Earnings Release  |  November 20, 2014

Exhibit 99.2

2

Disclosures

Forward-Looking Statements:

This presentation contains forward-looking statements within the meaning of

the Private Securities Litigation Reform Act of 1995. Statements about our expectations, beliefs, plans,

predictions, forecasts, objectives, assumptions or future events or performance are not historical facts and may

be forward-looking. These statements are often, but not always, made through the use of words or phrases

such as “anticipates,” “believes,” “can,” “could,” “may,” “predicts,” “potential,” “should,” “will,” “estimate,” “plans,”

“projects,” “continuing,” “ongoing,” “expects,” “intends” and similar words or phrases. Accordingly, these

statements are only predictions and involve estimates, known and unknown risks, assumptions and

uncertainties that could cause actual results to differ materially from those expressed. All forward-looking

statements are necessarily only estimates of future results, and there can be no assurance that actual results

will not differ materially from expectations, and, therefore, you are cautioned not to place undue reliance on

such statements. Any forward-looking statements are qualified in their entirety by reference to the factors

discussed in the section titled “Risk Factors” in our Prospectus, dated October 14, 2014, included as part of the

Registration Statement on Form S-1 filed in connection with our initial public offering. Further, any forward-

looking statement speaks only as of the date on which it is made, and we undertake no obligation to update any

forward-looking statement to reflect events or circumstances after the date on which the statement is made or 

to reflect the occurrence of unanticipated events.

Non-GAAP Financial Measures:

This presentation contains non-GAAP measures which our management

relies on in making financial and operational decisions about our business and which exclude certain items that

we do not consider reflective of our business performance.  We believe that the presentation of these measures

provides investors with greater transparency and supplemental data relating to our financial condition and

results of operations.  These non-GAAP measures should be considered in context with our GAAP results.  A

reconciliation of these non-GAAP measures appears in our earnings release dated November 20, 2014 and in

the appendix to this presentation.  Our earnings release and this presentation are available in the Investor

Relations section of our website at www.greatwesternbank.com.  Our earnings release and this presentation 

are also available as part of our Current Report on Form 8-K filed with the SEC on November 20, 2014.

Explanatory Note:

In this presentation, all financial information presented refers to the financial results of Great

Western Bancorp, Inc. combined with those of its predecessor, Great Western Bancorporation, Inc.

3

About GWB

•

Top

20

Midwest

bank

holding

company

(1)

•

Business bank with unique agribusiness expertise

•

8

th

largest

farm

lender

bank

in

the

U.S.

as

of

June

30,

2014

•

162 banking branches across 7 states

•

Owned by National Australia Bank since 2008

•

Current ownership of 68.2%

Efficient Business Model

Company Snapshot

Demonstrated Earnings Growth

Market Presence

Note:   Adjusted efficiency ratio is a non-GAAP measure.  See appendix for reconciliation.

(1)Source: SNL Financial. Based on bank holding companies with headquarters in the Midwest ranked by total assets as of June 30, 2014.  Excludes specialty lenders, insurance companies, trust banks and

brokerage and investment banking firms.

Net Income

CAGR

‘09 –

‘14:

18%

For the fiscal years ended September 30.

For the fiscal years ended September 30.

4

•

4Q FY14 net income of $27.9 million ($0.48 per share) compared

to $26.3 million ($0.46 per share) for 4Q FY13

•

4Q FY14 adjusted efficiency ratio of 49.0%

•

FY14 net income of $105.0 million ($1.81 per share) compared to

$96.2 million ($1.66 per share) for FY13

•

Disciplined expense management led full-year adjusted efficiency

ratio to improve to 50.4%

•

Improved credit quality led to a $10.9 million reduction in

provision for loan losses from $11.6 million to $0.7 million

•

Attractive ROA and ROTCE of 1.14% and 16.6%, respectively,

and ROE of 7.34%

Income Statement Overview

Net Interest Income ($MM)

Net Income ($MM)

Performance Highlights

Noninterest Expense ($MM)

Note:   Adjusted net interest income, adjusted net interest margin, adjusted noninterest expense, adjusted efficiency ratio and return on average tangible common equity (ROTCE) are non-GAAP measures we calculate

primarily to exclude the effects of offsetting fair value changes in certain loans and related interest rate swaps and the impact of amortization of intangible assets, net of tax.  See appendix for reconciliations.

(1) Net interest margin was 3.24% and 3.88%, respectively, for fiscal year 2013 and fiscal year 2014 and 3.75% and 3.72%, respectively, for the fourth quarters of fiscal years 2013 and 2014.

+2% Adj.

NII

+6%

For the fiscal years ended September 30 or as otherwise noted.

For the fiscal years ended September 30 or as otherwise noted.

For the fiscal years ended September 30 or as otherwise noted.

+9%

+4% Adj.

NII

-6% Adj.

Exp.

-3% Adj.

Exp.

(1)

5

Balance Sheet Overview

Total Loans ($MM)

Balance Sheet  Highlights

Deposits ($MM)

•

Total loans up 6.7% YoY with headline growth aligned to

strategy and diversification across footprint

•

10% CRE growth (14% owner-occupied CRE growth)

•

6% C&I and Agriculture growth, respectively

•

Continued transition in deposit portfolio toward more

transaction accounts; lower cost of deposits

•

Maintained strong capital ratios despite accelerated dividend

At or for the fiscal years ended September 30.

At September 30.

Noninterest-

bearing deposits

up 9% YoY

+6.7% YoY

Tier 1 Capital Ratio

At September

30.

Note:

Regulatory capital ratios calculated based on currently applicable rules.

6

Continued Asset Quality Improvement

•

Annual net charge-offs declined to 0.14% of average loans,

down from 0.44% for FY13 and from a peak of 0.88% in FY11

•

Nonaccrual loans (both including and excluding loans covered

by FDIC loss-sharing arrangements and total) continued to

decline while Reserves / NALs increased

•

OREO balances declined 14% year-over-year

At September 30.

At or for the fiscal years ended September 30.

Reserves / NALs

Highlights

Net Charge-Offs

Improving Credit Quality

For the fiscal years ended September 30.

7

Proven Business Strategy

Focused Business Banking Franchise with Agribusiness Expertise

Strong Profitability and Growth Driven by a Highly Efficient Operating Model

Risk Management Driving Superior Credit Quality Relative to Peers

Strong Capital Generation and Attractive Dividend

Prioritize Organic Growth While Optimizing Footprint

Attract and Retain High-Quality Relationship Bankers

Deepen Customer Relationships

Appendix

9

Non-GAAP Reconciliations

GREAT WESTERN BANCORP, INC.

CONSOLIDATED FINANCIAL DATA (Unaudited)

At and for the three months ended

At and for the fiscal year ended

Sept. 30,

June 30,

Sept. 30,

Sept. 30,

2013

2013

2014

2014

2014

Reconciliation of Non-GAAP Measures

(dollars in thousands)

Cash net income and return on average tangible

common equity:

Net income………………………………………………

Add: Amortization of intangible assets……………….

Add: Tax on amortization of intangible assets………

Cash net income…………………………………….

Average common equity………………………………

Less: Average goodwill and other intangible

assets…………………………………………………...

Average tangible common equity………………...

Return on average common equity…………………..

Return

on

average

tangible

common

equity

*………..

* Calculated as cash net income divided by average tangible common equity. Annualized for quarterly periods.

Adjusted net interest income and adjusted net

interest margin:

Net interest income…………………………………….

Less: Loan FV adjustment related to interest rates..

Adjusted net interest income………………………

Average interest-earning assets…………………….

Net interest margin…………………………………….

* Adjusted net interest margin is calculated as adjusted net interest income divided by average interest earning assets. Annualized for 

quarterly periods.

$

27,875

$

22,503

$

26,323

$

952

$

96,243

2,768

4,069

4,690

16,216

19,290

(811)

(811)

(811)

(3,244)

(3,244)

$

29,832

$

25,761

$

30,202

$

117,924

$

112,289

$ 1,438,962

$1,445,097

$1,400,635

$

1,430,772

$1,380,295

713,462

717,104

730,893

719,573

738,140

$   725,500

$

727,993

$   669,742

$

711,199

$

642,155

7.69%

6.25%

7.46%

7.34%

6.97%

16.3%

14.2%

17.9%

16.6%

17.5%

$

76,646

$

89,386

$

74,886

$

314,073

$

255,096

(197)

13,197

1,330

11,922

(40,305)

$

76,843

$

76,189

$

73,556

$

302,151

$

295,401

$8,181,194

$ 8,098,052

$7,930,867

$

8,093,861

$   7,862,860

3.72%

4.43%

3.75%

3.88%

3.24%

3.73%

3.77%

3.68%

3.73%

3.76%

Adjusted

net

interest

margin

*……………………….

Sept. 30,

10

Non-GAAP Reconciliations

Adjusted interest income and adjusted yield on

Loans, other than acquired with deteriorated

credit quality, net:

Interest income...……………………………………….

$    76,388

$    88,531

$     74,453

$

312,424

$

249,527

Less: Loan FV adjustment related to interest rates…

(197)

13,197

1,330

11,922

(40,305)

Adjusted  interest income..………………………..

$    76,585

$

75,334

$

73,123

$

300,502

$

289,832

Average Loans, other than acquired with

deteriorated credit quality, net……………………….

$6,527,721

$6,362,850

$6,024,403

$

6,311,857

$

5,876,116

Yield…………………………………………………….

4.64%

5.58%

4.90%

4.95%

4.25%

Adjusted yield *………………………………………..

4.65%

4.75%

4.82%

4.76%

4.93%

* Adjusted yield is calculated as adjusted interest income divided by average balance. Annualized for quarterly periods.

Adjusted noninterest expense and adjusted

efficiency ratio:

Total revenue………………………………………..

$    91,530

$  103,611

$     92,412

$

372,127

$

330,000

Plus: Tax equivalent adjustment…………………..

1,324

1,199

1,092

4,663

3,541

Total revenue (fully tax-equivalent

basis)

92,854

104,810

93,504

376,790

333,541

Less: Loan FV adjustment related to

interest rates…………………………………..

(197)

13,197

1,330

11,922

(40,305)

Adjusted revenue……………………….

$   93,051

$   91,613

$    92,174

$

364,868

$

373,846

Noninterest expense…………………………………

$  48,121

$  67,476

$   54,333

$

212,144

$

168,285

Less: Amortization of core deposit and

other intangibles………………………………..

2,768

4,069

4,690

16,216

19,290

Tangible noninterest expense

45,353

63,407

49,643

195,928

148,995

Less: Derivatives, net (gain) loss………………..

(197)

13,197

1,330

11,922

(40,305)

Adjusted noninterest expense……………....

$  45,550

$  50,210

$   48,313

$

184,006

$

189,300

Adjusted efficiency ratio*

49.0%

54.8%

52.4%

50.4%

50.6%

Unadjusted efficiency ratio **

48.8%

60.5%

53.1%

52.0%

44.7%

*   Calculated as Ratio of adjusted noninterest expense to adjusted Revenue.

** Calculated

as

Ratio

of

tangible

noninterest

expense

to

total

Revenue

(fully

tax

–

equivalent

basis).

11

Non-GAAP Reconciliations

Tangible common equity and tangible common

equity to tangible assets:

Total stockholder’s equity

..................................

$1,421,090

$1,430,964

$1,417,214

$1,421,090

$1,417,214

Less: Goodwill, core deposits and other

intangibles

........................................................

712,036

714,803

728,251

712,036

728,251

Tangible common equity

..........................

$    709,054

$    716,161

$   688,963

$   709,054

$6,888,963

Total assets

.....................................................

$9,371,429

$9,292,283

$9,134,258

$9,371,429

$9,134,258

Less: Goodwill, core deposits and other

intangibles

........................................................

712,036

714,803

728,251

712,036

728,251

Tangible assets

......................................

$8,659,393

$8,577,480

$8,406,007

$8,659,393

$8,406,007

Tangible common equity to tangible assets...........

8.2%

8.3$

8.2%

8.2%

8.2%