Commonwealth Bank Of Australia · ASX:CBA
Commonwealth Bank Of Australia — FY2005 Earnings Presentation
117 slides from Commonwealth Bank Of Australia's earnings presentation, Aug 10, 2005
Slide 1: Presentation of Full Year Results for 30 June 2005
Presentation of Full Year Results for 30 June 2005 David Murray Chief Executive Officer Michael Cameron Chief Financial Officer 10 August 2005 woe Which Bank
Slide 2: Disclaimer
Disclaimer The material that follows is a presentation of general background information about the Bank’s activities current at the date of the presentation, 10 August 2005. It is information given in summary form and does not purport to be complete. It is not intended to be relied upon as advice to
Slide 3: Agenda
Agenda « Full Year Results - Michael Cameron (25 mins) # Highlights = Segment Results « Strategic Platform - David Murray (15 mins) = Questions ype Which Bank ConmonweailthBak
Slide 4: Other Key Information Notes
Other Key Information Notes Which new Bank In launching Which new Bank (WnB) the Bank said that, subject to market conditions continuing over the three years of the program, it would target: + Cash EPS growth exceeding 10% CAGR + 4-6% CAGR productivity improvements + Profitable market share growth a
Slide 5: Highlights
Highlights e Underlying profit up 13% from Jun 04 « Cash EPS growth of 30% from Jun 04 # Total Dividend increased to $1.97 ($1.83 in June 04) « Productivity improvements in all segments » Market shares - turn around in trend « Which new Bank delivering aa Which Bank ConmonweailthBak
Slide 6: Notes
Notes ee Which Bank ConmonwealthBark
Slide 7: Highlights - 31% cash NPAT growth
Highlights - 31% cash NPAT growth 12 months 6 months | dun04 Jun 05v Dec04 Jun 05v $M ss Jun 04 $M Dec 04 NPAT (statutory) 2,572 55% 1,859 15% add-back goodwill 324 - 162 1% less appraisal value movement -201 Large -265 Large NPAT (cash) 2,695 31% 1,756 1% add WnB expenses (after tax) 535 Large 19 L
Slide 8: Other Key Information
Other Key Information Notes Contributions to profit Banking Funds Management Insurance NPAT (underlying) Shareholder invest. Retums (after tax} Initiatives incl. WnB (after tax) NPAT (cash basis} Appraisal value uplift Goodwill amortisation NPAT (statutory basis} Pref. didend paid « Ordinary dividen
Slide 9: Highlights - underlying profit growth
Highlights - underlying profit growth 13% increase in underlying profit Jun 04 to Jun 05 12 months 6 months Jun04 Jun 05v Dec 04 Jun 05v $M ss Jun 04 $M Dec 04 Banking 2,675 11% 1,427 7% Funds Management 274 28% 170 6% insurance 129 21% 67 33% Total 3,078 13% 1,664 8% ee Which Bank ConmonwealthBark
Slide 10: Other Key Information
Other Key Information FY 04] DPS - fully franked (cents) 183 Dividend cover - cash {times) 11 Dividend cover - underlying (times} 1.3] EPS (cents) Statutory - basic. 196.9) Statutory - fully difuted 196.8] Cash basis - basic 206.6] Cash basis - fully diluted 206.5) Dividend payout ratio (%) Cash bas
Slide 11: Highlights - shareholder returns
Highlights - shareholder returns « Total Shareholder Return: Jun 03 to Jun 05 = 50.47% « ROE has grown to 16%, significantly above last June’s figure of 12.7% : Cash EPS is 267.6c, a 30% increase on June 2004 = Total dividend per share has grown 14c to $1.97 aa Which Bank ConmonweailthBak
Slide 12: Other Key Information
Other Key Information a Notes e The payout ratio (cash basis) is calculated according to the following criteria: Payout ratio = DPS (in $) x number of shares (end of period) Cash NPAT — preference share dividends ; 1.97 x 1,280 ie, —___ = 73.9% $3,538 ~ $131 ee Which Bank ConmonwealthGark
Slide 13: Highlights - dividend
Highlights - dividend Dividend (cents per share) 197 200 4 180 4 160 | 140 4 120 4 100 | Cents 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 @ First Half ta Second Half ee Which Bank ConmonwealthBark
Slide 14: Other Key Information
Other Key Information Notes w Progressing to achieve 4-6% CAGR (cash basis) productivity improvements Balance of capitalised software costs $million Jun05 Dec04 Jun04 Dec 03 Capitalised software 182 163 107 73 Expense ratios Jun05 Dec04 Jun 04 Banking Expense to income 50.3 50.1 56.4 Underlying Expe
Slide 15: Highlights - productivity
Highlights - productivity Expense ratios 54.7% CAGR = 4.2% 50.2% o) »Banking 50.4% 3 CAGR = 5.1% ~pinisurance Loe 45.5% a 0.87% CAGR = 8.4% pe Fungs 0.73% Mgt Jun 03 Jun 05 © On a cash basis ®) Expense to average inforce premiums ) Expense to income (4 Expense fo average funds under administration a
Slide 16: Other Key Information
Other Key Information Notes Comparable expenses Staff expenses Occupancy and equipment IT services Postage and stationery Fees and commissions Advertising, marketing etc. Other Total comparable expenses Jun05 Dec 04 Jun 04 $M $M $M 1,324 1,319 1,273 308 305 287 476 480 489 108 112 118 303 325 309 15
Slide 17: Operating expenses by half year
Operating expenses by half year Compliance | a 24 $M 12 5 Operating expenses $M can Which Bank ConmonwealthGark
Slide 18: Other Key Information
Other Key Information Jun 05 Dec 04 Jun 04 Jun 03 Banking Home loans 19.9% 19.6% 19.3% 19.5% Credit cards 22.9% 23.2% 22.7% 228% Retail deposits 22.9% 23.4% 23.6% 24.2% Personal lending 14.7% 14.7% 13.4% NA Business lending @ 13.4% 13.5% 13.8% NA Transaction services (commercial) 24.8% 24.4% 244% 22
Slide 19: Highlights - market position
Highlights - market position Jun 04 Home Loans 19.3% NZ Lending 22.2% Credit Cards 22.7% Funds Mgt. — Aust. Retail 14.4% Transaction Services (corporate) 20.9% Personal Lending 13.4% NZ Deposits 17.5% Equities Trading (CommSec) 2.9% Retail Deposits 23.6% Business Lending 13.8% Aust. Life Insurance (
Slide 20: Other Key Information
Other Key Information Notes Which New Bank estimates 2004 2005 | 2006 Benefits Est. Targets 200 620 900 Actual 237 724 Investment) 2004 | 2005 | 2006 Total spend Act. Act. Est. Original 660 510 310 1,480 Revised 634 601 245 1,480 Capitalised branch refurbishment costs are amortised over 10 years and
Slide 21: Which new Bank - Benefits
Which new Bank - Benefits 2004/05 $724m (target was $620m) 2003/04 $237m > = a Ei Cost Saving fi Revenue Benefit aa Which Bank ConmonweailthBak
Slide 22: Other Key Information
Other Key Information P&L Impact Investment spend for the period (gross) Less provision utilised Less investment capitalised Gross WnB expense Less normal project spend Incremental WnB expense before tax Less tax Incremental WnB expense after tax Total 601 (97) (154) 350 (200) 150 (45) 105 Jun 05 34
Slide 23: Which new Bank - Expenditure
Which new Bank - Expenditure P&L Impact Jun 05 $M Investment spend for the period (gross) 601 Less provision utilised (97) Less investment capitalised (154) Gross WnB expense 350 Less normal project spend (200) Incremental WnB expense before tax 150 Less tax (45) Incremental WnB expense after tax 10
Slide 24: Which Bank ConmonwealthBark
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Slide 25: Segment Results: Banking
Segment Results: Banking woe oO Which Bank ConmonwealthBark
Slide 26: Other Key Information
Other Key Information Notes Jun 05 Dec 04 Jun 04 Av interest earning assets ($m) 249,586 238,402 224,160 Net interest income ($m) 3,033 2,933 2,739 Net interest Margin (bp) 2.45% 2.44% 2.46% % of operating Income Jun 05 Dec 04 Jun 04 Net interest income 54% 55% 53% Other banking income 27% 27% 29% F
Slide 27: Banking - underlying profit
Banking - underlying profit » 11% underlying profit growth for the year » Strong growth in net interest income Lower trading and lending fee income » Good cost control Underlying profit up 7% since Dec 04 income Dec Jun Dec 03 «04 «6004 ee Which Bank ConmonwealthGark
Slide 28: Other Key Information
Other Key Information Half Year Ended dun 05 = Dec 04 Jun 05 vs Total Banking Income by division $M $M_ Jun 04% Australian Retail 2,382 2,287 5 Premium, Business & Corporate, institutional and Group Treasury 4,443 1,434, Asia Pacific 428 405 6 Trading income 224 2719 Other §2 = Large Total Banking I
Slide 29: Banking - breakdown of income
Banking -— breakdown of income Full Year Ended Jun 05 Jun 04 Jun 05 vs Total Banking Income by division $M $M Jun 04 % Australian Retail 4,679 4,292 9 Premium, Business & Corporate, Institutional and Group Treasury 2,877 2,715 6 Asia Pacific 833 710 17 Trading Income 440 499 (12) Other 52 40 30 Tota
Slide 30: Notes
Notes o Ec Which Bank ConmonwealthBark
Slide 31: Banking - margins maintained
Banking - margins maintained Half year average NIM (bp) 246 244 245 Jun 04 Jun 05 Half year average NIM (bp) Funding Mix Jun 04 Half year Jun 05 Half year Note: Full year reduction of 8bp from 253bp to 245bp ype Which Bank ConmonwealthGark
Slide 32: Other Key Information Notes
Other Key Information Notes Jun05 Dec 04 Jun 04 Banking $M $M $M Lending fees 395 358 382 Commission and other fees 798 797 732 Trading income 221 219 230 Other 89 38 127 Total 1,503 1,412 1,471 Which Bank ConmonwealthBark
Slide 33: Other Banking income - key components
Other Banking income - key components 12 months 6 months Jun 05v Dec04 Jun05v Jun 04 $M Dec 04 Commissions & Fees 6% 797 - Lending fees 4% 358 10% Trading income -12% 219 1% Other 6% 38 Large Total 2% 1,412 6% ee Which Bank ConmonwealthBark
Slide 34: Other Key Information
Other Key Information Notes Jun 05 Dec 04 Jun 04 Jun 05v Dec 04 Domestic growth profile ($bn) Loan Funded 209 225 204 Reduction 126 43.0 11.0 Net Growth 8.3 9.5 94 Total home lending Australian Home Lending assets ($bn) 129.9 121.7 112.4 Securitisation ($bn) 10.8 64 76 Net (Australia) 119.1 115.3 10
Slide 35: Banking - Home Lending (domestic)
Banking - Home Lending (domestic) » Orderly mortgage industry slowdown Spot Balances (Gross of securitisation) 140 $1226n $130bn ea aS « CBA balance growth: 100 / 60 e +16% in 2005 oo! Dec-04 Jun-05 @ +14% in 2HO050 Market Share # Market share up 63bp to 19.86% ”°* oe 12 ain 10.1% soe Se « Margins s
Slide 36: Other Key Information Notes
Other Key Information Notes Household Deposits (APRA) - Balance Growth Jun 05v Jun05v Jun05Dec04 Jun04 Dec4 Jun 04 ($bn) ($bn) (bn) (%) (%) CBA (unadjusted) 76.5 756 73.3 0.1% 3.1% | MISA reclassification” 0.0 0.0 08 ne nla CBA (adjusted) 76.5 756 72.6 6.1% 4.3% WBC 36.6 35.5 34.2 1.9% 5.7% ANZ 26.8
Slide 37: Banking - Deposits (domestic)
Banking - Deposits (domestic) Balances . 150 « Total Deposits (ex CDs) $145bn $119bn $123bn up 7%; / 106 Investments (9%) . s0 + T Transactions (6%) Jun 04 Dec 04 Jun 05 « Savings (4%) Market Share BAY pane cee ee eee neueenssanunnn se neaunetenennescneneemerenwene er ee Heightened competition got,
Slide 38: Other Key Information
Other Key Information Half ending Personal lending Jun65 Dec04 Jun04 Jun65 gross balances SM $M $M v. Dec 04 Credit cards 6,507 6,298 5,731 3.3% Other personal loans 8,970 8,019 7A29 11.9% Total PersonalLending 15,477 14,317 13,160 8.1% ConmonwealthGark
Slide 39: Banking - Personal Lending (domestic)
Banking - Personal Lending (domestic) Increasingly competitive » Strong balance growth in 2005 Credit cards +13.5% Other personal lending +20.7% # Market shares improved Stable margins Personal Lending Balances $15.5bn $14.3bn $13.2bn Jun 04 Dec 04 Jun 05 Market Share (") 28% 24% 122.7% 22.5% 22.8%
Slide 40: Notes
Notes o Ec Which Bank ConmonwealthBark
Slide 41: Banking - Business Lending
Banking - Business Lending CBA Business, Corporate and Institutional Lending Balances “) Increasingly competitive $68.4bn $60.9bn Balances increased by 12% since June 04 Jun 04 Dec 04 Jun 05 # Stable margins CBA Business Lending Market Share 2 14.5% « Credit quality of the 14.0% 413.67% 13.80% 13.52
Slide 42: Notes
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Slide 43: Banking - Business Deposits
Banking - Business Deposits Business Deposits") « Business deposit growth of 12.3% 2878 240.6 Business deposit market share stable over the full year Jun 04 Dec 04 Jun 05 BCBA & Market ue Market share Success with on-line offers (} Financial and Non financial corporations deposits — Souree APRA ee W
Slide 44: Other Key Information
Other Key Information Notes RWA Charge for BDD (6 mits) Charge for BDD to RWA (annualised) Gross impaired assets (net of interest reserved) Specific provisions General provisions General provisions to RWA Credit risk statistics Commercial portfolio Top 20 commercial exposures (as % of total committe
Slide 45: Banking - bad and doubtful debts
Banking - bad and doubtful debts Bad and doubtful debts expense Gross impaired assets to RWA (in $m) 0.21% 0.21% 0.19% 0.19% 1.20% 0.15% 018% 4” a 1.00% 176 148% Bad and $ 0.80% doubtful 2 560% debts to avr RWA 0.40% 4 (annualised) . . 0.20% nn an 0.00% Jun Dec Jun Dec Jun Dec Jun Dec Jun Dec Jun oo
Slide 46: Other Key Information Notes
Other Key Information Notes For the half ending ASB: New Zealand Jun05v. Jun 05v. NZ$M Jun 05 Dec 04 Jun 04 Dec 04 Jun 04 Net interest income 397 383 358 AG 11% Other income 138 130 124 7% 15% Total operating income 536 513 478 A% 12% Operating expenses (234) (236) (235) A% 1% Charge for doubtful de
Slide 47: Banking - New Zealand (ASB)
Banking - New Zealand (ASB) . Operational Lending* Balances (Spot — in NZD) » Cash profit up 21% to NZD $383m $23.2bn $27.7bn $30.1bn = « Cost income 44.8% v. 47.6% in 2004 » Lending balances up 20% for FY05 Jun 04 Dec 04 Jun 05 (78% fixed rate v.65% in 2004) . . NZ Housing Lending Market Share . 28
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Slide 49: Segment Results: Funds Management
Segment Results: Funds Management woe Which Bank Conmonweaith’ark
Slide 50: Other Key Information Notes
Other Key Information Notes dun 05 Dec 04 Jun 04 FUA Aw. FUA ($bn} 124 412 107 Spot. FUA bn) 123 117 Wo Margins Operating income/ av. FUA 1.09 1 1.09 Net income/ av. FUA 0.92 0.96 0.92 Expenses Actual Operating expenses/ av.FUA 0.72 0.74 0.78 Market shares Platforms (latest is Mar 08)* 10.8% 105% 8.
Slide 51: Funds Management
Funds Management « Underlying profit of $351m, up Underlying profit up 6% since Dec 04 28% 0 (20) Favourable markets driving revenue growth Expenses flat half on half and increasing only 1% year on year 2 Turnaround in retail funds flow « Positive trends in performance Dec 03 Jun 04 Dec 04 Operating
Slide 52: Other Key Information Notes
Other Key Information Notes Total net flows Jun 05 Dec 04 Jun 04 i $m $M aM | FirstChoice & Avanteos 2,970 3,142 2,220 i Cash Mgt. -458 6 -360 Other retail © (2 1,965 1,493 -2,095 i Whcelesale 640 1,869 127 : Property 79 4d 16 : Intemational 294 984. 86 Other 674 136 - Total -394 850 -260 (4 Include
Slide 53: Funds Management - net funds flows
Funds Management - net funds flows Retail net flows ($m) [sue Pian for Life) EEE CBA mee Industry 10060 » Market leading net flows into FirstChoice following product { 0 enhancements Continued outflows from “soo wholesale — mainly indexed Sep 03 Dec 03 Mar04 un 04 Sep04 Dec 04 Mar 05 and cash mandat
Slide 54: Notes
Notes ee Which Bank ConmonwealthBark
Slide 55: Investment Performance
Investment Performance June 2005 Gross performance and quartile ranking lyr % pa Quartile 3yr % pa Quartile Aust. Share — Core 29.4% 4 15.4% 2 Imputation 28.9% 2 14.0% 4 Property Securities 24.0% 1 17.0% 1 Global Resources 23.0% 1 16.5% 1 Diversified 14.0% 4 74% 4 Australian Bond 8.2% 2 7.2% 1 Globa
Slide 56: Other Key Information Notes
Other Key Information _ Notes Business Lines ee Which Bank ConmonwealthBark
Slide 57: Wealth Management - strategic moves
Wealth Management - strategic moves « WM Restructure and Alignment Separation of asset mgt and platforms Warwick Negus to head up Global Asset Management « Acquisitions and alliance Symetry Limited 452 Capital PM Capital Colliers International Joint venture with Acadian Asset Management # Avanteos a
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Slide 59: Segment Results: Insurance
Segment Results: Insurance woe Which Bank ConmonwealthBark
Slide 60: Other Key Information
Other Key Information (Notes 6 months ended dund5 Decd4 Jun 04 Claims expense as % of net earned premium General 72% 60% 43% Life 4T% 53% 40% Sources of profit SM SM $M Planned profit margins eo 62 85 Experience variations 28 1 A Other 8 - ~10 General insurance operating margin 6 7 20 Operating marg
Slide 61: Insurance Results - total
Insurance Results - total Underlying profit up 33% since Dec 04 Underlying profit $156m, up 21% 18% increase in sales 31% growth in operating margin » Largest Life Insurer in 3 countries (Australia, New Zealand & Fiji) « Sale of Hong Kong ee Which Bank ConmonwealthBark
Slide 62: Other Key Information
Other Key Information Austrafia New Zealand Asia* Total $M Jun Dec Jun Dec Jun Dec Jun Dec | 05 04 05 04 05 04 05 04 |. i Operating 55 30 26 26 5 3 86 68 margins i | Shareholders i Investment 44 48 12 40 7 34 63 92 Earnings / NPAT (Cash) 99 87 38 36 12 37 149 460 |. * Includes CMG-Asia since sold Co
Slide 63: Insurance Results - by region
Insurance Results - by region Australia Largest Life Insurer (13.8% market share) Operating Margin up 21% to $94m Operate Positive Life Claims experience, General Insurance claims adversely affected by —_100 Feb eastern Seaboard storm 80 New Zealand ° Largest Life Insurer (27.5% market share) 2004 2
Slide 64: Other Key Information Notes
Other Key Information Notes eM Life insurance Canrying vatue (SM) at 30 Jun 05 Australia NZ Asia NTA 500 1,017 409 587 Value inforce business 1,858 533 358 - Embedded value 2,359 7.550 766 387 Value of future new business 3,096 330 350 22 Carrying value 5455 7,880___1,118 309 Inctease/(decrease) in
Slide 65: Value of Insurance and Fund Management Business
Value of Insurance and Fund Management Business increased $778m Total m $778m 18000 | — Uplift in value Profit Uplift in Profit 513 9,062 9000 4 332 Value 314 : : 265 ; Z Capital 8000 4 Capital movement movement (261) (503) 7000 4 6000 + 5000 T T T T Directors’ Directors’ Directors’ Valuation Valuat
Slide 66: Which Bank ConmonwealthBark
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Slide 67: Capital Management
Capital Management woe oO Which Bank ConmonwealthBark
Slide 68: Other Key Information
Other Key Information Credit Ratings Long Term Short Term Affirmed Standard & Poors’ AA- A-1+ Jun 65 Moody's Investor Services Aad Pt Jun 05 Fitch Ratings AA Pat Jun 05 Jun 05 Dec 04 Jun 04 Adjusted Common Equity $M $M $M. Tier Gne Capital 14,141 13,487 12,588 Deduct: Eligible loan capital (304) (29
Slide 69: Capital ratios
Capital ratios 11% 10% 9% 8% 4 T% 4 6% 4 5% 4 4% 4 3% 4 2% 4 1% 4 0% 4 Jun 2004 Dec 2004 Jun 2005 © Tier One capital @ Tier Twocapital Adjusted Common Equity @ Target Range aa Which Bank ConmonweailthBank
Slide 70: Other Key Information
Other Key Information Surplus capital in Life Companies dun 05 Dec 04 Jun 04 $M $M $M Australia Statutory Funds 102 138 337 Shareholder Funds 163 144 162 Sub-Total 270 282 499 NZ 47 54 65 Asia 132 124 76 Other 434 123 70 TOTAL , 580 580 710 Note: “Other” mainly represents capital within the funds ma
Slide 71: Generation and use of Tier capital
Generation and use of Tier 1 capital 9.5% (1.40%) 9.0% 8.5% 8.0% (0.79%) (0.08%) 0.01%) 7.5% 70% 6.5% 6.0% Tier 4 Cash Ord. and Pref. Grow th DRP Pret. Capitalised Currency and Tier 1 June NPAT Dividends in RWA $472 Shares Expenses Other Moverrents June 2004 $3,538 ($2,648) $20,238 $323 $(107}m $(29
Slide 72: Notes
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Slide 73: Capital Management update
Capital Management update Sale of CMG-Asia DRP # Update on Hybrid considerations RWA profile: Growth in business credit Growth in non-mortgage personal credit Slowing in mortgage lending Which Bank ConmonweailthBank
Slide 74: Notes
Notes o Ec Which Bank ConmonwealthBark
Slide 75: Compliance projects
Compliance projects # Implementation for IFRS, Sarbanes Oxley and Basel Il is on target # IFRS will first impact the December 2005 half year result » The spend in 2005 totalled $36m, a $22m increase on 2004. We expect the spend in 2006 to be between $30-40m yet Which Bank ConmonweailthBak
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Slide 77: IFRS
IFRS woe Which Bank ConmonwealthBark
Slide 78: Other Key Information
Other Key Information Notes AIFRS — Indicative Impact on P&L and Cash EPS Actual 2005 $m Note : Excludes derivative accounting volatility and Loan impairment movements due to uncertainty © Amount will depend upon value of CBA shares held within Life Company Funds Cash Profit: Hybrid Instrument Divid
Slide 79: IFRS - major adjustments
IFRS - major adjustments COMPLEXITY A MEDIUM HIGH Low FINANCIAL IMPACT Low MEDIUM HIGH Which Bank ConmonweailthBank
Slide 80: Notes
Notes o Ec Which Bank ConmonwealthBark
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Commonwealth Bank of Australia — FY2005 Earnings Presentation on 6ix