Preliminary Final Report & On-Market Buy-Back

Document date:  Wed 03 Nov 1999
Published:  Wed 03 Nov 1999 00:00:00
Document No:  154638
Document part:  B
Market Flag:  Y
Classification:  

HOMEX - Melbourne                                                     

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HIGHLIGHTS

* Operating profit after tax before abnormals $1,480 million ($1,175
  million)

* Operating profit after tax after abnormals $1,480 million ($1,106
  million)

* Final dividend 30 cents per share, up 2 cents, with franking
  increased to 80% from 60%. Full year dividend 56 cents, up 8%

* Ordinary share buyback of up to $500 million announced



* Earnings per ordinary share up 17% to 90.6 cents, from 77.2 cents

* Return on ordinary shareholders' equity 17.2% (15.5%)

* Cost income ratio down to 55.0% (60.9%)

* Operating expenses down to $3,294 million ($3,438 million)

* Gross and net non-accrual loans down (7% and 27% respectively)



* Material improvement in business mix and earnings quality

Operating profit after tax before abnormals      1999        1998
                                                   $M          $M

Geographic segments

Domestic Markets
  Australia                                     1,042         819
  New Zealand                                     200         167

                                                1,242         986

Overseas Markets                                  238         189

                                                1,480(1)    1,175


                                1999       1998      % of Group Total
Business segments                 $M         $M       1999       1998

Personal Financial Services      622        466        42%        40%
Corporate Financial Services     550        472        37%        40%
International(2)                 176        220        12%        19%
Group (including discontinued 
 businesses)(3)                  132         17         9%         1%

                               1,480      1,175       100%       100%


1. The 1999 result includes the benefit of capitalisation of software
   costs ($39 million after tax) and the replacement of debt funding 
   with preference share capital

3. Includes loss making discontinued businesses (1999: $6 million
   loss, 1998: $87 million loss)

MORE TO FOLLOW
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