Anz Group Holdings Limited · ASX:ANZ
Anz — H1 2007 Earnings Presentation
69 slides from Anz's earnings presentation, Apr 26, 2007
Slide 1: Dy yi ae
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Slide 2: A good half, with strong revenue momentum
A good half, with strong revenue momentum Mar 07 v Mar 06 Profit after tax “~~ 16.1% Cash’ profit after tax ~*~ 11.8% Revenue Growth ~ 9.1% (10.4%*) Cash’ profit before provisions “ 12.1% Cash* EPS “& 10.9% Dividend > 10.7% Cost-income ratio improved 1.5% Provisions rising to more normal levels, off
Slide 3: Divisional and Geographic Performance
Divisional and Geographic Performance Mar-07 v Division Mar-06 PBP ($m) Cash NPAT ($m) Personal 4p 21.3% Institutional “4, a f10.6%| = = == = 750 7 13.5% 98 nz NZD Geography - Australia 4) 16.5% New Zealand Ae 6.7% NZD Asia-Pacific 4p 27.8% Increase Decrease 22.7% i 136 call EOS. * New Zealand Busin
Slide 4: Good progress in executing strategy
Good progress in executing strategy ticaliyywhile developing + Good eamings mementum + Leading customer sattsfaction + Leading stamt engagement ~ > Investing for tomorrow Porttote of low-risk Acion growth lavestmente, where we can add val (tmproved results from New Zealand Ae Asian expansion Partner
Slide 5: Four key priorities
Four key priorities Superior revenue growth : Strategic expansion sn ‘World-class productivity capabilities — Stakeholders and Target 7-10% over the medium term Position in growth segments Superior service execution Expand footprint in Australia Consolidate leading position in NZ Make Asia substanti
Slide 6: oes
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Slide 7: A good interim result, driven by strong revenue growth
A good interim result, driven by strong revenue growth (127) = 5.6%. 7.1% 13.2% 11.8°% om 125199 meen Profit: Before Provisions (16) Mar-06 Cash Net Interest Income Other income Expenses Provisions Tax & OEI Mar-07 Cash “~ Favourable to expectations y x In line with expectations Unfavourable to expe
Slide 8: Strong revenue growth towards top of 7-10% range
Strong revenue growth towards top of 7-10% range Maintaining Revenue/Cost ‘Jaws’ Personal driving strong revenue growth 10% 4 (1HO7 ANZ League Table -Top 10 Performers) 8% | g < 7 6% | 4% 7 2% | 0% 2HO5 1HO6 2HO06 1HO7 '4@ Revenue Growth (pcp) Cost Growth (pep) 2HO5 1HO6 2HO6 1HO7 3.5% 0.1% — 2.2% 2
Slide 9: Volume growth — a mixed story
Volume growth — a mixed story Growth rates Mortgages* Cards Institutional 7% Focus on improving RORWA Australia only** Total Lending Total Lending 11% i : side sits U2 2HOG-1HO7 (hoh) * . , 4 y 1 APRA monthly data annualised eleven months growth to SOM) 1Ho6-1HO7 0% 5% 10% 15% 20% 25% 2 economics@AN
Slide 10: Margin decline less than expected
Margin decline less than expected Competition biggest driver of Competition in Australia the key margin decline driver b (1HO6 ~ 1HO7) (competition impact on Group Margin) ps 229.0 1.3 ° eo) El | = 5 G0) 3.3 0.4 5 Q = YO i= - oO 4 o 68 2 8 223.9 oS 2 pe 08 < rr) 8 % w o = 3 a faa [4 ee | -1.2 Bat a
Slide 11: Strong growth in Other Operating Income
Strong growth in Other Operating Income Fee income 1,143 2% FX 9, earnings 237 4% 8% Profit on trading 173 instruments Other 217 Total 1,770 13% A reminder — don’t look at Trading Income in isolation Total Markets Income ($m) 13% 397 1HO5 2HOS 1LHO6 2HO6 & Net Interest Income @ Other Income (mainly
Slide 12: Asia Partnerships — significant impact on capital in the half
Asia Partnerships — significant impact on capital in the half, but earnings becoming more meaningful Still early days in Partnership strategy, bigger transactions yet to settle Base case* earnings potential from Partnerships $300m to $400m 2003 © Metrobank & 2012 indicative AMZ ROVE 2006 o Rm mr % P
Slide 13: Individual Provisions — a few moving parts
Individual Provisions — a few moving parts Consumer IPs well up, but in line with expectations Seasonally $m higher in 200 4 55% 2rd half 150 4 127 102 100 | 504 o4 1HOS 2HO5 1HO6 2HOG 1HO7 LHO7 Plan New & increased commercial IPs higher as expected.... 182 ate ? aa a a 150 127." Expected to go high
Slide 14: Consumer lending growth driving Collective Provision
Consumer lending growth driving Collective Provision Lending growth driving the Risk profile Collective Provision (CP) charge Modest deterioration in Personal Unlikely to see further risk $m 36 improvement from Institutional Lending growth Outlook Mar 07 v Sep 06 2HO7 Personal 5% pitti Institutional
Slide 15: Basel II - likely to be some benefit, but rating agencies
Basel II - likely to be some benefit, but rating agencies haven’t been ignoring the low risk nature of Aussie banks And remember, Australian banks already There will be a benefit have low Tier 1 ratios on a global basis... « Convergence between economic % Tier 1 Capital Ratios ; 14 Average of the 4
Slide 16: Other key financial issues
Other key financial issues ¢ Capital * Still seeing good organic capital generation « $1.4b (~59bpts) of new capital deductions relating to acquisitions sees us tracking towards lower end of our target range, with ACE ratio of 4.4% * DRP changes have enhanced capital flexibility ¢ Dividends * Policy
Slide 17: Key takeaways from today
Key takeaways from today A pleasing result, driven by revenue growth Volumes mixed, margins good, jaws opening wider Provisions lower than expected, significant increase - expected in second half Basel II ~ too early to say much : ' No change to guidance, on track for full year A
Slide 18: oes
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Slide 19: Significant investment spend offsets strong 1H07 ACE generation
Significant investment spend offsets strong 1HO7 ACE generation 5.50 J 5.00 7 4.50 4| 4.00 {| ACE Ratio within target range BAU 5 bps One-offs (31) bps > + Ambank E*Trade SRCB Others Total (35) (9) (13) (2) (59) 0.09 (0.59) 3 : > Final FYO6 DRP/BOP 5 NZD FX hedges 6 NZ Tax assets Total Mar-07 Target
Slide 20: Consistent dividend payout strategy
Consistent dividend payout strategy Dividend growth in line with Cash EPS growth (%) 114444 19.7109 Payout ratio slightly above long term sustainable ratio % Offshore earnings 100 4 90 7 Non-cash J and One-off 80 structural items ina impacts ff particular 1HO4 1HO5 1HO6 1HO7 70 + / year DPS growth C
Slide 21: Hedging the Kiwi dollar
Hedging the Kiwi dollar Current year hedging position « NZD780m of economic hedges matured with realised loss of $1m (pre-tax) charged to profit and loss « $¢5m (pre-tax) unrealised loss on outstanding NZD1.0b economic hedges booked to profit and loss « Unrealised loss treated as non core and exclud
Slide 22: Making life easier for you — ready reckoner
Making life easier for you — ready reckoner ILLUSTRATIVE Profit before provisions Expense growth Cash Profit ee Revenue Growth ied ae za za =a Provisioning Cash EPS Growth 2nd haif growth full year growth 1% 0% 1% 2% 3% 4% 5% 6% 7% 8% 6.6% 7.1% 7.7% 8.2% 8.8% 9.3% 9.8% 10.4% 10.9% 114%
Slide 23: Divisional performance
Divisional performance A
Slide 24: Revenue momentum to be maintained
Revenue momentum to be maintained Group tracking to 7-10% revenue target > 10% Revenue Growth | Pg Partnerships ae New Zealand (4%" FY06 1H07 1HO7 scorecard (Pcp) Partnerships & Private Banking strong revenue performance from INGA, Asian partnerships and Private Bank contributing to highest revenue
Slide 25: ANZ League tables — PBP growth
ANZ League tables — PBP growth La, Ld y Personal New Zealand 2) Institutional || Partnerships & Private Bank * Excludes INGA - PBP not a relevant measure for INGA
Slide 26: Personal: a compelling customer proposition
Personal: a compelling customer proposition Highest Customer Satisfaction of the majors inci. St George {Main Financial Institution”) Continue to close on #2 market position (share of Traditional Banking products**) Mar-03 Mar-04 ANZ Mar-05 Mar-06 @ #2 peer Feb-07 Number 2 in customer numbers {Tradi
Slide 27: Personal: Investing to deliver “More Convenient Banking”
Personal: Investing to deliver “More Convenient Banking” Continuing to invest in distribution... (# branches and ATMs) 9 Branches & 148 800 ATMs added 2,200 during 1HO7 775 1,900 750 1,600 725 1,300 700 1,000 Sep-04 Sep-05 Sep-06 Mar-07 wus Branches (LHS) «mm=ATMs (RHS) Continuing to invest in FTE t
Slide 28: Banking Products: good account and FUM growth
Banking Products: good account and FUM growth Solid growth in net account «With FUM growth delivered across numbers... all products (asp) 11.4% 13.1% ¥ 4,058 4,255 1H 2HO6 1HO7 1HO6 2H06 1HO7 06 Transactions @ Savings # Term Deposits Strong growth and strong margin Share of FUM growth above system~
Slide 29: Mortgages: underlying market share and FUM growth consistent with market
Mortgages: underlying market share and FUM growth consistent with market ANZ Retail* growing ahead of peers (volume growth relative to system) (Feb 06 - Feb 07°) System ANZ ANZ Peerl Peer2 Peer3 Peer4 Retail * Mortgage Retail FUM growing across all states, but NSW growth slower 25% 23% 20% 15% 10% 1
Slide 30: Consumer Finance: Solid FUM growth, losses in line with long term expectations
Consumer Finance: Solid FUM growth, losses in line with long term expectations Solid FUM growth for cards and personal loans | 13.2% y 6,887 7,315 1HOG ff Cards 2H06 1HO? i Personal Loans Proprietary (including Low Rate) income margin** and loss rates stable (index Mar-05 Income = 100) 100 80 60 40
Slide 31: Regional, Rural and Small Business Banking: delivering a solid performance
Regional, Rural and Small Business Banking: delivering a solid performance Small business (PBP $m) (FUM growth $b) Regional and Rural Banking (PBP $m) (FUM $b) B% 17% 14% 21% 24% 47 44 PBP @B1Hos [lg 2Hos gyiHo7 Lending 2HO6 @1HO07 PBP Deposit Lending Hi 1H06 ||| 2HOG AHO? LHOG a 2HO6 =) 1HO7 g Main
Slide 32: Esanda: focus and investment in core business leading to improved performance
Esanda: focus and investment in core business leading to improved performance Product changes assisting revenue growth (Revenue $m) 191 198 178 Recovery in New Vehicle Sales* are up - new business writings have recovered ($b) Units 000’s ge New Business Writings oommeNew Car Sales 600 2.8 2.8 550 27
Slide 33: Investment & Insurance and Pacific performing well
Investment & Insurance and Pacific performing well Investment & Insurance Products Strong revenue growth Solid FUM growth (1HO6-1H07 PCP) FUM $1.4> | $2.5b | $11.3b Pacific Strong deposit and loan growth (average period growth %) 17% Growth 25% 24% 41% : | | i Deposit Margin Trustees Fin Margin Trus
Slide 34: Institutional: good performance in specialist businesses
Institutional*: good performance in specialist businesses Specialist product businesses driving performance (PBP growth 106 v 1HO7) 13% 12% 6% Markets C&SF a || Bus “2% -3% TS DPG Continuing to invest in our specialist businesses (FTE growth 1HO6 v 1HO7) Markets C&SF ITs Corp Bus Bank Balance sheet
Slide 35: Good performance from specialist businesses
Good performance from specialist businesses Markets Corporate and Structured Financing Increased investment +. to deliver ongoing Increased investment .. helping drive good in FTE... revenue growth in FTE... revenue growth (sm) ($m) U% 837 13% 397 12% 347 13%, 229 619 13% 689 i 3 16% 352 12% 3 i 202
Slide 36: Working Capital — a focus on improving returns, despite headwinds
Working Capital — a focus on headwinds improving returns, despite Debt Product Group Stopping the decline in Return of Risk Weighted Assets on ELP basis (%) 0.83 0.74 2HOS 1HO6 2HO6 LHO7 Focus on higher ROA & RORWA business impacting lending growth in Institutional and Corporate portfolio’s ($m) 40,
Slide 37: Institutional: Business Banking and Corporate restructuring
Institutional: Business Banking and Corporate restructuring to drive superior long term profit growth Business Bank segment realigned to drive growth from expanded geographical area and channels to market Turnover $20m $50m $500m Restructure complete with franchise in good shape to focus on expandin
Slide 38: Institutional Asia: continued strong growth
Institutional Asia: continued strong growth Revenue growth continues to « With strong uplift in high «and a de-emphasis of outpace expense growth... value-add business lines... balance sheet exposures CAGR: Revenue 24% $m Revenue by Business $m Expenses 14% 120 CAGR: Deposits 23% ($b) 120 Loans 10%
Slide 39: New Zealand Businesses: Strong underlying result, NPAT impacted by provisioning
New Zealand Businesses: Strong underlying result, NPAT impacted by more normalised provisioning levels Profit before provisions well up but Profit driven by strong balance sheet NPAT impacted by higher credit costs growth... PBP: 13.5% Lending 13.2% pcp NPAT: 7.9% ¥v Deposits 9.7% pcp + NZD m | 596
Slide 40: New Zealand: Good performance from all businesses
New Zealand: Good performance from all businesses 4 New Zealand Banking New Zealand Businesses “th > @ PBP 1HO7 va NPAT 1HO7 (18%) ail All 11% — g0% AM i / | L ANZ Retail National Bank Rural Institutional Corporate & Retail Commercial * Customer Record tertiary + Strong balance « Continue te have +
Slide 41: New Zealand Retail: Solid growth in FUM & customer metrics
New Zealand Retail: Solid growth in FUM & customer metrics Consumer Finance refocused on growth Continued improvement in ANZ post integration ~ moving back to natural (%) customer satisfaction’ 16% market share 5 en aid 12% 8% 65 A% 55 + T T T T 1 O% + Dec-05 Mar-06 Jun-06 Sep-06 Dec-06 Mar-07 Sep-0
Slide 42: Corporate and Commercial NZ: Strong profit growth from solid balance sheet growth
Corporate and Commercial NZ: Strong profit growth from solid balance sheet growth Strong lending growth NZD b Lending 17.3% 15 Deposits 4.8% 10 5 Ot T 1HO6 2HO6 1HO7 #i Lending Deposits Driving strong profit across businesses (pbp growth pcp) NZD m 90 80 7O 60 50 23.8% Corporate Property NZD m Indiv
Slide 43: Continued momentum in New Zealand Rural, UDC turnaround now underway
Continued momentum in New Zealand Rural, UDC turnaround now underway Rural Good momentum regained from 1H06 (Profit Before Provisions pep growth) 14.1% 10.8% 8.0% THOS 2HOS THO6 2H06 1HO7 While maintaining remarkably strong credit quality NZD m : 0.6 0.08%! O85 : 0.06%: 0.4 ' 0.3 0.04%! 0.2 H 0.02%:
Slide 44: INGA: strong performance in funds management and risk businesses
INGA: strong performance in funds management and risk businesses Continued strong FUM___... and Revenue growth --Contributing to Strong growth...* ($m) profit growth ($b) ($m) 30% 30% =) & = = @ g & 3 & 5 2 5 2 iL a ire a 1HOS 2HO6 LHO7 Mar-06 Sep-06 Mar-07 1HO6 2HO6 LHO7 Op. profit #4 Capital Inv C
Slide 45: International Partnerships is accelerating strategic initiatives
International Partnerships is accelerating strategic initiatives with Panin. AMMB and SRCB are finalising Tridonesia . . 247 branches, 278 ATMs, 6,840 staff Partnership commenced 1999, currently 30.2% Cumulative investment (book value) A$234m, market value A$453m as at 31 March 2007 2006 NPAT growth
Slide 46: Other partnerships have successfully leveraged ANZ’s capabilities
Other partnerships have successfully leveraged ANZ’s capabilities during 2006 and achieved good results Cambodia + 55% equity since 2004 «10 branches, 51 ATMs * 3°¢ largest bank within 2 years * Awarded 2006 “Bank of the Year”? * 2007 Financial Innovator award? «15 dual currency ATM in 3 languages *
Slide 47: Margin Analysis
Margin Analysis A 47
Slide 48: Group half on half margin down 9.2 bps on headline basis
Group half on half margin down 9.2 bps on headline basis, 3.9 bps on an underlying basis Product Migration key driver of Reported margin down 9.2bps competition impact on NIM (2H06-1H07) {competition impact on Group Margin} T T i T i | T oes a | ll 0 -0.7 7 i || (0.3) 4.0 0.8 “1.3 : $ x (6.7) . B D
Slide 49: Personal: margins impact by mortgage competition
Personal: margins impact by mortgage competition Mortgages key driver of competition Mix impacts & Funding Wholesale Rate (competition impact on Personal Division benefits offset by increased Competition Margin 1HO6-1H07 bps) (1HO6-1H07) uy Ww as -0.8 70.5 -0.6 -0.6 fInciudes -1.7bp impact” "from mi
Slide 50: Institutional: significant impact from Markets and accounting ‘noise’
Institutional: significant impact from Markets and accounting ‘noise’ Competition impact mainly in Reported NIM decline adversely Business Banking impacted by accounting noise (competition impact on Institutional Division (1HO6-1H07) Margin 1HO6-1HO7 Ho7 bps) =z fj a : bps PS is (5.0) 24 187.0 Busin
Slide 51: New Zealand Businesses: Competition, particularly product mix, driving margin decline
New Zealand Businesses: Competition, particularly product mix, driving margin decline Deposits key driver of competition impact (competition impact on New Zealand Competition driving margin decline Businesses Margin 1HO6-1HQ7 bps) (1HO6-1H07) Hi os bps -1.2 -2.3 \ -3.0 s 258.0 (5.8) iD -4.6 é n af g
Slide 52: Credit Quality
Credit Quality A
Slide 53: Benign credit environment overall, but modest deterioration in certain areas
Benign credit environment overall, but modest deterioration in certain areas New Non Performing Loans up slightly NSW mortgage arrears continue to $m # of loans track above other states 750 40 (90+ days past due % GLA* by State) 0.5% 30 0.4% 20 0.3% 9 10 0.2% Ta Oe nn ail 0 i 0 1HO5 2HOS 1HO6 2H06 1
Slide 54: Mortgages and Cards: Credit quality remains sound
Mortgages and Cards: Credit quality remains sound Mortgages Consumer Finance pitroiio by Strong LVR profile Credit card loss rates increase as low Vintage rate balances ‘season’... March 200§, 80% Loss rates by vintage YR 4+ + # LVR at origination Sep-05 600 (year 1 = 100) @ LVR at origination Mar-0
Slide 55: Breakdown of collective provision charge
Breakdown of collective provision charge 1HO7 Collective Provision charge Group. Institutional (excl. BB) Business Banking Personal (excl Consumer Finance & Esanda) Consumer Finance Esanda New Zealand Businesses Partnerships & Private Bank Other® (1) 25. (2)* 11 1* 14 G6). (17) (9) ce - 3) 3 (4) 27
Slide 56: Risk grade profiles
Risk grade profiles Group —- Gross Lending Assets $257bn* $272bn* $285bn* AAA to BBB BB+ to BB Institutional — Gross Lending Assets $72bn $74bn $76bn BB+ to BB >BB- Mar-06 Mar-06 Sep-06 Mar-07 B+ to CCC 1.5% B+ to CCC 1.4% 1.8% 2.2% Impaired 0.3% Impaired 0.7% 0.5% 0.5% *Excludes Kingfisher securiti
Slide 57: Risk grade migrations
Risk grade migrations* DPG Institutional DPG Institutional Risk Grade Migration (Net Lending Assets $18.6b*) Summary by Customer Group (1H07) * Upgrades led downgrades 6.8% to 4.7%, 4 Upgrade i Downgrade with 81.4% of the total portfolio unchanged. * Positive re-ratings occurred within the portfolio
Slide 58: Industry exposures — Australia & New Zealand
25bn 20bn i5bn 10bn Sbn Oba Industry exposures — Australia & New Zealand Real Estate Operators & Dev. Sep-04 Sep-05 Sep-08 Mar-07 Manufacturing Sep-05 Sep-06 Mar-07 10.0% 8.0% 6.0% 4.0% 2.0% 0.0% 10.0% 8.0% 6.0% 4.0% 2.0% 0.0% Lending Assets (AUD) % of Portfolio (RHS scale) % in High Risk (RHS scale
Slide 59: Industry exposures — Australia & New Zealand
25bn 20bn 15bn 10bn Sbn Obn 25bn 20bn iSba 105n Son Gba Industry exposures — Australia & New Zealand Finance ~ Other Sep-04 Sep-05 Sep-06 Mar-07 Finance — Banks, Building Soc etc. Transport & Storage Lending Assets (AUD) % of Portfolio (RHS scale) % in High Risk (RHS scale} % in Non Performing (RHS
Slide 60: Industry exposures — Australia & New Zealand
25bn 20bn 15bn 10bn 5brn Obr 25bn 20bn 1Sbr 10bn Sbe bn Industry exposures — Australia & New Zealand Health & Community Cultural & Recreational Lending Assets (AUD) % of Portfolio (RHS scale) % in High Risk (RHS scale} % in Non Performing (RHS Forestry & Fishing scaie) Services 40.0% 25bn Services 1
Slide 61: Corporate Responsibility
Corporate Responsibility A
Slide 62: A leader in corporate responsibility - Highlights
A leader in corporate responsibility - Highlights Customers « Leading customer satisfaction of the four major banks at 76.5% (Roy Morgan Finance Monitor) * Recognised industry leader in responsible consumer lending practices People « Employee engagement at 64% up from 60% (Hewitt Associates) « EOWA
Slide 63: Community investment strategy is leading practice and delivering results
Community investment strategy is leading practice and delivering results for our stakeholders MoneyMinded + Comprehensive adult financial education program, delivered by community partners and financial counsellors Australia-wide + Mare than 7,814 people participated this year, aver 386 facilitators
Slide 64: Integrating environmental and social considerations into our business practices
Integrating environmental and social considerations into our business practices ona St 18 Corporate Institut Ly * ANZ adopted the Equator Principles in December 2006, to be fully implemented by September 2007. Steff training on the Equator Principles has commenced. * We developed our draft Forests P
Slide 65: People strategy sees ANZ employee engagement solidly above benchmark
People strategy sees ANZ employee engagement solidly above the Australian financial services benchmark + ANZ’s six-year focus on cultural transformation and values-based decision making + Employee Engagement has risen from 60% to 64% + ANZ’s Australia’s Lost Time Injury Frequency Rate (LTIFR) 5 was
Slide 66: Shifts in perception of ANZ’s current culture
Shifts in perception of ANZ’s current culture 2000 2002 2004/5 2006 2007 2 NIE Te By srs ivotverent| ces maar deiiaorienatien ee ee ] . eee “A : 10 i ee continuous improvement—ll customer satisfaction 23 Lemme waddle 7 ” i i inuous improvement i 16. 7 jong hours (1) ne 19.. wo hierarchical (L) Srasn
Slide 67: Summary of forecasts — Australia (bank year)
Summary of forecasts — Australia (bank year) GDP Inflation Unemployment Cash rate 10 year bonds A$/US$ Credit - Housing - Business - Other 2006 2.8 3.4 4.8 6.00 5.5 0.75 14.8 14.7 15.9 11.0 2007 2.8 2.7 4.7 6.50 6.3 0.78 13.0 12.2 14.8 10.2 2008 3.5 2.9 4.5 6.75 6.7 0.72 11.0 11.1 11.2 9.2 2009 3.7
Slide 68: Summary of forecasts — New Zealand (bank year)
Summary of forecasts —- New Zealand (bank year) GDP Inflation Unemployment (Sept qtr, s.a.) Cash Rate 10 year bond rate NZD/USD AUD/NZD Credit Growth - Housing - Business - Personal 2006 1.4 3.5 3.8 7.25 5.8 0.65 1.16 13.2 14.1 14.7 4.2 2007 2.2 1.5 3.9 7.50 6.5 0.66 1.18 11.2 12.3 9.3 5.5 2008 1.8
Slide 69: The material in this presentation is general background information about the Bank’s
The material in this presentation is general background information about the Bank’s activities current at the date of the presentation. 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 investors or potential investors and