Full Year 2020 National Australia Bank Ltd Earnings Presentation Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Victor German - Macquarie Research - Analyst : I was hoping to ask 2 questions as well, 1 on revenue, 1 on costs. I might start with the revenue one. With respect to mortgage growth, it appears that you've struggled lately to grow that part of the business. I've noticed that your economist is looking for a fairly subdued outcome next year in terms of volume growth. If that actually sort of surprises on the upside relative to that expectation, do you think that you can regain market share and grow broadly in line with market? And do you think you need to sacrifice more margin in order to do that?

Question: Victor German - Macquarie Research - Analyst : No, that makes a lot of sense. And just on costs, I'd be interested in your observation and also Gary's in terms of the appropriate investment spend. We've seen a couple of your competitors or peers talk about much higher investment spend in the short term. Are you comfortable with $1.3 billion? What do you think is an appropriate number? And maybe, Gary, if you can also give us a sense for amortization expense. I've noticed that your amortization period is still 5 years. It appears that it's much higher than what peers are doing. And the charges coming through the P&L is lower, in your 0% to 2% cost guidance. Are you anticipating that, that number will increase? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. NOVEMBER 04, 2020 / 11:30PM, NAB.AX - Full Year 2020 National Australia Bank Ltd Earnings Presentation