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Preliminary Final Report

Document date:  Wed 04 Nov 1998
Published:  Wed 04 Nov 1998 00:00:00
Document No:  142712
Document part:  B
Market Flag:  Y
Classification: 

HOMEX - Melbourne                                                     

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HIGHLIGHTS 1

* Operating profit pre-abnormals steady at $1,175 million (1997:
$1,171 million)

* Return on equity 15.5% (1997: 16.9%)

* Operating profit after abnormals $1,106 million (1997: $1,024
million)

* Final dividend 28 cents per share, up 8%, franked at 60%

* Record profit performance in Australia and New Zealand

   - Australia up 16% to $796 million 
   - New Zealand up 28% to $158 million 
   - reflects Australia and New Zealand Personal Banking up 29%
     to $462 million

* International profit down 39% to $221 million, reflecting difficult
environment, credit deterioration and emerging market bond losses

* Total operating expenses down 2%. Cost income ratio 60.9%, down
2.2%; or down 5.0% to 58.6% for continuing businesses

* Risk profile reduced

   - Asian exposures reduced by 47%
   - London capital markets exited 
   - Institutional broking exited

* Increased disclosure of geographic and business performance


1 Prior period data restated for changes in accounting policies and
measurement approach (refer pages 58 and 39). Figures before
abnormals unless stated otherwise.


MORE TO FOLLOW

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