5 Year Review

2010
$M
2009
$M
2008
$M
2007
$M
2006
$M
Income Statement
Net interest income 11,868 10,186 7,907 7,036 6,514
Other operating income 7,191 6,632 6,434 6,161 5,613
Impairment expense (2,075) (3,048) (930) (434) (398)
Operating expenses (8,601) (7,765) (7,021) (6,427) (5,994)
Net profit before tax 8,383 6,005 6,390 6,336 5,735
Corporate tax expense (2,266) (1,560) (1,626) (1,782) (1,618)
Non-controlling interests (16) (30) (31) (27) (31)
Net profit after tax ("cash basis") 6,101 4,415 4,733 4,527 4,086
Hedging and AIFRS volatility 17 (245) (42) 13 (33)
Bankwest non-cash items (216) 614 - - -
Tax on New Zealand structured finance transactions (171) - - - -
Other non-cash items (67) (61) 100 (70) (125)
Net profit after tax ("statutory basis") 5,664 4,723 4,791 4,470 3,928
Contributions to profit (after tax)
Retail Banking Services 2,461 2,107 1,911 1,766 1,576
Business and Private Banking 893 736 721 n/a n/a
Institutional Banking and Markets 1,182 166 771 n/a n/a
Premium Business Services - - - 1,445 1,138
Wealth Management 592 514 789 548 441
New Zealand 387 438 n/a n/a n/a
International Financial Services - - 555 461 442
Bankwest 60 113 n/a n/a n/a
Other 348 537 (1) 211 278
Net profit after tax ("underlying basis") 5,923 4,611 4,746 4,431 3,875
Investment experience after tax 178 (196) (13) 96 66
Strategic Initiatives - - - - 145
Net profit after tax ("cash basis") 6,101 4,415 4,733 4,527 4,086
Balance Sheet
Loans, bills discounted and other receivables 493,459 466,631 361,282 315,465 273,525
Total assets 646,330 620,372 487,572 440,157 382,850
Deposits and other public borrowings 374,663 368,721 263,706 219,068 187,576
Total liabilities 610,760 588,930 461,435 415,713 361,507
Shareholders equity 35,570 31,442 26,137 24,444 21,343