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Half Yearly Report/Accounts

Document date:  Thu 24 Apr 2003
Published:  Thu 24 Apr 2003 08:34:09
Document No:  203518
Document part:  G
Market Flag:  Y
Classification:  Half Yearly Report , Half Year Audit Review , Half Year Directors' Statement , Half Year Accounts , Dividend Record Date , Dividend Pay Date , Dividend Rate

AUSTRALIA AND NEW ZEALAND BANKING GROUP       2003-04-24  ASX-SIGNAL-G

HOMEX - Melbourne                                                     

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FINANCIAL HIGHLIGHTS (cont)

PERFORMANCE MEASUREMENTS
 
                                              HALF         HALF
                                              YEAR         YEAR
                                              MAR 03       MAR 02
                                               $M           $M

EVA (TM)(1)                                    735          702
Profitability ratios
Return on:
Average ordinary shareholders' equity(2)       20.3%       21.6%
Average ordinary shareholders' equity(2)
 excluding significant transactions(4)         20.3%       22.0% 
Average assets                                 1.22%       1.18%
Average risk weighted assets                   1.57%       1.54%

Total income                                   17.1%       17.1%

Net interest average margin                    2.71%       2.75%
Profit per average FTE ($)                    51,077      46,464

Efficiency ratios(3)
Operating expenses to operating income         45.6%       46.5%
 (excluding significant transactions(4) )
Operating expenses to operating income         45.6%       39.1%
Operating expenses (excluding significant       1.7%        1.8%
 transactions)(4) to average assets 
Operating expenses to average assets            1.7%        1.5%

Debt provisioning
Economic loss provisioning ($M)                 303         301
Special general provision charge ($M)            -          250
Net specific provisions ($M)                    259         366

Earnings per ordinary share (cents)
Earnings per ordinary share (basic)            72.0        66.3
Earnings per ordinary share (diluted)          71.7        66.0
Earnings per ordinary share (basic) excluding  72.0        67.4
 significant transactions (4)
Earnings per ordinary share (basic) excluding  74.0        68.1
 significant transactions and goodwill 
 amortisation(5)

Ordinary share dividends (cents)
Interim - 100% franked (Mar 02: 100% franked)    44         39
Final - 100% franked (Sep 02: 100% franked)      n/a        n/a
Dividend payout ratio(6)                        61.3%      58.9%

Preference share dividend
Dividend paid ($M)                                54        60

(1) See page 10 for reconciliation to reported net profit
(2) Ordinary shareholders' equity excluding outside equity interests
(3) Operating expenses $1,593 million (Sep 2002: $1,565 million; Mar 
2002: $1,320 million) excludes goodwill amortisation $9 million 
(Sep 2002: $10 million; Mar 2002: $10 million). Excluding goodwill 
amortisation decreases the ratio by 0.3% (Sep 2002: 0.3%; 
Mar 2002: 0.3%)
(4) Significant transaction during the half year ended 30 September 
2002 was sale of business to INGA; during half year ended 31 March 
2002 were NHB recovery and special general provision for doubtful 
debts. See page 2 for reconciliation of net profit excluding 
significant transactions to reported net profit
(5) Earnings used in ratio of $1,118 million (Sep 2002: $1,073 
million; Mar 2002: $1,016 million) excludes significant transactions 
$nil (Sep 2002: $170 million net profit; Mar 2002: ($16 million) net 
loss) and goodwill amortisation $31 million (Sep  2002: $28 million; 
Mar 2002: $10 million)
(6) Dividend payout ratio is calculated using the dividend declared 
but not paid at 31 March 2003 

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