Commonwealth Bank - Report to Shareholders 2003 - Five Year Financial Summary
 

Five Year Financial Summary

2003
$M
2002
$M
2001
$M
2000
$M
1999
$M

Financial Performance
Net interest income 5,026 4,710 4,474 3,719 3,527
Other operating income 4,373 4,358 4,350 2,420 1,997

Total operating income 9,399 9,068 8,824 6,139 5,524
Charge for bad and doubtful debts 305 449 385 196 247
Total operating expenses 5,551 5,201 5,170 3,407 3,070

Operating profit before goodwill amortisation, appraisal value uplift, abnormal items and income tax expense 3,543 3,418 3,269 2,536 2,207
Income tax expense (958) (916) (993) (820) (714)
Outside equity interests (6) (1) (14) (38) (24)

Net Profit after Tax (“cash basis”) 2,579 2,501 2,262 1,678 1,469
Abnormal items 967
Income tax credit on abnormal items 20
Appraisal value (reduction)/uplift (245) 477 474 92
Goodwill amortisation (322) (323) (338) (57) (47)

Operating profit after income tax attributable to members of the Bank 2,012 2,655 2,398 2,700 1,422

Contributions to profit (after tax)
Banking 2,249 2,067 1,793 1,513 1,342
Funds management 208 368 323 36 24
Life insurance 122 66 146 129 103

Profit on operations (cash basis) 2,579 2,501 2,262 1,678 1,469
Goodwill amortisation (322) (323) (338) (57) (47)
Appraisal value uplift (245) 477 474 92
Abnormal income (expense) after tax 987

Operating profit after income tax 2,012 2,655 2,398 2,700 1,422

Financial Position
Loans, advances and other receivables 160,347 147,074 136,059 132,263 101,837
Total assets 265,110 249,648 230,411 218,259 138,096
Deposits and other public borrowings 140,974 132,800 117,355 112,594 93,428
Total liabilities 242,958 228,592 210,563 199,824 131,134
Shareholders’ equity 20,024 19,030 18,393 17,472 6,735
Net tangible assets 14,995 13,639 12,677 11,942 6,471
Risk weighted assets 146,808 141,049 138,383 128,484 99,556
Average interest earning assets 188,270 170,634 160,607 129,163 114,271
Average interest bearing liabilities 174,737 157,105 145,978 117,075 103,130
Assets (on balance sheet)
Australia 221,248 208,673 196,918 187,452 115,510
New Zealand 27,567 24,579 20,208 16,661 13,046
Other 16,295 16,396 13,285 14,146 9,540

Total Assets 265,110 249,648 230,411 218,259 138,096

         
2003 2002 2001 2000 1999

Shareholder Summary          
Dividends per share (cents) – fully franked 154 150 136 130 115
Dividend cover (times) – statutory 0.9 1.4 1.4 1.2 1.3
Dividend cover (times) – cash 1.3 1.3 1.3 1.6 1.3
Earnings per share (cents)          
Basic          
before abnormal items 157.4 209.6 189.6 184.8 153.4
after abnormal items 157.4 209.6 189.6 291.2 153.4
Cash basis(4) 202.6 197.3 178.8 181.0 158.5
Fully Diluted          
before abnormal items 157.3 209.3 189.3 184.4 153.1
after abnormal items 157.3 209.3 189.3 290.7 153.1
Cash basis(4) 202.5 197.0 178.6 180.6 158.1
Dividend payout ratio (%)(1)          
before abnormal items 97.7 71.7 71.2 83.5 74.7
after abnormal items 97.7 71.7 71.2 53.0 74.7
Cash basis(4) 75.9 76.2 75.5 85.3 72.4
Net tangible assets per share ($) 12.0 10.9 10.2 9.2 6.8
Weighted average number of shares (basic) 1,253m 1,250m 1,260m 927m 927m
Weighted average number of shares (fully diluted) 1,254m 1,252m 1,262m 929m 929m
Number of shareholders 746,073 722,612 709,647 788,791 404,728
Share prices for the year ($)          
Trading high 32.75 34.94 34.15 27.95 28.76
Trading low 23.05 24.75 26.18 22.54 18.00
End (closing price) 29.55 32.93 34.15 27.69 24.05

         

Performance Ratios (%)
Return on average shareholders’ equity(2), (5)
before abnormal items 10.7 14.7 13.5 22.1 20.5
after abnormal items 10.7 14.7 13.5 34.8 20.5
cash basis 13.3 13.1 12.0    
Return on average total assets(2)          
before abnormal items 0.8 1.1 1.1 1.1 1.1
after abnormal items 0.8 1.1 1.1 1.7 1.1
cash basis 1.0 1.0 1.0    
Capital adequacy – Tier 1 6.96 6.78 6.51 7.49 7.05
Capital adequacy – Tier 2 4.21 4.28 4.18 4.75 3.12
Deductions (1.44) (1.26) (1.53) (2.49) (0.79)
Capital adequacy – Total 9.73 9.80 9.16 9.75 9.38
Net interest margin 2.67 2.76 2.78 2.88 3.09

         
2003 2002 2001 2000 1999

Other Information (numbers)
Full time staff equivalent(6) 35,845 37,245 37,460 39,631 30,914
Branches/service centres (Australia) 1,014 1,020 1,066 1,441 1,162
Agencies (Australia) 3,893 3,936 3,928 4,020 3,934
ATMs (Proprietary) 3,116 3,049 2,931 3,092 2,602
EFTPOS terminals 125,959 126,613 122,074 116,064 90,152
EzyBanking 760 730 659 603 n/a
Productivity
Total Operating Income per full-time
(equivalent) employee ($)(6) 262,212 243,469 235,558 198,479 178,689
Staff Expense/Total Operating
Income (%)
26.1 26.4 26.7 27.8 29.0
Total Operating Expenses(3) /Total Operating Income (%) 59.1 57.4 58.6 57.2 55.6
           

Dividends paid divided by earnings. The comparative ratios have been amended to the same basis as the current year. Previously this ratio was calculated as Dividend per share divided by Earnings per share.

(2) Calculations based on operating profit after tax and outside equity interests applied to average shareholders’ equity/average total assets.

(3) Total Operating Expenses excluding goodwill amortisation and charge for bad and doubtful debts. Note the different business mix following the Colonial acquisition impacts comparison with prior years.

(4) ‘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.

(5) 2003 shareholders’ equity includes earnings before provision for final dividend of $1,066 million. Prior periods return on average shareholders’ equity – cash 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 third party agencies. Prior period numbers have been restated to reflect this.