Half Yearly Report and Accounts

Document date:  Wed 27 May 1998
Published:  Wed 27 May 1998 00:00:00
Document No:  137675
Document part:  E
Market Flag:  Y
Classification:  

HOMEX - Melbourne                                                     

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FINANCIAL HIGHLIGHTS
PERFORMANCE MEASUREMENTS

                              Half           Half           Half
                              year           year           year
                             Mar 98         Sep 97         Mar 97

Profitability ratios
Before abnormal items
Return on:
Average shareholders' 
equity 2                     17.1%           16.5%          17.5%
Average assets                0.8%            0.8%           0.9%
Average risk weighted assets  1.1%            1.2%           1.2%
Total income                 10.6%           10.2%          10.1%


After abnormal items
Return on:
Average shareholders' 
equity  2                    17.1%           13.3%          16.6%
Average assets                0.8%            0.7%           0.8%
Average risk weighted assets  1.1%            0.9%           1.1%
Total income                 10.6%            8.2%           9.3%

Net interest average margin  2.95%           2.97%          3.15%

Efficiency ratios  3
Operating expenses to net 
operating income             59.9%           63.9%          62.3%
Operating expenses to 
average assets                2.3%            2.5%           2.6%

Doubtful debts charge
Economic loss provisioning    237              203         197

Earnings per share (cents)

Basic
Before abnormal items        41.3             39.4          39.1
Diluted
Before abnormal items        41.1             39.2          38.9
After abnormal items         41.1             31.5          36.9


DIVIDENDS
Dividend rate (cents)
Interim - 60% franked 
(March 97: fully franked)      24             n/a           22
Final - fully franked         n/a             26            n/a

Dividend payout ratio (%)
Before abnormal items       58.6%            66.3%          56.7%
After abnormal items        58.6%            82.5%          59.9%

1 Prior period data restated for changes in accounting policies and 
measurement approach (refer pages 30 and 41)
2 Excluding outside equity interests
3 Before abnormal items



ASSETS AND CAPITAL
                                                  Movt       Movt
                       As at    As at    As at   Mar 98     Mar 98
                      Mar 98   Sep 97    Mar 97  v.Sep 97  v.Mar 97
Total assets ($M)    147,681   138,241  135,020     7%        9% 

Risk weighted 
assets ($M)          114,242   106,147  100,005     8%       14% 
Shareholders' 
equity' ($M)           7,340     6,943    6,633     6%       11%

Total advances ($M)  107,314   101,509   97,904     6%       10%

Net tangible assets 
per share ($)           4.81      4.59     4.42     5%        9% 

Capital adequacy ratio
- Tier 1                6.5%       6.6%     6.6%   n/a       n/a
- Total                 9.9%       9.8%    10.4%   n/a       n/a

General provision
General provision as a % of
risk weighted assets    1.3%       1.3%     1.3%   n/a       n/a 

General provision, excluding 
attributable future income 
tax benefit, as a % of risk 
weighted assets         0.8%       0.9%     0.8%   n/a       n/a 

Non-accrual loans ($M)
Non-accrual loans     1,235        872    1,079    42%       14%
Specific provisions    (587)      (444)    (488)   32%       20% 
Net non-accrual loans   648        428      591    51%       10% 

Specific provision as a %of total
non-accrual loans      47.5%      50.9%    45.2%   n/a       n/a

Net non-accrual loans as a % 
of net advances         0.6%       0.4%     0.6%   n/a       n/a
Net non-accrual loans as a % of 
shareholders' equity 2  8.8%       6.1%     9.8%   n/a       n/a

1 Excludes outside equity interests
2 Includes outside equity interests
   
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