Segmental Statement of Financial Performance

					Favourable/ (Unfavourable) change on
		Half year to
		Mar 02	Sep 01	Mar 01	Sep 01	Mar 01	Mar 01
		$m	$m	$m	%	%	exclude
							fx impact
							%
Ongoing core operations
Retail Banking (incl. Corporate Centre)
Net interest income		3,082	3,004	2,759	2.6	11.7	10.5
Other operating income		1,561	1,536	1,426	1.6	9.5	9.0
Total income		4,643	4,540	4,185	2.3	10.9	10.0
Other operating expenses		2,315	2,307	2,150	(0.3)	(7.7)	(6.7)
Underlying profit		2,328	2,233	2,035	4.3	14.4	13.6
Charge to provide for doubtful debts		241	409	269	41.1	10.4	11.5
Profit before income tax expense		2,087	1,824	1,766	14.4	18.2	17.4
Income tax expense		630	592	621	(6.4)	(1.4)	(0.5)
Net profit from Retail Banking		1,457	1,232	1,145	18.3	27.2	26.6
Wholesale Financial Services
Net interest income		559	497	398	12.5	40.5	38.2
Other operating income		411	521	537	(21.1)	(23.5)	(24.2)
Total income		970	1,018	935	(4.7)	3.7	2.4
Other operating expenses		370	378	348	2.1	(6.3)	(4.9)
Underlying profit		600	640	587	(6.3)	2.2	0.9
Charge to provide for doubtful debts		146	134	82	(9.0)	(78.0)	(72.0)
Profit before income tax expense		454	506	505	(10.3)	(10.1)	(10.7)
Income tax expense		81	140	131	42.1	38.2	38.2
Net profit from Wholesale Financial Services		373	366	374	1.9	(0.3)	(1.1)
Wealth Management
Net interest income		54	46	31	17.4	74.2	74.2
Net premium income & other revenue		832	835	782	(0.4)	6.4	5.9
Investment revenue		2,181	(964)	79	large	large	large
Net decrease/(increase) in net policy liabilities		(1,581)	1,109	209	large	large	large
Claims, administration and other expenses		(1,146)	(998)	(922)	(14.8)	(24.3)	(23.8)
Charge to provide for doubtful debts		-	(2)	(1)	large	large	large
Operating profit before income tax expense and revaluation profit		340	26	178	large	91.0	90.4
Income tax expense/(benefit) - operating profit		129	(168)	(19)	large	large	large
Operating profit after income tax expense before revaluation profit		211	194	197	8.8	7.1	6.6
Revaluation profit		370	237	273	56.1	35.5	35.5
Income tax expense - revaluation profit		133	93	84	(43.0)	(58.3)	(58.3)
Revaluation profit after tax expense		237	144	189	64.6	25.4	25.4
Net profit from Wealth Management		448	338	386	32.5	16.1	15.8
Excess Capital and Group Funding
Net earnings from Excess Capital		69	78	16	(11.5)	large	large
Net earnings from Group Funding		(143)	(22)	(3)	large	large	large
Net earnings from Excess Capital and Group Funding		(74)	56	13	large	large	large
Net profit from ongoing core operations before goodwill		2,204	1,992	1,918	10.6	14.9	14.4
Goodwill amortisation		48	47	48	(2.1)	-	-
Net profit from ongoing core operations		2,156	1,945	1,870	10.8	15.3	14.8

Non-core and disposed operations
HomeSide US
Net operating profit from HomeSide US before		107	114	39	16.3	large	large
significant operating expenses (1)
Significant operating expenses
Impairment loss on mortgage servicing rights		-	909	734	large	large	large
Tax benefit attributable to significant items		-	320	-	large	large	large
Net operating profit/(loss) from HomeSide		107	(497)	(695)	large	large	large
Significant non-operating items
Change in assumptions		-	1,436	-	large	large	large
Write off of goodwill		-	858	-	large	large	large
Net profit/(loss) from HomeSide US		107	(2,791)	(695)	large	large	large
Michigan National
Net profit from Michigan National		-	-	132	large	large	large
Disposal of Michigan National
Net profit on sale of Michigan National (2)		-	1,681	-	large	large	large
Other non-core operations
Net writedown of e-commerce investments		-	(39)	-	large	large	large
Vivid operating loss		-	(3)	(12)	large	large	large
Net loss on other non-core operations		-	(42)	(12)	large	large	large
Net profit/(loss) from non-core and disposed operations		107	(1,152)	(575)	large	large	large
Net profit		2,263	793	1,295	large	74.7	73.7
Net profit attributable to outside equity interests		7	1	4	large	(75.0)	(75.0)
Net profit attributable to members of the Company		2,256	792	1,291	large	74.7	73.7
Distributions Trust Units & National Income Securities		95	101	112	5.9	15.2	14.6
Earnings attributable to ordinary shareholders		2,161	691	1,179	large	83.3	82.1

(1) Net operating profit for HomeSide includes recognition of a future tax benefit of $89 million and a loss on the sale of HomeSide assets of $19 million.
(2) Net profit on the sale of Michigan National of $1,681 million, comprised proceeds from the sale of $5,314 million, less the cost of foreign operations sold $2,929 million and income tax expense attributable to the sale $704 million.

Net Profit Before Significant Items Reconciliation

				Favourable/ (Unfavourable)
	Half year to			change on
	Mar 02	Sep 01	Mar 01	Sep 01	Mar 01	Mar 01
	$m	$m	$m	%	%	exclude
						fx impact
						%
Net profit attributable to members of the Company	2,256	792	1,291	large	74.7	73.7
Add back:
Non-core significant operating expenses	-	589	734	large	large	large
Non-core significant non-operating items	-	2,294	-	large	large	large
Deduct:
Non-core net profit on sale of Michigan National	-	(1,681)	-	large	large	large
Net profit before significant items	2,256	1,994	2,025	13.1	11.4	10.7

Cash Earning Before Significant Items Reconciliation

	Half year to			Favourable/ (Unfavourable)change on
	Mar 02	Sep 01	Mar 01	Sep 01	Mar 01	Mar 01
	$m	$m	$m	%	%	exclude
						fx impact
						%
Earnings attributable to ordinary shareholders	2,161	691	1,179	large	83.3	82.1
Add back:
Non-core significant operating expenses	-	589	734	large	large	large
Non-core significant non-operating items	-	2,294	-	large	large	large
Goodwill amortisation	48	69	98	30.4	51.0	51.0
Deduct:
Non-core net profit on sale of Michigan National	-	(1,681)	-	large	large	large
Revaluation profit after tax	(237)	(144)	(189)	64.6	25.4	25.4
Cash earnings before significant items	1,972	1,818	1,822	8.5	8.2	7.4

Cash Earnings From Ongoing Core Operations Reconciliation

	Half year to			Favourable/ (Unfavourable)change on
	Mar 02	Sep 01	Mar 01	Sep 01	Mar 01	Mar 01
	$m	$m	$m	%	%	exclude
						fx impact
						%
Net profit from ongoing core operations before goodwill	2,204	1,992	1,918	10.6	14.9	14.4
Deduct:
Revaluation profit after tax	(237)	(144)	(189)	64.6	25.4	25.4
Cash earnings from ongoing core operations	1,967	1,848	1,729	6.4	13.8	13.2