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NATIONAL AUSTRALIA BANK LIMITED 2003-05-14 ASX-SIGNAL-G

HOMEX - Melbourne

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FINANCIAL HIGHLIGHTS

* Group cash earnings from ongoing operations of $2,131 million
- up 7.4% on March 2002
- up 8.9% on September 2002

* Group cash earnings per share
- up 4.0% on March 2002
- up 10.6% on September 2002

* Banking
- cash earnings up 11.4%
- 8.0% growth in underlying profit
- cost to income ratio improved to 47.3% from 48.0%

* Australian and New Zealand retail businesses performed strongly:
Financial Services Australia
- underlying profit up 13.7% on March 2002; up 5.9% on September
2002
- cost to income ratio improved to 45.6% from 48.9%

* Financial Services New Zealand
- underlying profit up 32.1% on March 2002; up 19.1% on September
2002
- cost to income ratio improved to 50.8% from 53.2%

* Group net profit of $1,877 million after a $205 million non-cash
reduction in the valuation of our Wealth Management business.

* Interim dividend of 80 cents up 11%, fully franked

* Return on equity of 17.1%

* EVA up 30% to $836 million

* Asset quality continues to be sound with gross non-accrual loans to
total loans lower at 0.59%

** All comparisons relate to the half year ended 31 March 2002 unless
otherwise stated