 7 7 Goods Services 6 6 5 Quarterly Year-ended 5 5 4 4 3 3 3 2 2 1 1 1 0 0 -1 2006 2010 2014 2018 2022 2026 2008 2010 2012 2014 2016 2018 2020 2022 2024 2026 Tradab
Slide 123: New Zealand economy
New Zealand economy Unemployment rate has moved higher, but economy Commodity prices off their peak but remain high2 growing again1 (GDP, $NZ bn, chain prices) (Unemployment rate, %) (Index, January 2019 = 100) 6 200 75 180 70 160 5 140 65 120 4 60 100 Total index Dairy 80 55 3 2020 2021 2022 2023 2
Slide 124: New Zealand housing
New Zealand housing House prices little changed over the year to March Sales volumes have been tracking sideways2 20261 (Index) (‘000s) 4,500 10 4,000 8 3,500 6 3,000 4 2,500 Auckland 2 National ex Auckland 2,000 0 2020 2021 2022 2023 2024 2025 2026 2019 2020 2021 2022 2023 2024 2025 2026 New reside
Slide 125: Global economy
Global economy Global growth expected to be soft by recent historical Driven by higher energy prices2 standards1 (YoY%) (Brent Crude $USD/barrel) 8 140 6 120 4 100 80 2 60 0 Global growth 40 -2 20 Average 2000-2024 -4 0 2000 2003 2006 2009 2012 2015 2018 2021 2024 2027 2016 2018 2020 2022 2024 2026
Slide 126: Abbreviations and disclaimers
Abbreviations and disclaimers
Slide 127: Sources and notes
Sources and notes Slide 12 (1) Sourced from RFI Global – Atlas, measured on 6 month rolling average. Based on business customers with a turnover $5m-<$200m. Ranking based on absolute scores, not statistically significant differences and compared against Big 4 peers (2) Sourced from RFI Global – Atla
Slide 128: Abbreviations
Abbreviations Australian and New Zealand Standard Industrial HEM Household Expenditure Measure ANZSIC Classification HQLA High-Quality Liquid Assets AT1 Additional Tier 1 Capital IRB Internal Ratings Based approach CET1 Common Equity Tier 1 Capital LCR Liquidity Coverage Ratio CIC Credit Impairment
Slide 129: Disclaimer
Disclaimer The material in this presentation is general background information about the NAB Group current at the date of the presentation on 4 May 2026. The information is given in summary form and does not purport to be complete. It is intended to be read by a professional analyst audience in conj