Credit Suisse First Boston Asian Investment Conference

Size: px
Start display at page:

Download "Credit Suisse First Boston Asian Investment Conference"

Transcription

1 Credit Suisse First Boston Asian Investment Conference Philip Chronican Chief Financial Officer Westpac Banking Corporation 25 March 2004

2 Westpac at a glance Established 1817 Top 100 bank globally 1 Core markets of Australia, New Zealand and near Pacific Tier 1 Ratio Sept year EPS 2 CAGR 11% Return on equity 2 21% Dividend yield 3 4.3% 7.2% 7.7 million customers Leader in sustainability Credit Rating Total assets Market cap 3 AA- / Aa3 A$221bn A$33bn 1 Euromoney June Cash earnings basis 3 As at 18 March 04 2

3 Improved staff and customer satisfaction Employee commitment % of employees reporting a positive score Employee Commitment Leadership * New measure introduced in 2002 Employee engagement and effort* Consumer Satisfaction - % of main financial institution customers very or fairly satisfied 68% 65% 62% 59% 56% 53% 50% Jun 01 Dec 01 Jun 02 Dec 02 Jun 03 Dec 03 Bank X Westpac Bank Y Bank Z Source: Consumer - Roy Morgan Research. Have deposit account with bank and regard it as main financial institution. Increased market share of total Australian credit over last three years by 200 basis points 3

4 Driving the gap between revenue and expenses $m 4,000 3,500 4 Year CAGR 1 3,000 2,500 2,000 1,500 Revenue 7.5% 2 Expenses 3.5% Core earnings 12.5% 1, H99 2H99 1H00 2H00 1H01 2H01 1H02 2H02 1H03 2H03 1. Underlying basis (excl. significant items but not adjusted for acquisitions and disposals) 2. Excluding goodwill 4

5 Points of differentiation Strategy - Focused on core markets of Australia, New Zealand and near Pacific - Customer centric organisational structure - Balanced wealth management position Customer franchise - Large customer base skewed towards higher value segments Low risk - Continued improvement in asset quality, sound provisioning coverage - Strong capital position Leader in sustainability - Corporate governance and sustainability ethic embedded in the organisation - Leading bank globally in the Dow Jones Sustainability index, two years running 5

6 Current issues Impact of the economy on our business Housing market coming off the boil Capital generation parameters Maintaining the efficiency momentum Credit cards industry developments and implications 6

7 Australian and New Zealand economic outlook Australia and New Zealand economic fundamentals sound due to: - Solid domestic demand Key economic indicators World 2004 % 2005 % - Strong business sentiment In year ahead, activity will be boosted by an export recovery driven by the rural sector and a stronger global economy GDP Australia GDP Unemployment Short term interest rates increased in 2003, with further modest increases expected later in 2004 New Zealand GDP Unemployment Source: Westpac 7

8 Economy operating with a more sustainable mix Percentage point contribution Key contributors to Domestic Demand Source: ABS, Westpac Consumption Dwellings Business invest Domestic demand f Percentage point contribution Source: ABS, Westpac Key contributors to GDP Domestic demand Exports Imports GDP f 8

9 Credit growth returning to longer term average Australian Credit Growth % Forecasts Jan-90 Jan-92 Jan-94 Jan-96 Jan-98 Jan-00 Jan-02 Jan-04 Housing Business Total Total period average -8 Source: RBA 9

10 Housing market beginning to slow Some easing in activity but growth still above long term average Higher proportion of refinancing/new approvals are fixed rate While growth is easing, the value is still higher than a year earlier Westpac housing loan applications No ' Oct02 Nov02 Dec02 Jan03 Feb03 Mar03 Apr03 May03 Jun03 Jul03 Aug03 Sep03 Oct03 Nov03 Dec03 Jan04 Feb04 Easing growth has been accompanied by increasing competition in both fee and margin discounting Westpac s Australian market share of housing has eased from 17.9% at September 2003 to 17.7% at January 2004 Australian housing finance AUDbn/mth investor finance, ex-construction owner-occupier finance, ex refinancing 'total' finance Source: ABS Jan-92 Jan-94 Jan-96 Jan-98 Jan-00 Jan-02 Jan-04 10

11 Considering Westpac s overall capital position Capital levels set to maintain a strong and efficient capital base and AA rating Tier % ACE % Factors relevant when considering capital management initiatives Overall capital position and capital generation/usage Level of franking credits no longer a constraint. Balance $612m at Sept 2003 Average share count aim to minimise difference between cash earnings growth and EPS growth Capital ratios (quarterly) 8.0% 7.5% 7.0% 6.5% 6.0% 5.5% 5.0% 4.5% 4.0% 3.5% Mar-00 Jun-00 Sep-00 Dec-00 Mar-01 Jun-01 Sep-01 Dec-01 Mar-02 Jun-02 Sep-02 Dec-02 Mar-03 Jun-03 ACE Tier 1 Number of shares on issue ( 000) 1,850 1,830 1,810 1,790 1,770 Sep-00 Mar-01 Sep-01 Mar-02 Sep-02 Spot shares Sep-03 Average shares Mar-03 Sep-03 11

12 Medium term parameters capital generated Capital generated for every $100 of equity Metric Cash return on equity 20% Dividends - 60% to 65% payout Dividend reinvestment 20%-27% participation Risk weighted asset growth 7%-10% Wealth management growth Other factors Excess capital Approximate Capital generated/ consumed $20 -$12.6 +$2.7 -$4.5 -$1.7 +/- $0 to $2 $2 - $4 Above 20% for over 3 years Comments Payout consistent with providing strong payments to shareholders and retaining sufficient capital for growth Participation rate has varied in the mid 20% s most recent participation was 22% Equivalent to long term credit growth around 8-12%. Wealth business is currently on a strong growth path Changes in capital deductions eg (FITB/FCTR), due to FX and timing issues Long run average of capital generated per annum 12

13 Factors impacting capital generation in 2004 Metric Return on equity Dividends Dividend reinvestment Capital usage above/ below standardised scenario In line In line In line Comments No reason to suggest ROE would be significantly different in 2004 Payout ratio expected to be similar to marginally higher Participation rate within normal range Risk weighted assets Wealth management Other factors Excess capital generated Above In line Higher Lower Credit continues to grow above long term norms Increasing life and risk business requiring additional capital Stronger AUD, Higher FITB and FCTR Overall capital generated in 2004 expected to be below long run average 13

14 Cost philosophy and the efficiency pipeline Medium term drivers suggest cost growth in 2-4% band Higher cost growth tolerated only if delivering higher revenue generation Conservative capitalisation policy Aim to absorb major projects and initiatives within cost growth bands Continue to develop initiatives delivering sustainable improvements in productivity the pipeline Growth in ongoing operating expenses Excludes significant items and impact of acquisitions/divestments Cost efficiency pipeline 2-4% $m 2004(f) 2005(f) 2006(f) Outsourcing Wealth integration Lending processes Head office relocation Other initiatives Cumulative total Annual increment

15 2004 cost outlook No expectation that cost growth will exceed medium term guidance of 2-4% Delivering result despite major initiatives underway Special factors impacting 2004 cost base Costs to be absorbed General salary increase of 4% in October 2003 Major compliance projects Increasing superannuation costs Additional investment to add to efficiency pipeline in 05 and 06 Benefits to be realised No additional pressure from NZD/AUD exchange rate Decreases in temporary staff as some project work eases Continued benefit from efficiency pipeline 15

16 Credit cards undergoing significant change Reserve Bank of Australia announced major credit card reforms Aug 2002 Reduced interchange fees for bank issued credit cards dropped from 95bps to around 53bps Reduced barriers to entry Removed prohibition on surcharging for card transactions Tougher competitive environment impacting profitability Entrance of new players - Virgin New no frills products being introduced Low introductory rates and special offers now prevalent Revolver rates lower than expectations 16

17 Credit cards Westpac s strategic response Realignment of various card related fees completed March 2003 Reducing cross-subsidisation across customers Partner with Virgin Money as a supplier to the Virgin card Reducing cost of loyalty points including redemption costs to airline frequent flyer schemes March 2004 Developing new card offerings to better meet specific customer needs Introduced new Altitude Amex companion card February

18 Credit cards financial impact In 2003, previously advised that the cost of reforms would be approximately $25m - $40m p.a. (post tax) from 2004 The 2004 impact will be approximately $15m (post tax) Given our strategic response, the full-year impact of the credit card reforms in 2005 and beyond is likely to be broadly earnings neutral However, competitive intensity is increasing following the credit card reforms and is placing pressure on overall returns 18

19 Effectively addressing the challenges Robust capital generation with flexible options for capital management Efficiency disciplines remain Cards effective strategic response to changing industry dynamics 19

20 Westpac s on track Economic environment remains benign overall, despite the housing market softening Cash earnings for all major businesses tracking ahead of that for the same time in 2003 Asset quality remains sound No major impact from rise in Australian dollar The business has performed solidly, in the face of increasing competitive intensity 20

21 Disclaimer The material contained in this presentation is intended to be general background information on Westpac Banking Corporation and its activities. The information is supplied in summary form and is therefore not necessarily complete. Also, it is not intended that it be relied upon as advice to investors or potential investors, who should consider seeking independent professional advice depending upon their specific investment objectives, financial situation or particular needs.

Credit Suisse First Boston Asian Investment Conference

Credit Suisse First Boston Asian Investment Conference Credit Suisse First Boston Asian Investment Conference Philip Chronican Chief Financial Officer 17 March 25 Westpac at a glance Established 1817 Top 1 bank globally 1 Core markets of Australia, New Zealand

More information

Westpac Banking Corporation

Westpac Banking Corporation Westpac Banking Corporation David Morgan Chief Executive Officer March 2007 Westpac Banking Corporation at a glance Australia s first bank est. 1817 Top 50 bank globally 1 Consistent earnings growth Strong

More information

2004 Full Year Results. 8 November 2004

2004 Full Year Results. 8 November 2004 David Morgan Philip Chronican Chief Executive Officer Chief Financial Officer 8 November 2004 A strong, high quality result Strong top line revenue growth up 9% Strong bottom line cash earnings up 13%

More information

Investor Discussion Pack

Investor Discussion Pack Investor Discussion Pack David Morgan, Chief Executive Officer May 2002 Disclaimer The material contained in the following presentation is intended to be general background information on Westpac Banking

More information

2007 Final Results. David Morgan Chief Executive Officer. A strong, high quality result

2007 Final Results. David Morgan Chief Executive Officer. A strong, high quality result 27 Final Results David Morgan Chief Executive Officer 1 November 27 A strong, high quality result Strong earnings growth and a higher return on equity High quality revenue led performance Enhanced franchise

More information

Overview. David Morgan Chief Executive Officer. 29 July 2004

Overview. David Morgan Chief Executive Officer. 29 July 2004 Overview David Morgan Chief Executive Officer 29 July 2004 Topics that you have raised The changing operating landscape Margin performance in the increasingly competitive market How do you plan to continue

More information

2004 Interim results presentation

2004 Interim results presentation 2004 Interim results presentation David Morgan Chief Executive Officer 6 May 2004 Maintaining consistent growth and return Record result - Net profit of $1,225m up 17% - Cash earnings of $1,233m up 13%

More information

2002 Interim Results. David Morgan, Chief Executive Officer Philip Chronican, Chief Financial Officer. 2 May 2002

2002 Interim Results. David Morgan, Chief Executive Officer Philip Chronican, Chief Financial Officer. 2 May 2002 David Morgan, Chief Executive Officer Philip Chronican, Chief Financial Officer 2 May 2002 Another record result $m 1,100 900 700 500 701 Net Profit After Tax & EPS CAGR 755 1H99 1H02 EPS 14% NPAT 13%

More information

Profit Announcement. For the six months ended 31 March 2007

Profit Announcement. For the six months ended 31 March 2007 Profit Announcement For the six months ended 3 March 2007 Incorporating the requirements of Appendix 4D This interim profit announcement has been prepared for distribution in the United States of America

More information

Westpac 2008 Full year results

Westpac 2008 Full year results Westpac 2008 Full year results 30 October 2008 Westpac 2008 Full year results Gail Kelly Chief Executive Officer Key messages Performed well in a challenging environment, delivering a robust financial

More information

TABLE OF CONTENTS Interim Profit Announcement 2005

TABLE OF CONTENTS Interim Profit Announcement 2005 Profit Announcement For the six months ended 3 March 2005 This interim profit announcement has been prepared for distribution in the United States of America TABLE OF CONTENTS Interim Profit Announcement

More information

GDP growth above trend, while inflation pressures remain muted

GDP growth above trend, while inflation pressures remain muted NZ Economy - Overview 1 GDP growth above trend, while inflation pressures remain muted Leading indicators suggest a near-term annual GDP growth rate around a robust 3.-3.% YoY level Current supportive

More information

Westpac Interim Results Chief Executive Officer, BT Financial Group

Westpac Interim Results Chief Executive Officer, BT Financial Group Westpac Interim Results 2003 David Morgan Philip Chronican David Clarke Chief Executive Officer Chief Financial Officer Chief Executive Officer, BT Financial Group 8 May 2003 Delivering strong growth Cash

More information

Profit announcement. For the year ended 30 September Incorporating the requirements of Appendix 4E

Profit announcement. For the year ended 30 September Incorporating the requirements of Appendix 4E Profit announcement For the year ended 30 September 2007 Incorporating the requirements of Appendix 4E RESULTS FOR ANNOUNCEMENT TO THE MARKET Year End Profit Announcement 2007 Revenues from ordinary activities

More information

Spheria Australian Smaller Companies Fund

Spheria Australian Smaller Companies Fund 29-Jun-18 $ 2.7686 $ 2.7603 $ 2.7520 28-Jun-18 $ 2.7764 $ 2.7681 $ 2.7598 27-Jun-18 $ 2.7804 $ 2.7721 $ 2.7638 26-Jun-18 $ 2.7857 $ 2.7774 $ 2.7690 25-Jun-18 $ 2.7931 $ 2.7848 $ 2.7764 22-Jun-18 $ 2.7771

More information

BT Personal Portfolio Service: Superannuation and Pension. Annual Report for the year ended 30 June 2009

BT Personal Portfolio Service: Superannuation and Pension. Annual Report for the year ended 30 June 2009 BT Personal Portfolio Service: Superannuation and Pension Annual Report for the year ended 30 June 2009 Contents 3 Recent developments and changes 6 Investment overview 9 Understanding the risks of investing

More information

Westpac Banking Corporation

Westpac Banking Corporation Westpac Banking Corporation Philip Chronican Group Executive Westpac Institutional Bank March 7 Westpac Banking Corporation at a glance Australia s first bank est. 87 Top bank globally Consistent earnings

More information

The Great Muddle Through. Wayne McGauley Head of Retail, IML March 2014

The Great Muddle Through. Wayne McGauley Head of Retail, IML March 2014 The Great Muddle Through Wayne McGauley Head of Retail, IML March 2014 1 Agenda Intro to IML The Great Muddle Through Investment strategy Portfolio focus for clients Summary 2 Agenda Intro to IML The Great

More information

Westpac 2009 Full Year Results

Westpac 2009 Full Year Results Westpac 2009 Full Year Results Gail Kelly Chief Executive Officer Westpac Banking Corporation ABN 33 007 457 141 Key areas of focus in 2009 Position the Group strongly through the GFC and economic downturn

More information

JP Morgan Australasian Conference Edinburgh

JP Morgan Australasian Conference Edinburgh JP Morgan Australasian Conference Edinburgh Ralph Norris CHIEF EXECUTIVE OFFICER 18 September 2008 Commonwealth Bank of Australia ACN 123 123 124 Disclaimer The material that follows is a presentation

More information

Investor Discussion Pack. June 2004

Investor Discussion Pack. June 2004 Investor Discussion Pack June 2004 Index Summary of results Medium term revenue and expense performance 4 Cash earnings 5 Segment contributions 7 Market share 9 Dividends and payout 10 Business unit summaries

More information

Business and Consumer Banking

Business and Consumer Banking Business and Consumer Banking Discussion Pack Mike Pratt Group Executive, Business & Consumer Banking August/September 2003 Disclaimer The material contained in this presentation is intended to be general

More information

> Macro Investment Outlook

> Macro Investment Outlook > Macro Investment Outlook Dr Shane Oliver Head of Investment Strategy and Chief Economist October 214 The challenge for investors how to find better yield and returns as bank deposit rates stay low 9

More information

FY18 Results Presentation 31 July Thomas Beregi, CEO Michael Eadie, CFO

FY18 Results Presentation 31 July Thomas Beregi, CEO Michael Eadie, CFO FY18 Results Presentation 31 July 2018 Thomas Beregi, CEO Michael Eadie, CFO Leadership in the credit impaired consumer segment ANALYTICS & DISCIPLINE OPERATIONAL EXCELLENCE SUSTAINABILITY & COMPLIANCE

More information

Results presentation. For the year ended 31 March 2014

Results presentation. For the year ended 31 March 2014 Results presentation For the year ended 31 March 214 The year in review 2 Improving operating environment Results impacted by strength of sterling against other operating currencies Equity markets Interest

More information

INVESTOR PRESENTATION

INVESTOR PRESENTATION INVESTOR PRESENTATION FULL YEAR FY2018 17 August 2018 AGENDA FY18 INVESTOR PRESENTATION 1. Highlights & strategy Melos Sulicich Managing Director & CEO 2. Financial results David Harradine Chief Financial

More information

RP Data HY09 Results Presentation

RP Data HY09 Results Presentation RP Data HY09 Results Presentation HY09 Highlights Strong Revenue Growth Strong Subscriber and ARPU Growth Further Expansion of Valuation Services Other Highlights HY revenue up 14% to $24.8m Growth in

More information

June Summary. Business investment weighs on growth. 1Q15 GDP Growth. Components of GDP

June Summary. Business investment weighs on growth. 1Q15 GDP Growth. Components of GDP Mar 95 Jul 96 Nov 97 Mar 99 Jul 00 Nov 01 Mar 03 Jul 04 Nov 05 Mar 07 Jul 08 Nov 09 GDP Australian 1Q15: GDP: An Export XXX Story June 2015 June 2015 Summary Business investment weighs on growth GDP grew

More information

Investor Presentation. Australia and New Zealand Banking Group Limited November 2002

Investor Presentation. Australia and New Zealand Banking Group Limited November 2002 Investor Presentation Australia and New Zealand Banking Group Limited November 22 Outline Result review Overview Revenue/Costs Credit Quality Delivering for all stakeholders Strategy Outlook 2 Investor

More information

COMMONWEALTH BANK OF AUSTRALIA DELIVERS ANOTHER GOOD RESULT

COMMONWEALTH BANK OF AUSTRALIA DELIVERS ANOTHER GOOD RESULT COMMONWEALTH BANK OF AUSTRALIA DELIVERS ANOTHER GOOD RESULT Result underpinned by successful execution of strategic initiatives Highlights of 2011 Result Statutory NPAT of $6,394 million up 13 percent

More information

Personal Division Strategy Day. Wednesday, September

Personal Division Strategy Day. Wednesday, September Personal Division Strategy Day Wednesday, September 19 2007 ANZ Personal Strategy Day 19 September 2007 AGENDA 10:05 10:20 Introduction / Personal Division Brian Hartzer Group MD Personal Division Session

More information

Morgan Stanley Investor Conference. Brian Hartzer Group Managing Director, Personal

Morgan Stanley Investor Conference. Brian Hartzer Group Managing Director, Personal Morgan Stanley Investor Conference Brian Hartzer Group Managing Director, Personal 1 A good year met our targets again Headline profit 16.2% Cash * profit 13.8% Revenue Growth 8.4% # Profit Before Provisions

More information

Presentation of Half Year Results 13 February

Presentation of Half Year Results 13 February Presentation of Half Year Results 13 February 2001 www.commbank.com.au Disclaimer The material that follows is a presentation of general background information about the Bank s activities current at the

More information

2001 Interim Results. Australia and New Zealand Banking Group Limited 26 April 2001

2001 Interim Results. Australia and New Zealand Banking Group Limited 26 April 2001 2001 Interim Results Australia and New Zealand Banking Group Limited 26 April 2001 Results highlights NPAT from continuing operations $907m - up 18% EPS up 13% to 55.8 cents ROE of 19.6%, up from 17.8%

More information

Bank of Queensland. Half-Year Results 29 February FY08 Half-Year Results

Bank of Queensland. Half-Year Results 29 February FY08 Half-Year Results Bank of Queensland Half-Year Results 29 February 2008 1 Agenda Result highlights Financial result in detail BOQ Portfolio Strategy and outlook David Liddy Managing Director & CEO Ram Kangatharan Group

More information

For personal use only

For personal use only For personal use only Profit Announcement FOR THE FULL YEAR ENDED 30 JUNE 2014 COMMONWEALTH BANK OF AUSTRALIA ACN 123 123 124 13 AUGUST 2014 ASX Appendix 4E Results for announcement to the market (1) Report

More information

Suncorp Metway Ltd. John Mulcahy, Chief Executive Officer. UBS Global Financial Services Conference. 12 May 2008

Suncorp Metway Ltd. John Mulcahy, Chief Executive Officer. UBS Global Financial Services Conference. 12 May 2008 Suncorp Metway Ltd John Mulcahy, Chief Executive Officer UBS Global Financial Services Conference 12 May 2008 Agenda Overview of Suncorp Key numbers Key challenges Summary Suncorp at a glance Group total

More information

Economic and housing outlook for New South Wales. Warwick Temby, Acting Chief Economist HIA Industry Outlook Breakfast Sydney, August 2017

Economic and housing outlook for New South Wales. Warwick Temby, Acting Chief Economist HIA Industry Outlook Breakfast Sydney, August 2017 Economic and housing outlook for New South Wales Warwick Temby, Acting Chief Economist HIA Industry Outlook Breakfast Sydney, August 2017 Risks to residential building moving from global to local World

More information

Profit Announcement For the full year ended 30 June 2013

Profit Announcement For the full year ended 30 June 2013 Profit Announcement For the full year ended 30 June 2013 COMMONWEALTH BANK OF AUSTRALIA ACN 123 123 124 14 AUGUST 2013 FIND OUT MORE VIA OUR APP ASX Appendix 4E Results for announcement to the market (1)

More information

Results Presentation. For the year ended

Results Presentation. For the year ended Results Presentation For the year ended 31 3 213 1 The year in review 2 Mixed operating environment Strong equity markets but a weak Rand Equity markets Interest rates 13 12 11 1 9 +18.8% +12.7% +12.6%

More information

For personal use only

For personal use only 2016 Financial Year Results Presentation August 5, 2016 Key highlights FY16 FY15 Change Underlying Profit / (Loss) Before Tax 1,2 $41.0m ($49.1m) $90.1m Statutory (loss) after tax 2 ($224.7m) ($93.8m)

More information

Key Principles Leading the Zumtobel Group as a Global Player in Professional Lighting

Key Principles Leading the Zumtobel Group as a Global Player in Professional Lighting Key Principles Leading the Zumtobel Group as a Global Player in Professional Lighting Introduction of the new CEO of Zumtobel Group, Ulrich Schumacher November 2013 1 AGENDA Personal introduction Positioning

More information

Electrocomponents 2017 half-year financial results. 18 November 2016

Electrocomponents 2017 half-year financial results. 18 November 2016 Electrocomponents 2017 half-year financial results 18 November 2016 Agenda Overview of results Lindsley Ruth Financial results and performance update David Egan Performance Improvement Plan Lindsley Ruth

More information

The real change in private inventories added 0.15 percentage points to the second quarter GDP growth, after subtracting 0.65% in the first quarter.

The real change in private inventories added 0.15 percentage points to the second quarter GDP growth, after subtracting 0.65% in the first quarter. QIRGRETA Monthly Macroeconomic Commentary United States The U.S. economy rebounded in the second quarter of 2007, growing at an annual rate of 3.4% Q/Q (+1.8% Y/Y), according to the GDP advance estimates

More information

Power your way to higher yields

Power your way to higher yields Schroder Asian Income SGD Class Power your way to higher yields * Distributions at a variable percentage per annum of the net asset value per unit of the Schroder Asian Income SGD Class (the Fund ) will

More information

Profit Announcement (U.S. Version) Half Year ended 31 December 2008

Profit Announcement (U.S. Version) Half Year ended 31 December 2008 Profit Announcement (U.S. Version) Half Year ended 31 December 2008 ASX Appendix 4D Results for announcement to the market (1) Report for the half year ended 31 December 2008 $M Revenue from ordinary activities

More information

Year-end results. 18 May

Year-end results. 18 May Year-end results 18 May Highlights for the year Strong operational performance Good performance across all areas of activity Deepened our core franchise Sound levels of corporate client and private client

More information

Paragon Banking Group PLC. Financial Results for twelve months ended 30 September 2018

Paragon Banking Group PLC. Financial Results for twelve months ended 30 September 2018 Paragon Banking Group PLC Financial Results for twelve months ended 3 September 218 218 results highlights 2 Strong financial performance and further strategic progress Strong operational performance New

More information

Investor pre-close briefing. 14 March

Investor pre-close briefing. 14 March Investor pre-close briefing 14 March Proviso Please note that matters discussed in today s presentation may contain forward looking statements which are subject to various risks and uncertainties and other

More information

Asia s strongest brand in banking, banking the world s strongest economies

Asia s strongest brand in banking, banking the world s strongest economies Credit Suisse Investor Conference Peter Wong, Chief Executive, HSBC Asia-Pacific Asia s strongest brand in banking, banking the world s strongest economies 21 March 2011 www.hsbc.com Forward-looking statements

More information

Westpac Banking Corporation

Westpac Banking Corporation Westpac Banking Corporation Philip Chronican Chief Financial Officer October 2004 Westpac at a glance Established 1817 Top 100 bank globally 1 Core markets of Australia, New Zealand and near Pacific 7.7

More information

Eurozone Economic Watch. November 2017

Eurozone Economic Watch. November 2017 Eurozone Economic Watch November 2017 Eurozone: improved outlook, still subdued inflation Our MICA-BBVA model for growth estimates for the moment a quarterly GDP figure of around -0.7% in, after % QoQ

More information

MLC Horizon 1 - Bond Portfolio

MLC Horizon 1 - Bond Portfolio Horizon 1 - Bond Portfolio Annual Review September 2009 Investment Management Level 12, 105 153 Miller Street North Sydney NSW 2060 review for the year ending 30 September 2009 Page 1 of 11 Important information

More information

Performance and Outlook. December 2015

Performance and Outlook. December 2015 Performance and Outlook December 2015 Agenda Macro Picture Performance Highlights Q&A 2 Agenda Macro Picture Performance Highlights Fundamentals (IIP) Output conditions Inflation Rates Credit and Deposit

More information

Alaska Power Association: Accounting & Finance Conference

Alaska Power Association: Accounting & Finance Conference Alaska Power Association: Accounting & Finance Conference Overview US economic update Interest rate update / outlook Oil markets supply / demand Transmission discussion Infrastructure as a vital part of

More information

Tuesday, 28 October About the CBG Fund 1. CBG Australian Equities Fund Performance

Tuesday, 28 October About the CBG Fund 1. CBG Australian Equities Fund Performance MARKET ANNOUNCEMENT CBG Fund September 2014 Quarterly Report Tuesday, 28 October 2014 The September 2014 Quarterly Report from CBG Asset Management Limited (CBG) on the performance of its CBG Australian

More information

Westpac 2008 Merger Briefing

Westpac 2008 Merger Briefing Westpac 2008 Merger Briefing Brad Cooper Group Chief Transformation Officer Early achievements in short time frame November 2008 13 Nov 17 Nov 18 Nov 19 Nov 20 Nov 25 Nov 28 Nov St.George shareholders

More information

2009 Half Year Results. Analyst and shareholder briefing 18 February 2009

2009 Half Year Results. Analyst and shareholder briefing 18 February 2009 2009 Half Year Results Analyst and shareholder briefing 18 February 2009 Agenda Group highlights David Deverall Financial results Roger Burrows Outlook David Deverall 1 Agenda Group highlights David Deverall

More information

Results Presentation For the half year ended 31 December 2009

Results Presentation For the half year ended 31 December 2009 100 YEARS OF BANKING ON AUSTRALIA S FUTURE Media Presentation FOR THE HALF YEAR ENDED 31 DECEMBER 2011 Ian Narev Chief Executive Officer Results Presentation For the half year ended 31 December 2009 10

More information

Agenda. Results Presentation 21 August Appendices 1 to

Agenda. Results Presentation 21 August Appendices 1 to Results Presentation 21 August 2018 45 Agenda Results Presentation 21 August 2018 Page Highlights 1 Strategy 2 Review of operations 3 Outlook 12 Financial review 14 Summary 26 Appendices 1 to 10 27-43

More information

Leading Economic Indicator Nebraska

Leading Economic Indicator Nebraska Nebraska Monthly Economic Indicators: October 24, 2018 Prepared by the UNL College of Business, Bureau of Business Research Author: Dr. Eric Thompson Leading Economic Indicator...1 Coincident Economic

More information

Westpac 2008 Interim Results. Incorporating the requirements of Appendix 4D

Westpac 2008 Interim Results. Incorporating the requirements of Appendix 4D Westpac 2008 Interim Results Incorporating the requirements of Appendix 4D RESULTS FOR ANNOUNCEMENT TO THE MARKET Interim Profit Announcement 2008 Revenues from ordinary activities 1,2 up 18.0% to $5,794m

More information

Agenda. Results Presentation 27 February Appendices 1 to

Agenda. Results Presentation 27 February Appendices 1 to Results Presentation 27 February 2018 51 Agenda Results Presentation 27 February 2018 Page Presented by Overview 1 Jeff Fairburn Review of operations 3 Jeff Fairburn Outlook 13 Jeff Fairburn Financial

More information

Schroder Asian Income Monthly Fund Update

Schroder Asian Income Monthly Fund Update Schroder Asian Income Monthly Fund Update Fund Performance As at 30 September 2014, SGD 1 month Year to date Since launch* Schroder Asian Income Fund (Bid-Bid) (%) -1.7 8.4 35.2 Schroder Asian Income Fund

More information

For personal use only

For personal use only NAB 2017 Full Year Results Summary Sarah and Justin Montesalvo Patriot Campers 2017 FINANCIAL HIGHLIGHTS $ 5,285 M Statutory net profit 99 CPS Final dividend 100% franked $ 5.3 BN Dividends declared $

More information

Economic and Real Estate Forecast 2014

Economic and Real Estate Forecast 2014 Economic and Real Estate Forecast 2014 Presented to: The IREM Forecast Breakfast Presented by: Mark J. Eppli Interim Keyes Dean and Bell Chair in Real Estate Marquette University January 9, 2014 Interest

More information

Federal Budget : This Time It s Personal. May 2018

Federal Budget : This Time It s Personal. May 2018 Federal Budget 2018-19: This Time It s Personal May 2018 Executive Summary The Federal Government and the nation s fiscal position have become the beneficiaries of an unexpected windfall primarily in the

More information

AMP driving value and growth. Andrew Mohl Chief Executive Officer

AMP driving value and growth. Andrew Mohl Chief Executive Officer AMP driving value and growth Andrew Mohl Chief Executive Officer Outline AMP today 1H 04 financial results Summary Overview Outlook - 2H 2004 and 2005 Strategic focus Industry landscape AMP s competitive

More information

Business & Financial Services December 2017

Business & Financial Services December 2017 Business & Financial Services December 217 Completed Procurement Transactions by Month 2 4 175 15 125 1 75 5 2 1 Business Days to Complete 25 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 217 Procurement

More information

Fourth Quarter 2018 Conference Call January 22, ATI. All rights reserved.

Fourth Quarter 2018 Conference Call January 22, ATI. All rights reserved. Fourth Quarter 2018 Conference Call January 22, 2019 Forward Looking Statements This presentation contains forward-looking statements. Actual results may differ materially from results anticipated in the

More information

For personal use only

For personal use only AMYF SERIES QUARTERLY UPDATE 1 OCTOBER 2016 31 DECEMBER 2016 SUMMARY AUSTRALIAN MASTERS YIELD FUND SERIES (AMYF SERIES) HIGHLIGHTS AMYF Series announced the following quarterly dividends and capital returns:

More information

Performance Report October 2018

Performance Report October 2018 Structured Investments Indicative Report October 2018 This report illustrates the indicative performance of all Structured Investment Strategies from inception to 31 October 2018 Matured Investment Strategies

More information

Eurozone Economic Watch. February 2018

Eurozone Economic Watch. February 2018 Eurozone Economic Watch February 2018 Eurozone: Strong growth continues in 1Q18, but confidence seems to peak GDP growth moderated slightly in, but there was an upward revision to previous quarters. Available

More information

Looking to the medium term

Looking to the medium term Looking to the medium term Issued: 4 September 2013 Legal notice This presentation has been prepared to inform investors and prospective investors in the secondary markets about the Group and does not

More information

PILLAR 3 & CAPITAL UPDATE FOR 31 DECEMBER 2013

PILLAR 3 & CAPITAL UPDATE FOR 31 DECEMBER 2013 PILLAR 3 & CAPITAL UPDATE FOR 31 DECEMBER 2013 18 February 2014 This document should be read in conjunction with Westpac s Pillar 3 Report for December 2013, incorporating the requirements of APS330 All

More information

9 November 2018 AUSTRALIAN ECONOMIC DEVELOPMENTS

9 November 2018 AUSTRALIAN ECONOMIC DEVELOPMENTS 9 November 2018 AUSTRALIAN ECONOMIC DEVELOPMENTS This week the Reserve Bank of Australia (RBA) left the cash rate at a record low of 1.50%. The RBA expects inflation and wages to accelerate gradually from

More information

United Overseas Bank Investor Roadshow November 2006

United Overseas Bank Investor Roadshow November 2006 United Overseas Bank Investor Roadshow November 2006 Disclaimer : This material that follows is a presentation of general background information about the Bank s activities current at the date of the presentation.

More information

9 March 2018 AUSTRALIAN ECONOMIC DEVELOPMENTS. Services and construction stay on track in February

9 March 2018 AUSTRALIAN ECONOMIC DEVELOPMENTS. Services and construction stay on track in February AUSTRALIAN ECONOMIC DEVELOPMENTS 9 March 2018 This week the Reserve Bank of Australia (RBA) left the cash rate on hold at a record low of 1.50%, where it has been since August 2016. The accompanying statement

More information

Monthly Bulletin of Economic Trends: Review of the Australian Economy

Monthly Bulletin of Economic Trends: Review of the Australian Economy MELBOURNE INSTITUTE Applied Economic & Social Research Monthly Bulletin of Economic Trends: Review of the Australian Economy March 2018 Released on 22 March 2018 Outlook for Australia 1 Economic Activity

More information

DAC Wealth Builder: $10,000 Growth from Inception

DAC Wealth Builder: $10,000 Growth from Inception DAC Wealth Builder: $10,000 Growth from Inception $13,500 $13,416 $13,000 $12,500 $12,000 $11,500 $11,000 $10,500 $10,000 12/2014 03/2015 06/2015 09/2015 12/2015 03/2016 06/2016 09/2016 12/2016 03/2017

More information

Half Year FY 2015 Results Presentation FEBRUARY 2015

Half Year FY 2015 Results Presentation FEBRUARY 2015 Half Year FY 2015 Results Presentation FEBRUARY 2015 25/02/2015 v1.3 HALF YEAR FY 2015 FINANCIAL RESULTS Revenue of $13.5m, up 65% over the prior corresponding period. EBITDA of $1.6m, up 282% over the

More information

Annual Accounts Annika Falkengren President & CEO

Annual Accounts Annika Falkengren President & CEO Annual Accounts 2014 Annika Falkengren President & CEO Unique economic environment Key Interest rates % 2.00 1.80 1.60 1.40 1.20 1.00 0.80 0.60 0.40 0.20 0.00 Jan-14 Sweden Norway Eurozone Feb-14 Mar-14

More information

Six good reasons for choosing DNB in the new banking environment

Six good reasons for choosing DNB in the new banking environment Six good reasons for choosing DNB in the new banking environment Bank of America Merrill Lynch, 18th Annual Banking & Insurance CEO Conference 2013 24 September, London Rune Bjerke, CEO of DNB 1 Reason

More information

Investor Presentation Sandler O Neill Global Exchange and Brokerage Conference. Peter Hiom June 2015

Investor Presentation Sandler O Neill Global Exchange and Brokerage Conference. Peter Hiom June 2015 Investor Presentation Sandler O Neill Global Exchange and Brokerage Conference Peter Hiom June 2015 Disclaimer The material contained in this document is a presentation of general information about the

More information

Term Deposits. Deposit Review May Background on Term Deposits

Term Deposits. Deposit Review May Background on Term Deposits Deposit Review May Term Deposits Simon Fletcher Head of Research (+61) 3 9670 8615 simon.fletcher@bondadviser.com.au Ethan Xing Quantitative Analyst (+61) 3 9670 8615 ethan.xing@bondadviser.com.au With

More information

Eurozone Economic Watch. March 2018

Eurozone Economic Watch. March 2018 Eurozone Economic Watch March 20 Eurozone Economic Watch March 20 Eurozone: The moderation of confidence continues We expect GDP growth to remain steady early this year supported mostly by strong global

More information

Leading Economic Indicator Nebraska

Leading Economic Indicator Nebraska Nebraska Monthly Economic Indicators: August 15, 2014 Prepared by the UNL College of Business Administration, Department of Economics Authors: Dr. Eric Thompson, Dr. William Walstad Graduate Research Assistants:

More information

For personal use only

For personal use only APPENDIX 4E Cash Converters International Limited ABN: 39 069 141 546 Financial year ended 30 June 2015 RESULTS FOR ANNOUNCEMENT TO THE MARKET 30 June 2015 30 June 2014 Revenues from operations Up 13.0%

More information

Zenith Monthly Economic Report October 2011

Zenith Monthly Economic Report October 2011 Zenith Monthly Economic Report October 211 ECONOMIC STATISTICS SUMMARY Cash Rate Inflation Rate (%) Unemployment Rate (%) GDP Annual Growth (%) Country Latest Last Change Latest Change Latest Change Past

More information

BT Financial Group. David Clarke CEO BT Financial Group. 29 July 2004

BT Financial Group. David Clarke CEO BT Financial Group. 29 July 2004 BT Financial Group David Clarke CEO BT Financial Group 29 July 2004 BTFG significant progress over the year A single, modern, wealth management company Well balanced, diversified business mix Performing

More information

Media Presentation For the full year ended 30 June 2009

Media Presentation For the full year ended 30 June 2009 Determined to offer strength in uncertain times. Ralph Norris CHIEF EXECUTIVE OFFICER Media Presentation For the full year ended 30 June 2009 12 August 2009 Commonwealth Bank of Australia ACN 123 123 124

More information

2018 HALF YEAR RESULTS

2018 HALF YEAR RESULTS 2018 HALF YEAR RESULTS INVESTOR PRESENTATION 27 AUGUST 2018 DISCLAIMER The material in this presentation has been prepared by G8 Education Limited (G8) and is general background information about G8 s

More information

Consolidated financial results for 2Q 2018

Consolidated financial results for 2Q 2018 August 23 2018 Bank Handlowy w Warszawie S.A. Consolidated financial results for 2Q 2018 www.citihandlowy.pl Bank Handlowy w Warszawie S.A. 1 2Q 2018 summary Financial results Net profit with double-digit

More information

OTHER DEPOSITS FINANCIAL INSTITUTIONS DEPOSIT BARKAT SAVING ACCOUNT

OTHER DEPOSITS FINANCIAL INSTITUTIONS DEPOSIT BARKAT SAVING ACCOUNT WEIGHTAGES JAN FEB MAR APR MAY JUN JUL AUG SEPT OCT NOV DEC ANNOUNCEMENT DATE 19.Dez.14 27.Jän.15 24.Feb.15 26.Mär.15 27.Apr.15 26.Mai.15 25.Jun.15 28.Jul.15 26.Aug.15 23.Sep.15 27.Okt.15 25.Nov.15 MUDARIB

More information

DAC Wealth Protector: $10,000 Growth from Inception

DAC Wealth Protector: $10,000 Growth from Inception DAC Wealth Protector: $10,000 Growth from Inception $11,600 $11,661 $11,400 $11,200 $11,000 $10,800 $10,600 $10,400 $10,200 $10,000 12/2014 03/2015 06/2015 09/2015 12/2015 03/2016 06/2016 09/2016 12/2016

More information

Monthly Bulletin of Economic Trends: Households and Housing

Monthly Bulletin of Economic Trends: Households and Housing MELBOURNE INSTITUTE Applied Economic & Social Research Monthly Bulletin of Economic Trends: Households and Housing November 2017 Released on 24 November 2017 Outlook for Australia 1 Economic Activity Actual

More information

Data current as of: June 3, ,000, , , , , , , , , , , , , ,000

Data current as of: June 3, ,000, , , , , , , , , , , , , ,000 Forecast current as of: Spring 214 Economic Indicators The unemployment rate fell by a large margin (.4 percentage points) in April. Total employment rose by 288, jobs. There were 32, construction jobs

More information

Protected Loan Taxation Guide

Protected Loan Taxation Guide Protected Loan Taxation Guide An Explanatory Note The taxation implications of your Protected Loan (PL) can depend on a number of factors. In order to assist you in identifying the implications of your

More information

Monthly Bulletin of Economic Trends: Economic Activity in the Major States

Monthly Bulletin of Economic Trends: Economic Activity in the Major States MELBOURNE INSTITUTE Applied Economic & Social Research Monthly Bulletin of Economic Trends: Economic Activity in the Major States October 2018 Released at 11AM on 25 October 2018 Economic Activity in the

More information

Results presentation. Highlights. For the year-ended 31 March A distinctive specialist banking group

Results presentation. Highlights. For the year-ended 31 March A distinctive specialist banking group Results presentation For the year-ended 31 March 26 A distinctive specialist banking group Highlights Constant pursuit of a sustainable, distinctive growth strategy Strong results 25 Investec plc relative

More information