Net Profit from Discontinuing Operations

Michigan National Corporation

Profit & Loss Australian Dollars	Half Year to			Favourable / (Unfavourable) Change from
	Mar 01 $m	Sept 00 $m	Mar 00 $m	Sept 00 %	Mar 00 %
Net interest income	350	330	306	6.1	14.4
Other operating income	171	161	145	6.2	17.9

Total operating income	521	491	451	6.1	15.5
Other operating expenses	271	249	236	(8.8)	(14.8)

Underlying profit	250	242	215	3.3	16.3
Provision for doubtful debts	14	25	(10)	44.0	large

Profit before income tax	236	217	225	8.8	4.9
Income tax expense	80	73	78	(9.6)	(2.6)

Profit after tax before goodwill and abnormals	156	144	147	8.3	6.1
Goodwill amortisation	24	24	24	-	-

Profit after tax before abnormals	132	120	123	10.0	7.3

Profit & Loss United States Dollars	Half Year to			Favourable / (Unfavourable) Change from
	Mar 01 $m	Sept 00 $m	Mar 00 $m	Sept 00 %	Mar 00 %
Net interest income	186	194	195	(4.1)	(4.6)
Other operating income	91	93	93	(2.2)	(2.2)

Total operating income	277	287	288	(3.5)	(3.8)
Other operating expenses	144	147	151	2.0	4.6

Underlying profit	133	140	137	(5.0)	(2.9)
Provision for doubtful debts	8	15	(6)	46.7	large

Profit before tax	125	125	143	-	(12.6)
Income tax expense	43	41	50	(4.9)	14.0

Profit after tax before goodwill and abnormals	82	84	93	(2.4)	(11.8)