Preliminary Final Report

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

HOMEX - Melbourne                                                     

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FINANCIAL HIGHLIGHTS

PERFORMANCE MEASUREMENTS 3

                                                 1998          1997
Profitability ratios

Before abnormal items

Return on:
Average shareholders' equity  2                  15.5%         16.9%
Average assets                                    0.8%          0.9%
Average risk weighted assets                      1.0%          1.2%
Total income                                     10.1%         10.1%

After abnormal items
Return on:
Average shareholders' equity  2                  14.6%         14.8%
Average assets                                    0.7%          0.7%
Average risk weighted assets                      1.0%          1.0%
Total income                                      9.6%          8.7%

Net interest average margin                      2.97%         3.04% 
Efficiency ratios       3
Operating expenses to net operating income       60.9%         63.1%
Operating expenses to net operating income - 
continuing operations (refer page 22)            58.6%         63.6%
Operating expenses to average assets              2.3%          2.5%

Debt provisioning

Earnings per share (cents)
Basic                      
Before abnormal items                            77.2          78.4
After abnormal items                             72.6          68.6

Diluted
Before abnormal items                            76.9          78.2
After abnormal items                             72.4          68.4

DIVIDENDS
Dividend rate (cents)                         

Interim - 60% franked (1997: fully franked)        24            22
Final - 60% franked (1997: fully franked)          28            26
                Dividend payout ratio

Before abnormal items                            67.8%         61.6%
After abnormal items                             72.1%         70.4%


1 Prior period data restated for changes in accounting policies and
  measurement approach (refer pages 58 and 39) 
2 Excluding outside equity interests 
3 Before abnormal items


ASSETS AND CAPITAL
                                       1998        1997         Movt
                                                                  %
Total assets ($M)                     149,720    138,241          8%

Risk weighted assets ($M)             116,096    106,147          9%

Shareholders' equity  1 ($M)            8,335      6,943         20% 
Total advances ($M)                   113,707    101,510         12% 
Net tangible assets per share ($)        4.98       4.59          9%
 
Capital adequacy ratio
- Tier 1                                 7.2%        6.6%        n/a 
- Total                                 10.7%        9.8%        n/a 

General provision 

General provision as a % of
risk weighted assets                     1.2%        1.3%        n/a

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

Non-accrual loans ($m)

Non-accrual loans                      1,662         872         91%
Specific provisions                     (762)       (444)        72%

Net non-accrual loans                    900         428        110%

Specific provision as a % of total 
non-accrual loans                       45.8%       50.9%        n/a
Net non-accrual loans as a % of 
net advances                             0.8%        0.4%        n/a
Net non-accrual loans as a % of 
shareholders' equity  2                 10.7%        6.1%        n/a 


1 Excludes outside equity interests 
2 Includes outside equity interests

MORE TO FOLLOW

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