Five Year Financial Summary
| 2004 $M |
2003 $M |
2002 $M |
2001 $M |
2000 $M |
|
|---|---|---|---|---|---|
| Financial Performance | |||||
| Net interest income | 5,410 | 5,026 | 4,710 | 4,474 | 3,719 |
| Other operating income | 5,081 | 4,373 | 4,358 | 4,350 | 2,420 |
| Total operating income | 10,491 | 9,399 | 9,068 | 8,824 | 6,139 |
| Charge for bad and doubtful debts | 276 | 305 | 449 | 385 | 196 |
| Operating expenses: | |||||
| Comparable business | 5,500 | 5,312 | 5,201 | 5,170 | 3,407 |
| Initiatives including Which New Bank | 749 | 239 | — | — | — |
| 6,249 | 5,551 | 5,201 | 5,170 | 3,407 | |
| Operating profit before goodwill amortisation, appraisal value uplift, abnormal items and income tax expense | 3,966 | 3,543 | 3,418 | 3,269 | 2,536 |
| Income tax expense | (1,262) | (958) | (916) | (993) | (820) |
| Outside equity interests | (9) | (6) | (1) | (14) | (38) |
| Net Profit after Tax ("cash basis") | 2,695 | 2,579 | 2,501 | 2,262 | 1,678 |
| Abnormal items | — | — | — | — | 967 |
| Income tax credit on abnormal items | — | — | — | — | 20 |
| Appraisal value uplift/(reduction) | 201 | (245) | 477 | 474 | 92 |
| Goodwill amortisation | (324) | (322) | (323) | (338) | (57) |
| Operating profit after income tax attributable to members of the Bank | 2,572 | 2,012 | 2,655 | 2,398 | 2,700 |
| Contributions to profit (after tax) | |||||
| Banking | 2,675 | 2,376 | 2,067 | 1,793 | 1,513 |
| Funds management | 274 | 233 | 368 | 323 | 36 |
| Insurance | 129 | 65 | 33 | 20 | 116 |
| Profit on operations ("underlying basis")(1) | 3,078 | 2,674 | 2,468 | 2,136 | 1,665 |
| Shareholder investment returns | 152 | 73 | 33 | 126 | 13 |
| Initiatives including Which New Bank | (535) | (168) | — | — | — |
| Profit on operations ("cash basis") | 2,695 | 2,579 | 2,501 | 2,262 | 1,678 |
| Goodwill amortisation | (324) | (322) | (323) | (338) | (57) |
| Appraisal value uplift/(reduction) | 201 | (245) | 477 | 474 | 92 |
| Abnormal income after tax | — | — | — | — | 987 |
| Operating profit after income tax | 2,572 | 2,012 | 2,655 | 2,398 | 2,700 |
| Financial Position | |||||
| Loans, advances and other receivables | 189,391 | 160,347 | 147,074 | 136,059 | 132,263 |
| Total assets | 305,995 | 265,110 | 249,648 | 230,411 | 218,259 |
| Deposits and other public borrowings | 163,177 | 140,974 | 132,800 | 117,355 | 112,594 |
| Total liabilities | 281,110 | 242,958 | 228,592 | 210,563 | 199,824 |
| Shareholders' equity | 22,405 | 20,024 | 19,030 | 18,393 | 17,472 |
| Net tangible assets | 17,700 | 14,995 | 13,639 | 12,677 | 11,942 |
| Risk weighted assets | 169,321 | 146,808 | 141,049 | 138,383 | 128,484 |
| Average interest earning assets | 214,187 | 188,270 | 170,634 | 160,607 | 129,163 |
| Average interest bearing liabilities | 197,532 | 174,737 | 157,105 | 145,978 | 117,075 |
| Assets (on balance sheet) | |||||
| Australia | 252,652 | 221,248 | 208,673 | 196,918 | 187,452 |
| New Zealand | 35,059 | 27,567 | 24,579 | 20,208 | 16,661 |
| Other | 18,284 | 16,295 | 16,396 | 13,285 | 14,146 |
| Total Assets | 305,995 | 265,110 | 249,648 | 230,411 | 218,259 |
(1) "Underlying basis" excludes shareholder investment returns, initiatives including Which new Bank, goodwill amortisation, appraisal value adjustment and abnormal items.
| 2004 | 2003 | 2002 | 2001 | 2000 | |
|---|---|---|---|---|---|
| Shareholder Summary | |||||
| Dividends per share (cents) — fully franked | 183 | 154 | 150 | 136 | 130 |
| Dividend cover (times) — statutory | 1.1 | 0.9 | 1.4 | 1.4 | 1.2 |
| Dividend cover (times) — cash | 1.1 | 1.3 | 1.3 | 1.3 | 1.6 |
| Dividend cover (times) — underlying | 1.3 | 1.4 | 1.3 | 1.2 | 1.2 |
| Earnings per share (cents) | |||||
| Basic | |||||
| before abnormal items | 196.9 | 157.4 | 209.6 | 189.6 | 184.8 |
| after abnormal items | 196.9 | 157.4 | 209.6 | 189.6 | 291.2 |
| Cash basis(1) | 206.6 | 202.6 | 197.3 | 178.8 | 181.0 |
| Underlying basis(2) | 237.1 | 210.2 | 194.6 | 168.8 | 179.6 |
| Fully Diluted | |||||
| before abnormal items | 196.8 | 157.3 | 209.3 | 189.3 | 184.4 |
| after abnormal items | 196.8 | 157.3 | 209.3 | 189.3 | 290.7 |
| Cash basis(1) | 206.5 | 202.5 | 197.0 | 178.6 | 180.6 |
| Underlying basis(2) | 237.0 | 210.0 | 194.3 | 168.5 | 179.2 |
| Dividend payout ratio (%)(3) | |||||
| before abnormal items | 93.5 | 97.7 | 71.7 | 71.2 | 83.5 |
| after abnormal items | 93.5 | 97.7 | 71.7 | 71.2 | 53.0 |
| Cash basis(1) | 89.1 | 75.9 | 76.2 | 75.5 | 85.3 |
| Underlying basis(2) | 77.6 | 73.3 | 77.2 | 80.2 | 85.9 |
| Net tangible assets per share ($) | 12.2 | 11.4 | 10.3 | 9.6 | 9.2 |
| Weighted average number of shares (basic) (m) | 1,256 | 1,253 | 1,250 | 1,260 | 927 |
| Weighted average number of shares (fully diluted) (m) | 1,257 | 1,254 | 1,252 | 1,262 | 929 |
| Number of shareholders | 714,901 | 746,073 | 722,612 | 709,647 | 788,791 |
| Share prices for the year ($) | |||||
| Trading high | 33.54 | 32.75 | 34.94 | 34.15 | 27.95 |
| Trading low | 27.00 | 23.05 | 24.75 | 26.18 | 22.54 |
| End (closing price) | 32.58 | 29.55 | 32.93 | 34.15 | 27.69 |
| Performance Ratios (%) | |||||
| Return on average shareholders' equity(4)(5) | |||||
| before abnormal items | 13.0 | 10.7 | 14.7 | 13.5 | 22.1 |
| after abnormal items | 13.0 | 10.7 | 14.7 | 13.5 | 34.8 |
| cash basis | 13.2 | 13.3 | 13.1 | 12.0 | 19.1 |
| underlying basis | 15.1 | 13.8 | 12.9 | 11.4 | 18.9 |
| Return on average total assets(4) | |||||
| before abnormal items | 0.9 | 0.8 | 1.1 | 1.1 | 1.1 |
| after abnormal items | 0.9 | 0.8 | 1.1 | 1.1 | 1.7 |
| cash basis | 0.9 | 1.0 | 1.0 | 1.0 | 0.9 |
| underlying basis | 1.1 | 1.0 | 1.0 | 1.0 | 0.9 |
| Capital adequacy — Tier 1 | 7.43 | 6.96 | 6.78 | 6.51 | 7.49 |
| Capital adequacy — Tier 2 | 3.93 | 4.21 | 4.28 | 4.18 | 4.75 |
| Deductions | (1.11) | (1.44) | (1.26) | (1.53) | (2.49) |
| Capital adequacy — Total | 10.25 | 9.73 | 9.80 | 9.16 | 9.75 |
| Net interest margin | 2.53 | 2.67 | 2.76 | 2.78 | 2.88 |
| Other Information (numbers) | |||||
| Full time staff equivalent(6) | 36,296 | 35,845 | 37,245 | 37,460 | 39,631 |
| Branches/service centres (Australia) | 1,012 | 1,014 | 1,020 | 1,066 | 1,441 |
| Agencies (Australia) | 3,866 | 3,893 | 3,936 | 3,928 | 4,020 |
| ATMs (Proprietary) | 3,109 | 3,116 | 3,049 | 2,931 | 3,092 |
| EFTPOS terminals | 126,049 | 129,959 | 126,613 | 122,074 | 116,064 |
| EzyBanking | 815 | 760 | 730 | 659 | 603 |
| Productivity | |||||
| Total Operating Income per full-time (equivalent) employee ($) | 278,047 | 262,212 | 262,856 | 235,558 | 198,479 |
| Staff Expense/Total Operating Income (%) | 24.3 | 26.1 | 26.4 | 26.7 | 27.8 |
| Total Operating Expenses(7)/Total Operating Income (%) | 59.6 | 59.1 | 57.4 | 58.6 | 57.2 |
(1) ‘Cash earnings’ for the purpose of these financial statements is defined as net profit after tax and before abnormal items, goodwill amortisation and life insurance and funds management appraisal value uplift.
(2) ‘Underlying earnings’ for the purpose of these financial statements is defined as net profit after tax and before shareholder investment returns, initiatives including Which new Bank, abnormal items, goodwill amortisation and life insurance and funds management appraisal value uplift.
(3) Dividends paid divided by earnings.
(4) Calculations based on operating profit after tax and outside equity interests applied to average shareholders' equity/average total assets.
(5) 2004 and 2003 shareholders' equity includes retained earnings before provision for final dividend of $1,315 million and $1,066 million respectively. Prior periods' return on average shareholders' equity — cash basis and underlying basis have been restated to exclude the provision for final dividend.
(6) Staff numbers include all permanent full time staff, part time staff equivalents and external contractors employed by 3rd party agencies.
(7) Total Operating Expenses excluding goodwill amortisation and charge for bad and doubtful debts.