FILE NO 1-9945
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON DC 20549
FORM 6-K
REPORT OF FOREIGN ISSUER
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934
For the month of July 2004
National Australia Bank Limited
ACN 004 044 937
(Registrant’s Name)
Level 24
500 Bourke Street
MELBOURNE VICTORIA 3000
AUSTRALIA
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
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Form 20-F |
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Form 40-F |
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Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
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Yes |
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No |
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If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82
This Report on Form 6-K shall be deemed to be incorporated by reference into the Registration Statement on Form S-8 (No. 333-103443) of National Australia Bank Limited and to be part thereof from the date on which this Report is filed, to the extent not superseded by documents or reports subsequently filed or furnished.
SIGNATURE PAGE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorised.
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NATIONAL AUSTRALIA BANK LIMITED |
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Garry F Nolan |
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Date: |
14 July 2004 |
Title: |
Company Secretary |
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Group Corporate Affairs |
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National Australia |
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Bank Limited |
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ABN 12004044937 |
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500 Bourke Street |
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Melbourne |
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Victoria 3000 |
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ASX Announcement |
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Australia |
Melbourne, Wednesday 14 July 2004
Trading update by the National Australia Bank
Chief Executive Officer of National Australia Bank, Mr John Stewart, today announced a trading update for the remainder of the 2004 financial year.
Cash earnings before significant items for the six months to September 30 are expected to be 10 to 15 per cent lower than the March 2004 half year result of $1.85 billion.
“It is too early to forecast for the 2005 financial year. As I said in May it will take 12 to 24 months to get our banks really motoring and so I do not expect any real improvement in the first half of 2005,” he said.
This outlook reflects more than the impact of the recent foreign exchange losses.
Other important issues include:
• In our retail bank in Australia we have forgone income and incurred expenses protecting the franchise. This has been successful in retaining customers.
• A number of short term initiatives to meet financial targets which impaired our ability to fully leverage investments.
• Non-discretionary compliance driven expenditures associated with Basel II and the International Financial Reporting Standards.
“My assessment is the National’s Australian franchise requires a period of targeted attention in order to achieve sustainable growth for the future,” he said.
“There has undoubtedly been a loss of competitiveness in the National’s businesses but it is my objective to put this bank on a path of growth driven by earnings.”
The National expects to maintain its dividend at 83 cents in the second half.
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For further information:
For Media contact:
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Brandon Phillips |
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Samantha Evans |
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03 8641 3857 work |
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03 8641 4982 work |
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0419 369 058 mobile |
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0404 883 509 mobile |
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For Investors contact: |
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Callum Davidson |
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Hany Messieh |
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Head of Group Investor Relations |
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Manager, Investor Relations |
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03 8641 4964 work |
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03 8641 2312 work |
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0411 117 984 mobile |
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0414 446 876 mobile |
Or visit www.nabgroup.com
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