Anz Group Holdings Limited · ASX:ANZ
Anz — Australia and New Zealand Banking Group — FY2007 Earnings Presentation
72 slides from Anz's earnings presentation, Oct 25, 2007
Slide 1: 2007 Annual Results
For personal use only 2007 Annual Results Australia and New Zealand Banking Group Limited 25 October 2007 Michael Smith Chief Executive Officer 1
Slide 2: Result Overview
Result Overview Sep 07 v Sep 06 For personal use only Headline profit - $4,180m 13.3% Cash* profit - $3,924m 9.4% Revenue Growth 12.1% (9.7%*) Cash* Profit Before Provisions (PBP) 11.5% Cash* EPS 8.1% Dividend 8.8% Highest growth in revenue and PBP for many years $1b DRP underwrite enhances strategi
Slide 3: Early observations on the business
Early observations on the business For personal use only A strong foundation for growth ¾Personal – great franchise, confident it will continue ¾New Zealand – very strong position, solid performance ¾Institutional – fundamentally good franchise but lost its way in some areas. New management in place
Slide 4: Create a stronger vision for ANZ's future
Create a stronger vision for ANZ’s future For personal use only 1. Unlock the existing opportunities • Re-energise the organisation ¾ Lift the energy and edge ¾ Emphasise accountability ¾ Focus on performance Deliver ¾ Focus on managing positive jaws stronger returns for 2. Develop opportunities thr
Slide 5: 2007 Annual Results – Peter Marriott, CFO
For personal use only 2007 Annual Results Australia and New Zealand Banking Group Limited 25 October 2007 Peter Marriott Chief Financial Officer 5
Slide 6: A record profit
A record profit For personal use only Headline Profit $4,180m 13.3% less significant items $256m Cash Profit $3,924m 9.4% less hybrid dividends $37m divided by Average no. of Ordinary Shares (1.0% increase) 1,845.5m Cash Earnings Per Share 210.3 cents 8.1% multiplied by Dividend Payout Ratio (2006:
Slide 7: Why the strong underlying performance didn't flow through to high EPS growth
Why the strong underlying performance didn’t flow through to high EPS growth For personal use only Very strong growth, despite Institutional “below plan” impact ~2.0% Cash EPS growth lower than plan 25.4 (2.6) (1.8) Cents per (3.1) share (1.3%) (2.1) (0.9%) 210.3 Change in the number of shares and p
Slide 8: Provision drag partly an unwind of unusually high benefit
Provision drag partly an unwind of unusually high benefit we flagged last year For personal use only What we said last year… Another way to think about this result Another way to think about this result A good result even without • Provisions returning to A good result even without provisioning bene
Slide 9: Digging a little deeper in to where we performed (or not)
Digging a little deeper in to where we performed (or not) PBP Australia New Zealand Asia/Pac Other For personal use only Growth 12% 7% 26% 15% % of Group PBP 37% 14% 3% 1% 17% Retail PBP 13% Insto Growth 15% 15% 3% -27% 15% 27% Institutional Institutional 4% /Business 11% 6% -13% 1% Corp & Comm 4% W
Slide 10: Strong balance sheet growth, particularly last two months
Strong balance sheet growth, particularly last two months For personal use only Institutional lending growth Growth in other products (Institutional Net Lending Assets) (% pa) Conduits 15.8% – now in decline Australia FY07 $b 12.7% 82 Additional Mortgages 12% $16b in RWA since Mar-07 78 Credit Cards
Slide 11: Net interest margins – a few moving parts
Net interest margins – a few moving parts Competition biggest driver of For personal use only Competition in Australia the key margin decline driver (FY07 vs FY06) (competition impact on Group Margin) bps 230.9 226.6 -0.5 -0.6 (4.3) (0.3) (1.1) (1.0) 4.3 Funding Mix Accounting noise Asset W/sale Rat
Slide 12: Strategy delivering on revenue growth
Strategy delivering on revenue growth, without reliance on buoyant equity markets & despite mixed Institutional For personal use only Delivering revenue growth at top end of target range • Revenue growth impacted by: FX adjusted Adjusted for FX, ¾ E*Trade and Stadium Australia acq & disp* transactio
Slide 13: A quick note on Markets income
A quick note on Markets income A reminder not to look at Trading Strong revenue growth from customer For personal use only Income in isolation activities in context of challenging Total Markets Income market conditions in 2007… ($m) 13% $m 781 800 24.4% 691 395 386 350 50 600 341 28 86 195 189 400 1
Slide 14: We'll continue to invest while managing the jaws
We’ll continue to invest while managing the jaws For personal use only Still investing heavily, directed Maintaining Revenue/Cost jaws mainly to frontline Revenue Growth Cost Growth 10.2% Acquisitions and 9.7% Includes 7% disposals impacting Jaws FTE growth expense growth 8.4% 7.6% 29 28 (25) 4,953
Slide 15: Individual Provisions increased in line with expectations
Individual Provisions increased in line with expectations Consumer IPs trending up “New & Increased” commercial IP’s For personal use only with volume growth $m higher as expected… 500 424 400 347 $m 290 400 285 255 300 360 349 200 350 100 0 300 FY03 FY04 FY05 FY06 FY07 255 With more normalised leve
Slide 16: Portfolio growth driving Collective Provision
Portfolio growth driving Collective Provision For personal use only FY07 Collective Provision (CP) charge at low levels Risk profile 208 2007 - modest deterioration in $m Personal offset by NZ improvement 2008 - uncertain 141 69 83 24 6 Lending growth 12 Outlook 17 Sep 07 v Sep 06 FY08 Personal 12%
Slide 17: DRP underwrite – enhances strategic flexibility at low cost
DRP underwrite – enhances strategic flexibility at low cost For personal use only Key Features ACE Ratio • Expected to raise ~$1b $1.5b acquisitions in 12 months, offset by • DRP discount of 1.5% Fleet Partners sale, funded internally • EPS impact ~0.4% in 2008 % 5.00 • Additional ~35 basis points o
Slide 18: Basel II impacts – reduction in RWA expected in 2008
Basel II impacts – reduction in RWA expected in 2008, but how much benefit offset by capital changes? Draft prudential standard impacting capital For personal use only (Tier 1 proposed capital impacts) Plus loss of CP in total transitional relief capital Capital” ded’n 50% of “Total Loss of AIFRS CP
Slide 19: Well positioned with liquidity and funding
Well positioned with liquidity and funding ANZ has progressively reduced reliance For personal use only Funding on short term wholesale funding • Limited impact on ability to access Ratio of short-dated wholesale short term or long term wholesale 40% funding to net external assets funding 35% 30% •
Slide 20: But still likely to be some headwinds in 2008
But still likely to be some headwinds in 2008, mostly for sector rather than ANZ specific Funding cost reducing but For personal use only likely drag on 2008 •Basis Risk $m 10 Average 2007 cash-30d BBSW 8 •Funding costs margin ~ 12bp 6 4 •Impact from strengthening AUD with ~ 2 33% of earnings in for
Slide 21: Key Takeaways
Key Takeaways For personal use only Why the strong underlying performance didn’t flow through to high EPS growth Why the strong underlying performance didn’t flow Very strong growth, through despite to high EPS growth Institutional “below plan” impact ~2.0% Cash EPS growth Very strong growth, lower
Slide 22: Additional information
For personal use only 2007 Annual Results Australia and New Zealand Banking Group Limited 25 October 2007 Additional information 22
Slide 23: Very high revenue and PBP growth, but bottom line less than expected
Very high revenue and PBP growth, but bottom line less than expected For personal use only Profit Before Provisions Scorecard FY07 11.5% 619 (348) Volume Growth - Lending 9X (160) (133) - Deposits 99 359 7.6% 3,924 39.3% 19.7% 8.9% Interest Margin 9 3,587 5.2% Non Int. Income 99 9.4% Expenses 9X Cas
Slide 24: Strong headline growth, assisted by sale of Fleet Partners
For personal use only $m NPAT 3,688 Sep-06 Ineffective hedge fair (34) value gains/losses ANZ National Bank incremental integration 26 costs Significant items (93) Cash Sep-06 3,587 Cash EPS 337 9.4% Underlying growth 13.3% Cash 3,924 8.1% Cash Profit growth Sep-07 Ineffective hedge fair value 69 ga
Slide 25: Divisional and Geographic Performance
Divisional and Geographic Performance Sep-07 v For personal use only Division Sep-06 PBP ($m) Cash NPAT ($m) Personal 16.7% 16.4% 1,442 Institutional 6.2% 6.2% 1,448 NZ Businesses* 12.8% 6.5% 822 NZD NZD NZD Geography PBP ($m) Cash NPAT ($m) Australia 12.6% 13.1% 2,688 New Zealand 7.0% 1.1% 975 NZD
Slide 26: RWA growth and significant investment spend offsets strong FY07 ACE generation
RWA growth and significant investment spend offsets strong FY07 ACE generation For personal use only ACE Ratio within target range Business as usual (3) bps One-offs (36) bps 6.5 1.62 (0.78) AMMB (35) Final FY06 E*Trade (9) DRP/BOP 5 SRCB (13) NZD FX hedges 6 6.0 SSI (3) NZ Tax assets 8 other (3) LM
Slide 27: Hedging the Kiwi dollar
Hedging the Kiwi dollar F07 hedges For personal use only • FY07 NZD earnings were AUD/NZD hedges established where effectively fully hedged and currency is believed to be outside earnings were translated at an all- normal trading range in average rate of 1.14. 1.30 • AIFRS forced the “precognition”
Slide 28: Divisional performance
For personal use only Divisional performance 28
Slide 29: ANZ League tables – Profit Before Provisions growth
ANZ League tables – Profit Before Provisions growth Full yr Revenue Expense % of group For personal use only Rank 1H07 rank Business* Growth Growth PBP Growth PBP 1 1 International Partnerships 61% 37% 80% 1.6% 2 2 Investment & Insurance Products 50% 42% 72% 1.3% 3 - INGA 26% n/a 25% 2.5% 4 5 Bankin
Slide 30: Personal: a strong focus on customers
Personal: a strong focus on customers… A leader in customer satisfaction Upward trending customer satisfaction For personal use only (Main Financial Institution: 6 months rolling*) on 3 month rolling average – although more volatile measure % (Main Financial Institution**) 85 85 80 75 80 70 65 75 60
Slide 31: … reflected in growing market share
… reflected in growing market share Number 2 in customer numbers For personal use only (Traditional Banking customer share**) Increasing share of wallet 22% Peer 1: 39.1% (Jul 07) (% increase traditional banking products Jul-04 to Jul-07**) 18% 14% 6.4% Traditionally underweight in share of wallet;
Slide 32: Banking Products: growing above system
Banking Products: growing above system FUM growth across all products… … and growing above systemˆ For personal use only (Household Deposits including V2 Plus) (FUM growth+$5.3b) V2 Plus +14% contribution $43.8b 1.4 $38.5b 1.2 0.2% System = 1.0 10.3 8.8 1.0 15.2 0.8 13.4 7.5 9.1 0.6 1.1 1.0 8.8 9.2
Slide 33: Mortgages: strong volume growth; results impacted by basis risk
Mortgages: strong volume growth; results impacted by basis risk Continued strong Retail FUM Consistent channel mix For personal use only growth, offset by ANZ wholesale (% flows by distribution channel) decline ($b) By FUM -8.8% -8.1% 5.2 -6.1% 5.7 2006 2007 6.2 23% 24% 6.6 7.3% 19% 19% 5.6% 6.4% 10
Slide 34: Consumer Finance: continuing to deliver
Consumer Finance: continuing to deliver Solid FUM growth for No material adverse For personal use only cards and personal loans trends in arrears rates (>60 day arrears to 10.3% outstandings) 5.0% 4.0% 8,444 7,655 1,803 3.0% 1,465 2.0% 6,190 6,641 1.0% 0.0% Sep-03 Sep-04 Sep-05 Sep-06 Sep-07 Sep-O6
Slide 35: Regional, Rural and Small Business Banking
Regional, Rural and Small Business Banking: delivering a solid performance Rural Commercial & Agribusiness Small Business Banking For personal use only Products (PBP $m) Products (FUM growth $m) (PBP $m) (FUM $m) 12% 16% 16% 20% 24% 43% 169 2,782 7,841 103 3,396 471 2,400 6,755 86 151 2,730 330 PBP
Slide 36: Esanda: Improved performance, stable portfolio
Esanda: Improved performance, stable portfolio Stable market position For personal use only Improving Revenue (Mkt Share %) Growth Business Equipment Auto Finance* 6.4% Finance* 18.9% 18.9% 9.2% 8.1% 392.4 369 2006 2007 2006 2007 Revenue Debentures Stable Recovery in New Vehicle Sales* (FUM EOP $m)
Slide 37: Investment & Insurance growing strongly, Pacific performing well
Investment & Insurance growing strongly, Pacific performing well Investment & Insurance Products Pacific For personal use only Continuing to grow our planner network… Strong market share in major markets (New planner numbers) (Country market share FY07) 14% 14% 51% 50% 9% 44% 37% ANZ INGA Industry E
Slide 38: Institutional: a mixed result
Institutional: a mixed result Specialist product businesses Investing in staff remains a priority For personal use only continue to lead performance to drive future growth (PBP growth FY07) (FY 07 % growth) 14.5% Impacted by low average 11.9% 5225 asset growth and high 6.3% margin decline 4915 6.2%
Slide 39: The underlying franchise is in a good position
The underlying franchise is in a good position… New branding reaffirms capabilities Institutional No. 1 Relationship bank For personal use only and offerings status maintained Large Corporate & Institutional Relationship Banking survey^ No.1 in 11 categories including: • Share of Lead and Overall Re
Slide 40: Specialist businesses: good underlying performance
Specialist businesses: good underlying performance Markets Corporate Finance * For personal use only Continued investment in Frontline Good underlying performance FTE… 4% Revenue growth ($m) Revenue by Geography 785 816 22% Strong revenue growth despite 641 Strategic focus on NII down from flat loan
Slide 41: Relationship Lending and Trade and Transaction Services
Working Capital Relationship Lending Trade and Transaction Services For personal use only Subdued lending growth, boosted Turnaround in second half with good deposit by strong Aug–Sep 07 growth, increased customer volumes in Trade 49,476 Conduits: and Financial Institution products up $2b 40,446 41,
Slide 42: Business Banking restructured for growth
Business Banking restructured for growth Good FUM growth after … and more stable … leading to improved For personal use only 1H07 restructure… ($b) margins in second half performance index (Aug-05 index = 100) (%) 110 28.0 30.3 15% 26.7 10.3% 24.9 4.0% 8.0% 100 17.1 14.9 15.5 7% 13.8 90 6% 5% 5.6% 4
Slide 43: Institutional Asia: strong low-risk growth; continuing expansion
Institutional Asia: strong low-risk growth; continuing expansion Institutional Asia continues … with all business lines The strong Asian economies & For personal use only to post double digit growth… showing consistent growth deal-flows between $M CAGR: Revenue 22% $M Profit before provision $B Aust
Slide 44: INGA: strong performance continues in funds management and risk
INGA: strong performance continues in funds management and risk businesses Strong FUM growth…* … delivering strong revenue and profit growth ($m) For personal use only ($b) CIE up 21% Return on ANZ 31% investment 69 312 10.3% 19% 50 49 12 56 243 57 8.3% 186 21% 10% 243 Capital inv 13% Expenses earni
Slide 45: New Zealand Businesses: strong performance
New Zealand Businesses* : strong performance …driven by strong lending growth… For personal use only Strong underlying profit growth…. PBP 13% Lending 14% NZD m NZD b Deposits 8% NPAT 6% 1,290 80.9 1,144 70.8 772 822 44.6 41.2 FY06 FY07 FY06 FY07 PBP NPAT NLA Deposits …and good Revenue/cost jaws… …b
Slide 46: New Zealand Businesses: double digit PBP growth
New Zealand Businesses: double digit PBP growth New Zealand Banking For personal use only New Zealand Businesses* % Growth 13% NZD m 433 PBP FY07 NPAT FY07 10% (14%) 6% 13% 305 283 296 271 (7%) 6% 2% 210 189 12% 177 153 11% 101 19% 26% 19% 20% 18 12 43 29 ANZ Retail National Corporate & Rural Privat
Slide 47: Retail Banking: Customer focus and multi-brand strategy
Retail Banking: Customer focus and multi-brand strategy driving success Continued strong performance in …driving above market mortgage For personal use only customer satisfaction1... growth2… 16% Mortgage Volume Growth Rate (YoY) 75% ANZ National 15% 65% 14.5% 14% 14.2% Market 55% 13% 45% 12% Sep-05
Slide 48: Corporate and Commercial: Consistent performance
Corporate and Commercial: Consistent performance driven by solid lending growth For personal use only Strong lending growth …driving strong profit across businesses NZD b (pbp growth) NZD m 20 Lending 16.1% 15.6% 180 Deposits 4.9% 9.7% 15 140 10 100 13% 8.5% 5 60 41% 5.4% 0 20 FY06 FY07 Commercial C
Slide 49: Rural Banking and UDC
Rural Banking: Premium franchise in a strong sector UDC: turnaround well underway Rural Banking UDC For personal use only Steady growth in profit… Balance sheet growth in FY07 following (NZD m pbp) three years of decline… (Net Lending NZD b) +12% 1.93 +13% 153 1.83 124 137 1.76 1.65 1.67 1.62 1H05 2
Slide 50: Asian Operations
Asian Operations New Asia Pacific Structure AMMB: agreements finalised for our For personal use only largest International Partnership Personal Asia Pacific Institutional Division Division Division Eight member ANZ team in place July 2007 Mgt board - Deputy MD, CFO & CRO Retail - Asia Institutional
Slide 51: Asia – we have acquired well, significant value created
Asia – we have acquired well, significant value created For personal use only Initial investments Current investment value A$m A$m A$m 1,000 2,000 4,000 Chinese banks now 900 847 1,800 Significant value created trading up to 3,500 for ANZ shareholders 800 1,600 ~30x-50x PE 700 1,400 3,000 Cash inves
Slide 52: Margin Analysis
For personal use only Margin Analysis 52
Slide 53: Group half on half margin down 9.2 bps on headline basis
Group half on half margin down 9.2 bps on headline basis, 4.3 bps on an underlying basis For personal use only Fee competition the largest Reported margin down 9.2bps (1H07-2H07) component of margin decline (competition impact on Group Margin) bps 0.7 223.8 218.9 (4.9) 0.0 -0.2 (0.5) (0.5) 1.3 Accou
Slide 54: Personal: margins impacted by mortgage competition
Personal: margins impacted by mortgage competition Mortgages key driver of For personal use only competition Wholesale Rate benefits offset by (competition impact on Personal Division increased Competition Margin FY06 – FY07) (FY06-FY07) -0.3 bps -0.6 -0.7 -0.6 -0.8 Cards 4.6 (7.0) Deposits Other Es
Slide 55: Institutional: significant impact from Markets and accounting 'noise'
Institutional: significant impact from Markets and accounting ‘noise’ Competition impact mainly in fees For personal use only Reported NIM decline of 18.0bp (competition impact on Institutional Division adversely impacted by Margin FY06-FY07 bps) accounting ‘noise’ bps (FY06-FY07) -0.7 184.6 -1.2 -2
Slide 56: New Zealand Businesses: Competition driving margin decline
New Zealand Businesses: Competition driving margin decline Key driver of competition impact For personal use only (competition impact on New Zealand Businesses Competition driving margin decline Margin FY06-FY07 bps) (FY06-FY07) 0.9 bps 256.4 -0.5 -0.3 -2.0 UDC Fee Deposits -4.0 -5.2 Cards Business*
Slide 57: Credit Quality
For personal use only Credit Quality 57
Slide 58: Expected Loss – Commercial lending
Expected Loss – Commercial lending For personal use only Commercial IP Charge vs Commercial Commercial IP Charge vs Commercial Expected Loss (YOY) Expected Loss (HOH) $m $m 400 93% 100% 200 100% 192 370 367 175 344 80% 80% 72% 321 160 161 300 345 150 293 145 148 60% 53% 60% 247 52% 53% 200 44% 100 1
Slide 59: Non Performing Loans and Days Past Due Loans
Non Performing Loans and 90 Days Past Due Loans Non Performing Loans New & Increased Non Performing For personal use only $m $m Loans # of loans 1,400 1,200 60 1,200 1,000 50 1,000 800 40 800 600 600 30 400 400 20 200 200 10 0 0 0 2002 2003 2004 2005 2006 2007 FY03 FY04 FY05 FY06 FY07 New NPL Austra
Slide 60: Breakdown of collective provision charge
Breakdown of collective provision charge For personal use only FY07 Collective Provision charge • Consumer Finance driven by Asset Risk / Business Unit slightly higher year on year Growth Mix Other* Total (A$m) delinquencies and impact impact bankruptcies as expected. Group 145 6 (68) 83 • Business
Slide 61: Mortgages and Credit Cards: credit quality remains sound
Mortgages and Credit Cards: credit quality remains sound Mortgages Australia (Retail) Credit Cards For personal use only Mortgages- Strong LVR profile Credit Card loss rates increasing with flow 80% through of low rate growth LVR at origination Sep-06 Loss rates by vintage Index 60% LVR at originati
Slide 62: Institutional portfolio remains sound
Institutional portfolio remains sound Group – Gross Lending Assets Risk grade migrations# For personal use only $272bn* $285bn* $307bn* Institutional Banking & Financial AAA to 10.4% 10.2% 11.2% BBB Institutions Risk Grade Migration Summary by Customer Groups (FY07) 57.2% Upgrade 59.2% 56.5% BBB- Do
Slide 63: Industry exposures – Australia & New Zealand
Industry exposures – Australia & New Zealand Finance Transport & Storage Utilities For personal use only 25bn 10.0% 25bn 10.0% 25bn 10.0% 20bn 8.0% 20bn 8.0% 20bn 8.0% 15bn 6.0% 15bn 6.0% 15bn 6.0% 10bn 4.0% 10bn 4.0% 10bn 4.0% 5bn 2.0% 5bn 2.0% 5bn 2.0% 0bn 0.0% 0bn 0.0% 0bn 0.0% Sep-04 Sep-05 Sep-
Slide 64: Industry exposures – Australia & New Zealand
Industry exposures – Australia & New Zealand Personal & Other Communication Government Administration For personal use only Services Services & Defence 25bn 10.0% 25bn 10.0% 25bn 10.0% 20bn 8.0% 20bn 8.0% 20bn 8.0% 15bn 6.0% 15bn 6.0% 15bn 6.0% 10bn 4.0% 10bn 4.0% 10bn 4.0% 5bn 2.0% 5bn 2.0% 5bn 2.0
Slide 65: Corporate Responsibility
For personal use only Corporate Responsibility 65
Slide 66: The leading bank globally on the Dow Jones Sustainability Index
The leading bank globally on the Dow Jones Sustainability Index For personal use only • ANZ’s six year focus on cultural transformation and employee engagement has created a strategic competitive advantage that is difficult for others to replicate. Leading Leadingand and Inspiring our • Our Employee
Slide 67: People strategy sees ANZ employee engagement solidly above benchmark
People strategy sees ANZ employee engagement solidly above the Australian financial services benchmark Cultural Transformation Employee Wellbeing For personal use only • ANZ has had a six-year focus on cultural transformation and values- based decision making • ANZ’s has achieved a 20 % • Employee E
Slide 68: Community investment strategy is leading practice
Community investment strategy is leading practice and delivering results for our stakeholders MoneyMinded Saver Plus For personal use only • Comprehensive adult financial education program, delivered by • Assisting low-income individuals and families to develop a long-term community partners and fin
Slide 69: ANZ is integrating social and environmental considerations
ANZ is integrating social and environmental considerations into our business practices For personal use only Operational Institutional & Corporate New Products Environmental Footprint Sustainability and Services Operational Environmental Footprint • ANZ adopted the Equator Principles in • ANZ announ
Slide 70: Summary of forecasts – Australia (bank year)
Summary of forecasts – Australia (bank year) For personal use only 2006 2007 2008 2009 GDP 2.8 3.6 4.0 4.2 Inflation 3.4 2.5 3.1 2.9 Unemployment 4.7 4.3 4.1 4.0 Cash rate 6.00 6.50 6.75 6.75 10 year bonds 5.5 5.9 6.5 6.9 A$/US$ 0.75 0.85 0.83 0.75 Credit 14.7 13.0 13.7 12.4 - Housing 14.7 12.2 11.1
Slide 71: Summary of forecasts – New Zealand (bank year)
Summary of forecasts – New Zealand (bank year) For personal use only September Years 2006 2007 2008 2009 2010 GDP 1.7 2.7 1.7 2.4 3.5 Inflation 3.5 2.1 2.7 2.6 2.5 Unemployment (Sept qtr, s.a.) 3.8 3.7 4.1 4.3 4.4 Current Account (% GDP) -9.2 -8.2 -6.8 -6.8 -6.5 90 day bank bill (Sept mth) 7.6 8.8 8
Slide 72: For personal use only
For personal use only 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 p
Australia and New Zealand Banking Group — FY2007 Earnings Presentation on 6ix