Today is a big day for National Australia Bank Ltd (ASX: NAB) shares.

Not because shares in the S&P/ASX 200 Index (ASX: XJO) bank stock are leaping higher. In fact, they're right where they closed on Tuesday, trading for $38.19 apiece. That's broadly in line with the 0.1% gain we're seeing on the ASX 200 at this same time.

Rather, today is a big day for NAB shares as the bank holds its annual general meeting (AGM).

Here's what we learned.

NAB shares in focus amid AGM

NAB chair Philip Chronican kicked off the meeting by highlighting the bank's "renewed strength, stability, and momentum" over the last five years. NAB shares have gained 53% over that time.

Chronican also paid homage to former CEO Ross McEwan, who announced his retirement in February. Andrew Irvine was appointed to replace McEwan at the helm.

Commenting on the bank's ongoing efforts to combat cybercriminals, Chronican said:

Cyber security threats, scams and fraud represent a significant and ever-changing attack on our customers and the global financial system. Our collaboration with government authorities and industry on these issues remains critical.

On the financial front he said, "Our cash return on equity declined in financial year 2024 to 11.6% to be broadly in line with the returns achieved in financial year 2022 and ahead of two of our three major bank peers."

As for shareholder returns, Chronican added:

We are taking a disciplined approach to reducing our share count to support shareholder returns and have continued our on-market share buy-back, while maintaining a strong capital position. In financial year 2024 NAB returned $5.2 billion to shareholders, through dividends and share buybacks.

At 30 September, NAB had completed $2.4 billion of the current $3 billion share buyback and our Common Equity Tier 1 capital ratio stood at 12.35%, comfortably above our target range of 11% to 11.5%.

Looking at what might impact NAB shares in the years ahead, the bank will continue to invest in technology.

"Technology is a critical enabler, and we continue to modernise and invest in digital, data and analytics, including artificial intelligence, to support our customers and our bankers," Chronican said.

A word from the CEO

Newly minted NAB CEO Andrew Irvine took the podium next.

Noting the bank's commitment to the Aussie business community, Irvine said, "We are the largest lender to small and medium businesses in Australia. During the past four years, we have boosted our business lending to $155 billion to support them."

Irvine also addressed the year-on-year slide in earnings, which threw up some headwinds for NAB shares.

Irvine said:

Cash earnings for the year were $7.1 billion, 8.1% lower than the strong levels of financial year 2023 due to lower revenue and higher costs. In the second half of the year, a more stable operating environment has seen margin pressure ease.

We delivered a sound financial performance across each of our divisions, while operating in a challenging economic environment.

NAB shares are up 27% since this time last year, not including those dividend payouts.