Investor Presentaiton
A strong, all round performance in FY13
Variance
Variance
(NZ$m)¹
2
FY11
FY12
FY13
($)
(%)
Net interest income
1,316
1,499
1,536
37
2%
Non interest income
308
356
371
15
4%
Net operating income
1,624
1,855
1,907
52
3%
Operating expenses
(771)
(807)
(810)
(3)
(0%)
Underlying profit
853
1,048
1,097
49
5%
/ core earnings
Impairment charges
(224)
(190)
(107)
83
44%
Income tax expense
(196)
(245)
(276)
(31)
(13%)
Profit after income tax expense
433
613
714
101
16%
/ cash earnings
Net interest margin
2.41%
2.31%
2.29%
(2 bps)
N/A
ROE
10.1%
11.8%
11.5%
(30 bps)
N/A
Deposit to Loan Ratio
65.0%
70.6%
75.6%
500 bps
N/A
Funding position
18,493
18,060
15,489
2,571
14%
1. Source: WNZL Disclosure Statements
2.
FY12 includes 11 months of the institutional business which vested on 1 November 2011. FY11 excludes the institutional business.
: 11
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