Home | Shareholder centre | Financial results | 2003 Full Year Financial Results | Detailed Financial Information |
1. Performance Summary by Division
| Year to 30 September 2003 |
Note | FSA $m |
FSE $m |
FSNZ $m |
CIB $m |
Other(1) $m |
Total Banking $m |
WM $m |
Elimina- tions(2) $m |
Total Group $m |
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| Net interest income |
2 |
3,519 |
2,368 | 651 | 807 | (43) | 7,302 | 117 | - | 7,419 | |
| Net life insurance income(3) |
6 |
- |
- | - | - | - | - | 444 | - | 444 | |
| Other operating income(4) | 7 |
1,950 |
950 | 329 | 1,090 | 75 | 4,394 | 733 | (117) | 5,010 | |
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| Net operating income | 5,469 |
3,318 |
980 | 1,897 | 32 | 11,696 | 1,294 | (117) | 12,873 | ||
| Operating expenses(5)(6) | 8 | (2,502) | (1,720) | (493) | (754) | (196) | (5,665) | (806) | 117 | (6,354) | |
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| Underlying profit | 2,967 | 1,598 | 487 | 1,143 | (164) | 6,031 | 488 | - | 6,519 | ||
| Charge to provide for doubtful debts | 10 | (298) | (254) | (21) | (63) | 4 | (632) | (1) | - | (633) | |
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| Cash earnings before tax | 2,669 | 1,344 | 466 | 1,080 | (160) | 5,399 | 487 | - | 5,886 | ||
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| Income tax expense - net life insurance income | 6 | - | - | - | - | - | - | (126) | - | (126) | |
| Income tax expense - other | 12 | (798) | (416) | (155) | (225) | 82 | (1,512) | (3) | - | (1,515) | |
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| Cash earnings before significant items |
1,871 | 928 | 311 | 855 | (78) | 3,887 | 358 | - | 4,245 | ||
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| Wealth Management revaluation loss after tax | - | - | - | - | - | - | (200) | - | (200) | ||
| Goodwill amortisation | (3) | (62) | (1) | - | (32) | (98) | - | - | (98) | ||
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| Net profit before significant items |
1,868 | 866 | 310 | 855 | (110) | 3,789 | 158 | - | 3,947 | ||
| Significant items after tax | 13 | - | - | - | - | - | - | - | - | - | |
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| Net profit | 1,868 | 866 | 310 | 855 | (110) | 3,789 | 158 | - | 3,947 | ||
| Net (profit)/loss attributable to outside equity interest |
- | - | - | (9) | 1 | (8) | 16 | - | 8 | ||
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| Net profit attributable to members of the Company |
1,868 | 866 | 310 | 846 | (109) | 3,781 | 174 | - | 3,955 | ||
| Distributions | (183) | ||||||||||
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| Earnings attributable to ordinary shareholders |
3,772 | ||||||||||
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| Year ended 30 September 2002 |
Note | FSA $m |
FSE $m |
FSNZ $m |
CIB $m |
Other(1) $m |
Total Banking $m |
WM $m |
Elimina- tions(2) $m |
Total Ongoing Operations $m |
Disposed Oper- ations(7) $m |
Total Group $m |
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| Net interest income |
2 |
3,307 |
2,433 | 549 | 1,051 | (239) | 7,101 | 101 | - | 7,202 | 20 | 7,222 | |
| Net life insurance income(3) |
6 |
- |
- | - | - | - | - | (10) | - | (10) | - | (10) | |
| Other operating income(4) | 7 |
1,780 | 1,028 | 283 | 887 | 3 | 3,981 | 799 | (132) | 4,648 | 2,736 | 7,384 | |
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| Net operating income | 5,087 | 3,461 | 832 | 1,938 | (236) | 11,082 | 890 | (132) | 11,840 | 2,756 | 14,596 | ||
| Operating expenses(5)(6) | 8 | (2,450) | (1,677) | (444) | (759) | (2) | (5,332) | (813) | 132 | (6,013) | (2,694) | (8,707) | |
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| Underlying profit | 2,637 | 1,784 | 388 | 1,179 | (238) | 5,750 | 77 | - | 5,827 | 62 | 5,889 | ||
| Charge to provide for doubtful debts | 10 | (146) | (378) | 5 | (167) | 38 | (648) | 1 | - | (647) | (50) | (697) | |
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| Cash earnings before tax | 2,491 | 1,406 | 393 | 1,012 | (200) | 5,102 | 78 | - | 5,180 | 12 | 5,192 | ||
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| Income tax benefit - net life insurance income | 6 | - | - | - | - | - | - | 248 | - | 248 | - | 248 | |
| Income tax expense - other | 12 | (734) | (440) | (136) | (194) | 44 | (1,460) | (28) | - | (1,488) | 86 | (1,402) | |
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| Cash earnings before significant items |
1,757 | 966 | 257 | 818 | (156) | 3,642 | 298 | - | 3,940 | 98 | 4,038 | ||
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| Wealth Management revaluation loss after tax |
- | - | - | - | - | - | (152) | - | (152) | - | (152) | ||
| Goodwill amortisation | - | (62) | (2) | - | (37) | (101) | - | - | (101) | - | (101) | ||
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| Net profit before significant items |
1,757 | 904 | 255 | 818 | (193) | 3,541 | 146 | - | 3,687 | 98 | 3,785 | ||
| Significant items after tax | 13 | (185) | (117) | (13) | (31) | (40) | (386) | (20) | - | (406) | - | (406) | |
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| Net profit | 1,572 | 787 | 242 | 787 | (233) | 3,155 | 126 | - | 3,281 | 98 | 3,379 | ||
| Net profit attributable to outside equity interest |
- | - | - | - | - | - | (6) | - | (6) | - | (6) | ||
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| Net profit attributable to members of the Company |
1,572 | 787 | 242 | 787 | (233) | 3,155 | 120 | - | 3,275 | 98 | 3,373 | ||
| Distributions | (187) | ||||||||||||
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| Earnings attributable to ordinary shareholders |
3,186 | ||||||||||||
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| Half Year ended 30 September 2003 |
Note | FSA $m |
FSE $m |
FSNZ $m |
CIB $m |
Other(1) $m |
Total Banking $m |
WM $m |
Elimina- tions(2) $m |
Total Group $m |
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| Net interest income |
2 |
1,809 | 1,129 | 323 | 373 | (24) | 3,610 | 63 | - | 3,673 | |
| Net life insurance income(3) |
6 |
- |
- | - | - | - | - | 363 | - | 363 | |
| Other operating income(4) | 7 |
1000 | 447 | 162 | 585 | 76 | 2,270 | 367 | (59) | 2,578 | |
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| Net operating income | 2,809 | 1,576 | 485 | 958 | 52 | 5,880 | 793 | (59) | 6,614 | ||
| Operating expenses(5)(6) | 8 | (1,288) | (847) | (241) | (380) | (159) | (2,915) | (412) | 59 | (3,268) | |
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| Underlying profit | 1,521 | 729 | 244 | 578 | (107) | 2,965 | 381 | - | 3,346 | ||
| Charge to provide for doubtful debts |
10 | (142) | (119) | (14) | (40) | 4 | (311) | - | - | (311) | |
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| Cash earnings before tax | 1,379 | 610 | 230 | 538 | (103) | 2,654 | 381 | - | 3,035 | ||
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| Income tax expense - net life insurance income |
6 | - | - | - | - | - | - | (196) | - | (196) | |
| Income tax expense - other | 12 | (412) | (190) | (78) | (99) | 48 | (731) | 6 | - | (725) | |
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| Cash earnings before significant items |
967 | 420 | 152 | 439 | (55) | 1,923 | 191 | - | 2,114 | ||
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| Wealth Management revaluation loss after tax |
- | - | - | - | - | - | 5 | - | 5 | ||
| Goodwill amortisation | (2) | (31) | - | - | (16) | (49) | - | - | (49) | ||
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| Net profit before significant items |
965 | 389 | 152 | 439 | (71) | 1,874 | 196 | - | 2,070 | ||
| Significant items after tax | 13 | - | - | - | - | - | - | - | - | - | |
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| Net profit | 965 | 389 | 152 | 439 | (71) | 1,874 | 196 | - | 2,070 | ||
| Net (profit)/loss attributable to outside equity interest |
- | - | - | (5) | 1 | (4) | 22 | - | 18 | ||
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| Net profit attributable to members of the Company |
965 | 389 | 152 | 434 | (70) | 1,870 | 218 | - | 2,088 | ||
| Distributions | (89) | ||||||||||
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| Earnings attributable to ordinary shareholders | 1,999 | ||||||||||
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| Half Year to 31 March 2003 |
Note | FSA $m |
FSE $m |
FSNZ $m |
CIB $m |
Other(1) $m |
Total Banking $m |
WM $m |
Elimina- tions(2) $m |
Total Group $m |
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| Net interest income |
2 |
1,710 | 1,239 | 328 | 434 | (19) | 3,692 | 54 | - | 3,746 | |
| Net life insurance income(3) |
6 |
- |
- | - | - | - | - | 81 | - | 81 | |
| Other operating income(4) | 7 |
950 | 503 | 167 | 505 | (1) | 2,124 | 366 | (58) | 2,432 | |
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| Net operating income | 2,660 | 1,742 | 495 | 939 | (20) | 5,816 | 501 | (58) | 6,259 | ||
| Operating expenses(5)(6) | 8 | (1,214) | (873) | (252) | (374) | (37) | (2,750) | (394) | 58 | (3,086) | |
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| Underlying profit | 1,446 | 869 | 243 | 565 | (57) | 3,066 | 107 | - | 3,173 | ||
| Charge to provide for doubtful debts |
10 | (156) | (135) | (7) | (23) | - | (321) | (1) | - | (322) | |
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| Cash earnings before tax | 1,290 | 734 | 236 | 542 | (57) | 2,745 | 106 | - | 2,851 | ||
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| Income tax benefit - net life insurance income |
6 | - | - | - | - | - | - | 70 | - | 70 | |
| Income tax (expense)/ benefit - other |
12 | (386) | (226) | (77) | (126) | 34 | (781) | (9) | - | (790) | |
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| Cash earnings before significant items | 904 | 508 | 159 | 416 | (23) | 1,964 | 167 | - | 2,131 | ||
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| Wealth Management revaluation loss after tax |
- | - | - | - | - | - | (205) | - | (205) | ||
| Goodwill amortisation | (1) | (31) | (1) | - | (16) | (49) | - | - | (49) | ||
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| Net profit before significant items |
903 | 477 | 158 | 416 | (39) | 1,915 | (38) | - | 1,877 | ||
| Significant items after tax | - | - | - | - | - | - | - | - | - | ||
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| Net profit | 903 | 477 | 158 | 416 | (39) | 1,915 | (38) | - | 1,877 | ||
| Net profit attributable to outside equity interest |
- | - | - | (4) | - | (4) | (6) | - | (10) | ||
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| Net profit attributable to members of the Company |
903 | 477 | 158 | 412 | (39) | 1,911 | (44) | - | 1,867 | ||
| Distributions | (94) | ||||||||||
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| Earnings attributable to ordinary shareholders |
1,773 | ||||||||||
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| (1) | Other excludes Excess Capital, Group Funding, Corporate Centre and elimination entries within Total Banking. |
| (2) | Elimination of inter-divisional income and expenses (eg. revenue sharing arrangements between divisions). |
| (3) | Net life insurance income is profit before tax excluding net interest income of the life insurance and investments businesses of the statutory funds of the life insurance companies of the Group. The contribution of net life insurance income after tax is $318 million for the September 2003 year. |
| (4) | Other operating income excludes the net interest income and net life insurance income and revaluation profit/(loss). |
| (5) | Other operating expenses excludes the life insurance expenses incorporated within the net life insurance income (Wealth Management only). |
| (6) | Other operating expenses includes defined pension expense (Financial Services Europe only). |
| (7) | Disposed operations includes Homeside, Vivid and intra-group elimination entries. |