December 2007 Three Month Performance Summary
• Headline NPAT of $310 million was down from the $350 million earned in the December 2006 quarter, with the prior period benefiting from the $79 million post tax gain from the sale of the FleetPartners business.
• NPAT adjusting for non-core items1 of $300 million, a 12% increase over the December 2006 period ($269 million).
• Underlying Profit Before Provisions of $471 million, an 11% increase over the December 2006 period ($426 million).
• The Provision for credit impairment charge of $32 million remains at very low levels, and overall credit quality remains strong across all segments.
• Underlying cost-to-income ratio decreased to 42.6% compared to 44.0% in the December 2006 period.
• Net loans and advances were up NZ$10,232 million (13% for the period) on December 2006. Total customer deposits were up NZ$3,797 million (9% for the period) on December 2006.
There were strong performances by the Rural, Corporate and UDC businesses and solid performances by the Retail and Institutional businesses. Market share is holding up well across the board, with market share gains achieved in mortgages, consumer finance, rural and in the business markets