Anz Group Holdings Limited · ASX:ANZ
Anz — Australia and New Zealand Banking Group — FY2005 Earnings Presentation
70 slides from Anz's earnings presentation, Oct 27, 2005
Slide 1: 2005 Annual Results
Transforr Grov 2005 Annual Results Australia and New Zealand Banking Group Limited 25 October 2005
Slide 2: Record profit, ahead of target
Record profit, ahead of target Strong revenue momentum in second half 2005 v 2004 NPAT* $3,056m $ 11.9% Cash EPS* 175.2c 8.8% Dividend 110c # 8.9% 2h05 v 1ho5 NPAT* t 4.8% Total Income* t 4.9% Other Operating Income* t 7.6% 2 patn pit PT
Slide 3: Real progress on strategic agenda in 2005
Real progress on strategic agenda in 2005 Where our growth will come from Australia * Profit up 14% megeren * Personal up 15% Span A Soe rem yy — * Corporate up 10% es “a + Esanda up 11% z Institutional * Up 8%, de-risking completed New Zealand + Flat result in competitive market * Integration large
Slide 4: Creating Australasia's leading bank
Creating Australasia’s leading bank « Mission - to become Australasia’s leading bank « Favourable 2006 outlook: “Environment should be broadly si ir to 2005, enabling us to produce continued good results in the year ahead” « New Growth and Transformation agenda: Growth 7% - 9% annual revenue growth
Slide 5: Peter Marriott, Chief Financial Officer
Peter Marriott Chief Financial Officer
Slide 6: Good full year result: strong revenue momentum in the second half
Good full year result: strong revenue momentum in the second half 220 (322) 6.6% 7.8% Scorecard FYOS 2HOS on 66 (86) 26% 102% 73% yoy Volume Growth VV Vv g pag BH 2012 tneestMorgn XX $m 38 8 $$ 2 2815 ahi re Newintincome | vv 5 -F g & & % Expenses me | 52 aoe & = A = 2 £ = Provisions yyy 2 % 2 z 3g
Slide 7: Strong lending growth offset by margin pressure
Strong lending growth offset by margin pressure Personal Institutional’ Corporate NZ Businesses* (NZD, normalised=*) Esanda & UDC Group (normalised**) excludes market,“ ncades ta agulvalant grss-up and margin deine ‘rete foe -$316m Net Interest Income* Drivers FYO5 $290m “398m $i92m 15.5% (5.49) 101
Slide 8: Excluding FX hedge impact, margin decline close to longer term trend
Excluding FX hedge impact, margin decline close to longer term trend Margin decline a mix of Structural ‘impacts and Competition bes 249.0 (28) es mo z x BF Meo 45 20 5 § = “<< £3 ¢ 5 gy 2 8 ibs nf i 2 sep-04 oapas (24.0bps). ———> ‘ele sides 27 & 28 for dete gaogrphi asia Competition most intense in
Slide 9: Strong 2nd half non-interest income performance
Strong 2" half non-interest income performance Key Drivers (2H05 v 1H05) Personal * Volume related fee income increases + Increase fee income from Wealth Management business Institutional ‘+ Strong client flow in markets business + Good fee growth in C&SF ‘+ Improved cross sell by Client Relationshi
Slide 10: Improved revenue growth & lower credit costs
Improved revenue growth & lower credit costs has permitted higher growth investment Headline Cost Growth - 10.8% Growth Underlying Cost Growth — 3.7% Tovestment” 113 4,437 Underlying oo NeNZ Normalised* x | tat aie 2h fi Compliance 4,005 2B Sep-04 Sep-04 Sep-05 Normalised inctdesivertmertin branch ‘
Slide 11: Growth investment weighted towards increasing frontline FTE
Growth investment has been weighted towards increasing frontline FTE Approx. 2,200 new FTE’s in FYOS fH os ° 4 i =— oat Persons! NZ Asia Pacific Corporate Inst. ‘Eeanda & Group ‘UDC Integration + Approx. 70% of new business* FTE in frontline roles + Full run rate of FTE investment to drive expense g
Slide 12: Solid momentum in Australia
Solid momentum in Australia Division NPAT (Half on Half) Personal Banking oe Institutional 4% New Zealand* (wzs) Flot (0.5%) Corporate 4% I NPAT increase Esanda & UDC 6% NAT decrease IH rier period Neat Asia Pacific (2)% om NPAT (Year on Year) 6% (29%) (4%) ry Geographic 5% Australia New Zealand* (N
Slide 13: Credit quality remains favourable, delinquencies down on 1H05
Credit quality remains favourable, delinquencies down on 1H05 Non Accrual Loans goo", Continue toreduce 700 600 + 0.4% 500 400 0.2% 300 200 0.0% Fyo2FYO3.«FYO4 ‘mem Net Non Accrual Loans (LHS) t=Net Non Accrual Loans / Net Lending Assets (RHS) FY0s Delinquencies remain low (60 day delinquencies) 2.4
Slide 14: A-IFRS indicative impact on key measures
A-IFRS indicative impact on key measures », Cash EPS 175.2 cents Return on Ordinary 173% Equity Return on Assets 1.08% General/Collective Provision to RWA’S D.98% Net Interest Margin 2.35% Cost to Income Ratio* 45.6% ACE Ratio 5.1% Ratios for year ended or as at 30 September 2005 “excluding sgnifian
Slide 15: Increased earnings volatility anticipated under IFRS
Increased earnings volatility anticipated under IFRS driven by provisioning charge IFRS Provision charge exhibits greater volatility than ELP charge + ELP charge relatively ” stable compared to” M00 = =a. total IFRS provision Total 2002 ELP — charge including ‘special charge charge 800 7 * Collectiv
Slide 16: Capital - regulatory position still under review
Capital - regulatory position still under review 1. IFRS considerations + Initial capital impacts of IFRS expected to be modest + approx. $1.1b decrease in book equity, ACE and Tier 1 impact immaterial * APRA treatment of IFRS adjustments (eg collective provision) * Future dividend policy will gener
Slide 17: 2006 headwinds represent ~2% drag on cash EPS
2006 headwinds represent ~2% drag on cash EPS Summary of 2006 Headwinds Structured Deal Run Off ING Transitional tax run-off NZ Synergy Benefits ING Capital Investment Other Discontinued Inst. Business NpaT(sm) -50 -40—=30 10 20
Slide 18: Group Outlook for 2006
Group Outlook for 2006 Revenue + 7% ~ 9% growtl + Lending & deposit growth to remain strong + Continued momentum in Australian businesses supported by specific growth initiatives + Structured deal run-off & reduced INGA contribution due to end of transitional tax relief are key headwinds Expenses +
Slide 19: Summary - Good result, good momentum
Summary - Good result, good momentum 2005 2006 « A quality result, ahead of Environment original target broadly similar to « Strong revenue momentum in 2005 second half Earnings growth * Stronger revenue growth again weighted to fa 9 24 hall permitted increased investment * Low risk, strong credit q
Slide 20: Additional Information
Additional Information
Slide 21: Profit & Cash EPS reconciliation
Profit & Cash EPS reconciliation Income Expenses Operating Profit Provision for Doubtful Debts Tax & OEI NPAT Goodwill Significant Items Pref. Share Dividend Cash NPAT Average Shares Basic Cash EPS (cents) 8,645, (4,026) 4,619 (632) (1,172) (2,815 189 (48) (98) (2,858 1,774 ‘161.1 a 9,350 (4,515) 4,
Slide 22: Cash EPS comparison - AGAAP v A-IFRS
Cash EPS comparison - AGAAP v A-IFRS ‘Net interest income 5798 oe 9 4 | 630 Non-interest income sss | as (684) 13_| 2901 (Operating expenses (4338) (eo) © _| wary |Goodwil amorisation 79) |_s70 ° ad & doubt tes (620) (7) ‘ax 081 1237 ws @ | 2am NPAT sow | 2 ey nyt 26s) to | ats Goodwill amertsaton 2
Slide 23: Initial IFRS impact on capital likely to be modest
Initial IFRS impact on capital likely to be modest, earnings volatility may impact dividends Initial IFRS impacts on capital are forecast to be modest* Derivative Accounting 33 (208) : Defined Benefit Scheme (107) (207) : Credit Provisioning 191 191 (235) StEPS Reclassification (992) . Bs Fee Revenu
Slide 24: Illustrative A-IFRS Balance Sheet adjustments
Illustrative A-IFRS Balance Sheet adjustments eels aut wae | toy oo ts om am | see
Slide 25: Continued strong balance sheet growth
Continued strong balance sheet growth Personal + Solid mortgages and credit card FUM gromth driving lending * Good growth in transaction & savings balances delivering above system deposit growth Institutional * Increased domestic lending following de- risking * Strong deposit growth New Zealand * Go
Slide 26: Growth in Mortgages and Long Term Wholesale funding driving margin impacts
Growth in Mortgages and Long Term Wholesale funding driving asset & funding mix margin impacts Growth in long term funding key driver of funding mix Mortgages continue to grow strongly Approx Asset Mix NIM Impact — (FY04 v FYOS) (eee) igs other os 1 Institutional (1.0) 3 v Corporate (0.2) High co 9
Slide 27: Australian Geographic margin contraction
Australian Geographic margin contraction driven by funding mix, competition & revenue hedging impacts Funding mix & competition driving Institutional most Australian interest margin contraction competitive segment (competiton pact on hutralan maria bps Sep 04 Sep 05) 248.2 (6.3) | (5.2) i | _ a 04 z
Slide 28: Fixed rate mortgage competition driving NZ margin contraction
Fixed rate mortgage competition driving NZ Geographic margin contraction Strong Fixed Rate Mortgage competition NZ mortgages driving adversely impacting NZ margins margins down (competion impact on NZ margin ‘Sep 08 ~ Sep 05) bps 250.4 (8.9) a War impact bps il z ¢ 19 2356 ‘by 05 -OA g 3 16 7: : ‘ “
Slide 29: Capital position remains above target range
Capital position remains above target range Drivers of the ACE ratio % 7.00) Earnings" 1.61 6.50 WA 6.00 srowth (0.58) owisende = (1.02) i Buy Back | 509 (0.10) (0.05) S07 68 iis <a 1 orryeor Other fargetrange | f°, os ‘hares 4.50 ey 4.00 Sep-04 Sep-05 core cash earings, defined os earings ater yb d
Slide 30: Capital efficiency driven by access to non-innovative hybrids
Capital efficiency will be driven by access to non- innovative hybrids Current hybrid’s are expected to Qualify as innovative Tier-1 capital Innovative hybrid is currently $1bn in excess of APRA’s proposed 15% limit and is expected to be corrected by organic growth by 2010 \Non-Innovative capital ca
Slide 31: Cost of Capital dependant on access to Non-Innovative capital
Cost of Capital dependant on access to Non- Innovative or Preference Share capital ‘+ As we are capped out of Non-Innovative capital until 2010 marginal RWA growth will be funded by either Core or Non-Innovative Capital ‘+ APRA’s low 25% limit for hybrid capital may result in incremental RWA growth
Slide 32: Current hybrids
Current hybrids ANZ StEPS Us Trust Securities USE11 bon currency & Amount 31 bon + us¢350m ~ Jan 210 URS00 miton 110s¢750m = Dee 2019 Issue Date 2 September 2003 26 November 2002 13 December 2004 Final Maturity Date | 14 September 2083 15 December 2053 12 December 2083 Tied Interest Rate Fang 2650+
Slide 33: New Zealand currency risk substantially hedged
New Zealand currency risk substantially hedged + Revenue hedging continues to be Attractive rates for hedging undertaken when currency Is assessed 1.40 future revenue to be outside its normal trading range and fair value estimates, _ * Under IFRS, hedge accounting ut woh remains untl 1 Oct 2006, iy
Slide 34: Credit Quality
Credit Quality 34
Slide 35: ELP reduction reflects improved credit quality
ELP reduction reflects improved credit quality Improved risk profile drives ELP charge exceeded SP’s reduction in ELP rate by 63% in FYOS bpe sm 3s) 200 | ii 100 q@) 7 i oy od mt Specifc Provisions a5 0 fNomaiced Eve * ze 3 ey 8 oe 'T - HH HE 8 PP igé “E $8 2 fe ae «0 § 8 g <E § SBE 83 4 go. 2 ANZ 3
Slide 36: Net Specific Provisions down 19%
Net Specific Provisions down 19% + Credit quality in Australia continues to improve, with lower Specific Provisions ‘* Specific Provisions up in New Zealand due to two medium sized Corporate accounts plus a handful of smaller exposures impacted by a significant downturn in the exported apples indust
Slide 37: Non Accrual loans remain at historically low levels
Non Accrual loans remain at historically low levels Gross Non-Accrual Loans at New Non Accruals impacted by a historical lows* ‘small number of accounts s.0% = 20% 1400 pes 09% 7.0% 1200 | | oom 6.0% 1000 0.7% 50% - 0.6% yas 40% - ase 3.0% “és [as 20% 02% 200 oe 1.0%. ib ° | 0.0% j ~ oS > ° wt Austr
Slide 38: New Zealand portfolio remains sound
New Zealand portfolio remains sound, a small number of isolated defaults Risk Grade Profiles Australia New Zealand $175bn s64bn + to BB 38 * NZ overall portfolio remains high quality, in line with Australia ‘+ New Zealand new Non Accruals increased with the downgrade of two medium sized accounts and
Slide 39: Monitoring potential impacts of the high oil price
We are closely monitoring potential impacts of the high oil price Driver Impact of Nominal and Real Oil Price osueeesysse a ‘ote; ol pric ig West Fexas iterate (WT); Shaded areas prc wes vem; dersiwa ‘Sure Thomson Financial Datstream; US Burebu of Lbor ‘Stott! eoromsoane + The recent spike in oil pr
Slide 40: Credit quality robust in Mortgages Australia
Credit quality robust in Mortgages Australia + Dynamic LVR profile reflects strong migration into lower LVR buckets compared to time of origination ‘+ Owner Occupied dominates the portfolio, although increased uptake of Equity products continues. + 60+ day arrears have improved in the Sep-05 quarter
Slide 41: Inner City arrears immaterial
Inner City arrears immaterial Inner City Accounts & Exposure 495 Purpose of inner city lending we Accounts shifting towards Owner Occupied Exposure a Deckands Soutibank Zetland / Waterloo nsw) Inner city delinquencies negligible 1 Mar-04m'Sep-04 w Mar-05 1 Sep-05 ‘sep-02 | Sep-03 Sep-04 Sep-05, Owne
Slide 42: Group risk grade profile
Group risk grade profile ANZ Group - Outstandings* $158bn 165bn $207n $222bn$235bn$248bn Total investment grade as at Sep-05 - $172bn oF 69.2% of the portfolio B+ to ccc 25% 23% «19% 18% 16% 1.6% Non Accrual 07% 06% = 04% 4H 3% 03H ws neve scared Cece 2003 ANz|
Slide 43: Institutional risk grade profile
Institutional risk grade profile Institutional - Outstandings* $43bn $43bn$45bn—$49bn $506 Total investment grade as at Sep-05 $35bn oF 69.6% >BB- B+ to ccc Non Accrual 2
Slide 44: Industry exposures - Australia & New Zealand
Industry exposures - Australia & New Zealand —B— Lending Assets (AUD) 4 eh of Porto (RHS seale) “Ain High Risk (RHS seale) in Nom Acerual (RIS scale) Health & Community Cultural & Recreational Servicas erties Forestry & Fishing TAG Hs-E Beta” 58 Sen So Sepa Sep od Sp.0s Sp. 5ep.03 Samos sepOs Person
Slide 45: Industry exposures - Australia & New Zealand
Industry exposures - Australia & New Zealand —B— Lending Assets (AUD) 4 eh of Porto (RHS seale) “Ain High Risk (RHS seale) 5 in Non Accrual (RHS seale) Finance - Other Utilities Finance ~ Banks, Accommodation, . ling Soc etc. Clubs, Pubs etc. Construction
Slide 46: Industry exposures - Australia & New Zealand
Industry exposures - Australia & New Zealand —B— Lending Assets (AUD) 4 eh of Porto (RHS seale) “Ain High Risk (RHS seale) 5 in Non Accrual (RHS seale) Real Estate Operators & Dev. Retail Trade Agriculture
Slide 47: Divisional Performance
Divisional Performance ”
Slide 48: Customer satisfaction and market share has grown
Customer satisfaction and market share has grown Leading major bank Overtaken NAB and closing customer satisfaction the market share gap to WBC % (Main Financial Institution*) (share of traditional banking products) = __.......* Market Share Gap Closest m poet 4.0% 2.9% 2.0% 1.5% g 38 see & a 3 3 38
Slide 49: Mortgages: solid FUM growth with strong performance by ANZ proprietary channels
Mortgages: solid FUM growth with strong performance by ANZ proprietary channels Housing market continues to deliver attractive FUM growth” ($b) Retail channels increasing market share; Origin refocusing Sep-os ANZ channels increasing their share of new sales flows loans by number — We oans by value
Slide 50: Banking Products: good FUM growth in Savings & Transaction accounts
Banking Products: good FUM growth in Savings & Transaction accounts Transaction FUM: Access Savings FUM: good growth accounts driving growth (A$b) across all products a a: 82 8s Ho Hot sHos Hos nos access wotner nicashinclv2+ Term Deposts mother Good growth in Transaction Deposit margins have remain
Slide 51: Consumer Finance: strong growth in all products
Consumer Finance: strong growth in all products driving market share gains Delinquencies trending down Continied strong FUM groweh across the portfolio (90+ day arrears) 134% growth Hos 1Hos 2H! Sep-03 Mar-O# —Sep-04 —Mar-O5 —_Sep-05 ace sienna Rewards — Proprietary Total Portoio All card products a
Slide 52: INGA: underlying business performing well
INGA: underlying business performing well Note ~ all data based on INGA December Year End, 1HO5 at Jun-O5 Solid underlying profit growth Significant efficiency gains gm achieved during integration realised since JV formed 350 300 250 200 4350 100 2003 2004 2008 mist Half 2nd Half 202 1Ho3 2403 HOS 2
Slide 53: INGA JV: strong underlying contribution
INGA JV: strong underlying contribution partially offset by capital investment hedge losses Full year NPAT to Sept05 increased 9% driven by: ‘+ Funds management income increased by 5% based on = and continued favourable claims experience ba | a = ‘+ Capital hedge losses (in ANZ) impact the net retur
Slide 54: Institutional: strong second half momentum
Institutional: strong second half momentum Business performance in line with expectations (wear growth) Lending Asset growth moderating in 2HO5 Strong non interest income Strong growth in Markets growth delivered in 2H05 income: VaR remains low Other Income ‘Ave. VaR ($m)* a 17 vase goin on ean matt
Slide 55: New Zealand: financial performance softer than expected
New Zealand: financial performance softer than expected, but good operational momentum Strong performance in NBNZ Retail, Corporate and Rural, whilst ANZ Retail, Institutional and UDC reposition* NPAT (NZ$) 203m a beipsae Soa oe, (om pes e | a ANZRetail NBNZ Retail Corporate —«Rural~—Institutional.
Slide 56: Both NZ retail brands continue to hold market share
Both NZ retail brands continue to hold market share & improve customer satisfaction Stabilising mortgages position* Household deposits share (ohare of new mortgage registration by number) ‘stable at ~37%** ‘Auge Oec- Apr Auge Dec= Apr= Auge Dec> Apr Auge Aug: Hore Fab> May> Auge Mow Feb May- Aug 2 0
Slide 57: NBNZ integration on track
NBWZ integration on track Nzsm 2004-2005 = 2006-2007 icy tobe SSO roma Total Integration costs 49 139 52 0 > toe6 cone ¥ Incremental Integration Opex 29 85 + capitalised, Cost synergies 6 33 39 58 reeeeue Revenue synergies 1 26 47 53 Bown, and: Attrition 20 33 34 4 Goeaoe No material change to forec
Slide 58: New Zealand structured finance transactions
New Zealand structured finance transactions * IRD audit focused on so called “conduit” transactions + Notices of Proposed Adjustment and assessments received as expected ‘+ Net potential liability on all similar transactions $NZ308m* * Legislative change to ‘thin cap’ rules in NZ will make these tra
Slide 59: Corporate: Strong performance for Corporate Banking
Corporate: Strong performance for Corporate Banking, sig Corporate Banking - good revenue and cost momentum sh bad si im os oe fe oe ae Eieliartincrense in WTS? ss deal flow in 2005 al [ ry | 109 is 1S | s ee a 1Ho3 2403 1HOs 2HOs AMOS -2H05. ss WTS Deals (LHS) r Value Private Equity (RHS? Eau (HS:
Slide 60: Business Banking: growth has moderated, fundamentals remain sound
Business Banking: growth has moderated, fundamentals remain sound * Business Banking balance sheet growth has moderated, reflecting: + slowdown in property related lending * increased competition in the market; margins have remained relatively stable + steady new lending volumes (with around one thi
Slide 61: Esanda & UDC: good growth in Australia, NZ impacted by restructure
Esanda & UDC: good growth in Australia, NZ impacted by restructure Strong NPAT growth in Australia, flat in NZ sm 2003 2004 mAustralia NZ New Business Writings growth driven by Australia, NZ impacted by restructure 2002 2005 : x 2,000 7 i ° 2002 2003 Australia 2004 mnz 2005 on Solid Revenue growth a
Slide 62: Asia: good underlying performance
Asia: good underlying performance ‘ANZ Asian Network Retail Partnerships snin Partnership + Excluding Treasury NPAT grew + ‘NPAT down 22% yoy driven by FY04 ‘Strong underlying growth in 23% Panin one-offs not repeated in FYOS, ‘Consumer and SME; outiook still + Return to balance sheet growth ‘and co
Slide 63: Pacific: strong performance across the region
Pacifi strong performance across the region + NPAT up 17% on FY04, driven by: '* Lending growth of 23% pep (12% hoh) ‘Strong NPAT growth (ages) = Deposits growth of 20% pep (14% hoh) ‘= Good momentum across the Pacific underlined by: ‘Strong staff engagement of 68%, well above 299 = Group n + Increa
Slide 64: Good progress on corporate responsibility agenda
Good progress on corporate responsibility agenda Overall Image* + “Community Involvement” No.2 value evident in ANZ’s 7.0) culture according to our staff (Customer Focus was umber 1) Ranked in the top 10 of top 10% of banks globally on Starting to break from the pack ‘+ 100% for community management
Slide 65: Community investment strategy is leading practice
Community investment strategy is leading practice ‘MoneyMinded | Saver Plus literacy and inclusion of adult Australians, parte vulnerable portunities Community Giving ANZ Community Fund, ghelated : + Empawerg anh sw soca ip srceas wey Secintectnetryapears’ ||" blngeonmny pct merece smmunities paatnn
Slide 66: People strategy has created the most engaged workforce
People strategy has created the most engaged workforce of major banks + Sear oes eo ataltanstmatn an aes bee ‘ison mang 20ot0"turhve prtpaed rete teaahops,Tereta ech 100 tote ty nt ‘Ho. rote ecu’ waren ofc ‘reer mam a8 coon + Sa sasacon up tom 80% n 20000 85% n 200 aco Se st Sot engapemerd 69 sane m
Slide 67: Integrating environmental and social considerations into business practices
Integrating environmental and soci considerations into our business practices Institutional & Corporate New Products Sustainability and Services Demonstrating iimemppeureetinantsantd business soscsao leadership by ieblirteplaetiaad integrating Seoncermaner pace Femalprocesesn pace aoe considerations
Slide 68: Summary of forecasts - Australia (bank year)
Summary of forecasts - Australia (bank year) 2005 2006 2007 GDP 23 3.4 3.7 Inflation 3.2 21 21 Unemployment 51 | 5.0 Cash rate 5.50 5.50 S75 10 year bonds 5.4 5.3 5.5 $A/$US 0.76 0.68 0.76 $A/$NZ 1.09 1.15 1.27 Credit 13.3 10.9 10.5 - Housing 13.4 13.3 12.2 - Business 13.1 8.5 8.7 - Other 13.7 6.3 6
Slide 69: Summary of forecasts - New Zealand (bank year)
Summary of forecasts - New Zealand (bank year) 2005 2006 2007 GDP 2.7 is 2.6 Inflation 3.4 3.2 17 Unemployment 3.6 4.4 4.7 Cash rate 6.75 6.75 6.00 10 year bonds 5.7 6.0 6.1 $NZ/$US 0.70 0.59 0.60 Credit 16.1 9.9 7.3 - Housing 15.8 10.0 8.2 - Business 20.0 9.9 6.2 - Other 75 7.4 ie 3 {All Forecasts
Slide 70: Searchable text section of graphics shown above
Searchable text section of graphics shown above [G RAPHIC] 2005 Annual Results Australia and New Zealand Banking Group Limited 25 October 2005 [LOGO] Re cord profit, ahead of target Strong revenue momentum in second half 2005 v 2004 NPAT* $ 3,056 m ^ 11.9 % Cash EPS* 175.2 c ^ 8.8 % Dividend c ^ 8.9
Australia and New Zealand Banking Group — FY2005 Earnings Presentation on 6ix