Preliminary Final Report/Media Release/Financial Statements

Document date:  Thu 25 Oct 2001
Published:  Thu 25 Oct 2001 12:53:52
Document No:  182866
Document part:  P
Market Flag:  Y
Classification:  Preliminary Final Report , Full Year Accounts , Dividend Record Date , Dividend Pay Date , Dividend Rate 

AUSTRALIA AND NEW ZEALAND BANKING GROUP       2001-10-25  ASX-SIGNAL-G

HOMEX - Melbourne                                                     

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CHIEF FINANCIAL OFFICER'S REVIEW (CONTINUED)

DISCONTINUED BUSINESSES                    HALF YEAR      FULL YEAR
                                            SEP 01    SEP 01   SEP 00
                                               $M        $M      $M

Net interest income                             9        29      337
Other external operating income                 1       (18)     237
Operating income                               10        11      574
Operating expenses                             (2)       (3)    (290)
Profit before debt provision                    8         8      284
Provision for doubtful debts                   (7)      (15)     (62)
Income tax expense and outside equity                    
 interests                                     (1)       (5)    (116)
Net profit attributable to members of 
 the Company                                    -       (12)     106

Net loans and advances including acceptances  205       205      795
Other external assets                         883       883      114
External assets                             1,088     1,088      909
Deposits and other borrowings                  45        45    1,340
Other external liabilities                    923       923      844
External liabilities                          968       968    2,184

Net interest average margin                  2.80%     2.44%    2.98%
Return on assets                                -     (0.73%)   0.87%
Return on risk weighted assets                  -     (1.80%)   1.47%
Operating expenses to operating income       20.0%     27.3%    50.5%
Operating expenses to average assets         0.32%     0.18%    2.39%
Net specific provisions                         4         8       46
Net specific provision as a % of average 
 net advances                                2.00%     1.60%    0.89%
Net non-accrual loans                          12        12       68
Net non-accrual loans as a % of net 
 advances                                    5.41%     5.41%    9.37%
Total employees                                 7         7        1

Discontinued businesses include residual asset portfolios that were 
part of the Grindlays business, but were not purchased by Standard 
Chartered Bank, and the deposits and provisions associated with NHB 
(refer contingent liability note further on). The Group is making a 
controlled exit from the residual asset portfolios. Discontinued 
businesses also includes the joint venture with OCBC to develop a 
web-led bank in Asia, which was terminated in March 2001. The first 
half result included an equity loss of $25 million which was the 
Group's share of the joint venture loss.

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