Statement of Financial Performance

	Half Year to		Favourable/ (Unfavourable) Change from
	Mar 01 $m	Sept 00 $m	Mar 00 $m	Sept 00 %	Mar 00 %
Continuing Operations
Banking & Other Financial Services
Net interest income	3,089	2,898	2,731	6.6	13.1
Other operating income	1,975	1,828	1,783	8.0	10.8

Total Banking & Other Financial Services income	5,064	4,726	4,514	7.2	12.2
Other operating expenses	2,519	2,387	2,321	(5.5)	(8.5)

Underlying profit	2,545	2,339	2,193	8.8	16.1
Provision for doubtful debts	362	271	244	(33.6)	(48.4)

Banking & Other Financial Services profit before tax expense	2,183	2,068	1,949	5.6	12.0
Income tax expense	663	626	631	(5.9)	(5.1)

Net profit from Banking & Other Financial Services	1,520	1,442	1,318	5.4	15.3



Wealth Management
Net premium income & other revenue	867	531	141	63.3	large
Investment revenue	79	640	430	(87.7)	(81.6)
Net decrease/(increase) in net policy liabilities	83	(456)	(280)	large	large
Claims, administration and other expenses	(884)	(553)	(185)	(59.9)	large

Operating profit before tax expense and revaluations	145	162	106	(10.5)	36.8
Income tax expense/(benefit) - operating profit	(30)	71	52	large	large

Operating profit after tax expense before revaluations	175	91	54	92.3	large

Revaluation profit	273	191	11	42.9	large
Income tax expense - revaluation profit	84	56	-	50.0	large

Revaluation profit after tax	189	135	11	40.0	large

Net profit from Wealth Management	364	226	65	61.1	large



HomeSide
Net mortgage servicing and origination revenue	406	307	308	32.2	31.8
Other operating expenses	252	202	166	(24.8)	(51.8)

Underlying profit	154	105	142	46.7	8.5
Provision for doubtful debts	35	32	26	(9.4)	(34.6)

HomeSide profit before tax expense	119	73	116	63.0	2.6
Income tax expense	48	25	32	(92.0)	(50.0)

Net profit from HomeSide	71	48	84	47.9	(15.5)



Excess Capital
Earnings on excess capital	25	67	89	(62.7)	(71.9)
Income tax expense	9	24	32	62.5	71.9

Net earnings on Excess Capital	16	43	57	(62.8)	(71.9)



Net profit from Continuing Operations before goodwill and abnormal items	1,971	1,759	1,524	12.1	29.3
Goodwill amortisation	74	75	74	(1.3)	-

Net profit from Continuing Operations before abnormals	1,897	1,684	1,450	12.6	30.8

Abnormal items	-	204	-	large	large
Tax benefit attributable to abnormal items	-	(68)	-	large	large

Abnormal items after tax	-	136	-	large	large

Net profit from Continuing Operations	1,897	1,548	1,450	22.5	30.8

Net profit from Discontinuing Operations	132	120	123	10.0	7.3
Net profit attributable to outside equity interests	4	2	-	large	large

Net profit attributable to members of the parent entity	2,025	1,666	1,573	21.5	28.7



Distributions - Trust Units & National Income Securities	112	105	93	(6.7)	(20.4)

Earnings attributable to ordinary shareholders	1,913	1,561	1,480	22.5	29.3

Financial Overview
Statement of Financial Position
Key Performance Measures

Statement of Financial Performance

Share price

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