Westpac Full Year Results 2002 · 2 Full year results - 2003 Delivering on our focused strategy •...

Westpac Full Year Results 2003

David Morgan Chief Executive OfficerPhilip Chronican Chief Financial Officer

30 October 2003

2 Full year results - 2003

Delivering on our focused strategy

• High quality result- Underlying cash earnings $2,271m up 10%- Cash return on equity maintained at 21%- Dividend of 78 cents per share fully franked up 11%

• Key drivers of growth- Robust growth in loans and acceptances up 17%- Normal sector margin decline down 7 bps- All business units delivering improved performance

• Quality of earnings continues to improve- No significant items in 2003- Improved asset quality: impaired assets to total

loans & acceptances down 13 bps

• Strategy is delivering


Driving the gap between revenue and expenses

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

1H99

2H99

1H00

2H00

1H01

2H01

1H02

2H02

1H03

2H03

Revenue 7.5%

Expenses 3.5%

Core earnings 12.5%

$m

1 Underlying basis (excl. significant items)2 Excluding goodwill

4 Year CAGR1

2


All businesses contributing

15%

48%

14%

40%

0 20 40 600 500 1000 1500

NZ Banking

InstitutionalBank

WealthMgmt

Business &ConsumerBanking

2003 2002

Cash earnings1

$m

Growth 2002 – 2003

1 Excluding significant items

54%

8%

17%

14%

Proportion of Group

Contribution

%


A high quality result – getting the balance right

• ROE maintained at 21%EPS growth 9%

BalanceOutcome

Maintained leading sustainability position

Expense to income ratio down 50 bps

Strong loan growth

90 basis point improvement in market share in Australia

• Achieving returns for all stakeholders

• While enhancing investment spend

• Absorbing restructuring charges as a normal expense

• Margin decline in line with sector trend- down 7 bps

• Fee income stronger

• Asset quality further improved


Dividends up 11% on 2002 - fully franked

Cents per share

43 4754

6270

78

39

0102030405060708090

1997 1998 1999 2000 2001 2002 2003


Delivering on our strategy

Differentiator: Superior Execution

Our high performance culture:� Quality people� Effective people &

performance management processes

� Values

Medium termObjectives

� Best practice employee commitment

� Service leadership in our industry

� Top quartile shareholder returns

� Leader in corporate responsibility

Strategy How? OutcomesVision“To be a great

Australian and NZ Company”

Customer Focus

� A great place to work� A superior customer

experience� 1st quartile shareholder returns� A good corporate citizen

Service – Profit Chain

Internal Service Quality

Employee Commitment

Employee Retention

Employee Productivity

Superior Customer

Experience

Customer Satisfaction

Customer Loyalty

Revenue Growth

Profitability

Shareholder Value

Employee Customer ShareholderMission“To be at the forefront for service in our industry by

September 2005”

ValuesTeamwork

IntegrityPerformance

‘Ask Once’


Strategy reflected in earnings

• Focus on core markets

• Delivering on the service-profit chain- Employee commitment- Customer experience

• Superior execution


Focus on core markets delivers

• Australia and New Zealand remain highly attractive banking markets- Australia credit growth 14%- New Zealand credit growth 7%

• Customer focused strategy delivering market share improvement

• Businesses focused on core markets – no diversion

• Wealth integration progressing quickly and smoothly


Well advanced in improving employee commitment

0

20

40

60

80

100

Employee Commitment Leadership Employee engagementand effort*

2000200120022003

% of employees reporting a positive score

* New measure introduced in 2002


Customer satisfaction improving

Consumer Satisfaction - % of main financial institution customers very or fairly satisfied

50%

52%

54%

56%

58%

60%

62%

64%

66%

68%

70%

Jun 01 Dec 01 Jun 02 Dec 02 Jun 03

Bank X Westpac Bank Y Bank Z

SME satisfaction - total satisfied

40%

45%

50%

55%

60%

65%

Dec-01 Jun-02 Dec-02 Jun-03

Bank X WBC

Bank Z Bank Y

Middle Market Satisfaction - total satisfied

40%

45%

50%

55%

60%

65%

70%

75%

Dec-01 Jun-02 Dec-02 Jun-03

Bank X WBCBank Z Bank Y

Source: Consumer - Roy Morgan Research. Have deposit account with bank and regard it as MFI. Business - TNS Business Finance Monitor


Improved customer experience leading to increased market share

3013.213.5Total deposits

Credit(30)18.117.8Housing

14.7

11.812.3

Aug 03%

9013.8Total credit

14010.4Other (mainly business)14010.9Personal

Change(bps)

Sep 02%

Australian market share –RBA financial system aggregates


Growth in our wealth products has also been solid

Outflow59.7%Retail

NA8.4%215.3%Margin lending

410.2%76.3%Life and risk

211.8%510.5%Wrap & master trust

312.5%85.4%Corporate super

RankMarket share

RankMarket share

ProductNew business

Sources: ASSIRT, Dexx&r and RBA


Execution – delivering on our commitments

WIB

NZ

BCB

BT

GroupStatusCommitment

Restore Institutional Bank’s performance

Deliver on transformation program

Deliver transformation program

Reacquire AGC portfolio

Deliver on budgeted synergies

Enhance investment performance

Grow Wrap and corporate super

Cash EPS guidance 7% to 9% - October 2002

Disciplined acquisition approach

Financial markets income up 29%

New brand, lending up 14%, customer satisfaction higher

$50m in ongoing cost savings

Virtually all of the portfolio reacquired – one year ahead of schedule

Synergies upgraded and delivered

Performance ahead of benchmark

Growth momentum maintained

Delivered 9.3% .

Withdrew from NBNZ sale


Reputation/sustainability – enhancing returns

Sustainability - supporting the value chain

Employees Customers Returns

Number 1 In the global banking sector in Dow Jones Sustainability Index 2003/04 - for the second year in a row.

Australia Number 1 company overall – RepuTex Social Responsibility Ratings 2003. Only company to receive a AAA rating.

• Improved employees retention

• Enhanced ability to attract quality staff

A company where people want to work

• Ethical and responsible• Trustworthy• Increased customer

satisfaction

An institution customers want to do business with

• Enhanced employee productivity

• Improve customer share of wallet

Enhance sustainability of returns

The Details

Philip Chronican Chief Financial Officer

30 October 2003


Earnings terminology – cash earnings

Cash earnings - strips out hybrid distributions, adds back goodwill amortisation

Reported - includes everything

Underlying - removes individually significant items in 2002

Ongoing - adjusted for acquisitions and AGC divestment

Focus on cash underlying, given:

• Significant items in 2002 were non-recurring

• Base on which dividends are determined

• No impact on 2003 numbers

Ongoing earnings used to highlight organic growth


Underlying cash earnings – full year

106,6647,330Net operating income

102,0632,271Cash earnings(56)(48)(75)Preference dividends(63)100163Goodwill

92,0112,183Net profit after tax & OEI(8)

(728)2,919(485)(163)

(3,763)

2003

(60)(5)Outside equity interests(15)(635)Tax

102,651Net profit before tax(5)(461)Bad debts

(63)(100)Goodwill(9)(3,452)Operating expenses

% Change2002$m


Underlying cash earnings – half on half

73,5373,793Net operating income

71,0951,176Cash earnings(21)(34)(41)Preference dividends

(9)7885Goodwill81,0511,132Net profit after tax & OEI

(4)(395)1,531(271)

(85)(1,906)

2H03

-(4)Outside equity interests(19)(333)Tax

101,388Net profit before tax(27)(214)Bad debts

(9)(78)Goodwill(3)(1,857)Operating expenses

% Change1H03$m


Cash earnings up 10%

Increase due principally to growth in

risk adjusted assets

Cash earnings net of tax

2,0632,271

8428106

13156445

1,000

1,200

1,400

1,600

1,800

2,000

2,200

2,400

2,600

2,800

Sep-02 Revenue (excequip fin)

EquipmentFinance

Expenses AGC BT/RAAM &Hastings

Bad Debts Sep-03

$m

Cash return on ordinary equity 21%Strong revenue

growth, the key earnings driver

Ongoing Expenses 5% Higher


Loan growth

1202.23.64.9Equipment Finance re-build

76.97.17.4Personal (loans & cards)2066.472.879.9Housing1

1973.379.987.3Consumer

% Change

141117

150133

11

Sep 02 -Sep 03

0.61.51.5BT Financial Group

Business Unit

24.525.527.2Business (excl. equip. finance)

21.522.422.2WIB18.921.221.4New Zealand Banking

Group

156.7128.7140.6

2H02

178.0142.9164.1

2H03

164.8Avg int. earning assets137.8Risk weighted assets153.7Net loans and acceptances

1H03$bn

1 Securitised loans deducted from total


Margin dynamics

%

2.65

2.80

2.71

2.50

2.60

2.70

2.80

2.90

2002 AGC 2002Adjusted

Productmargindecline

Overseas Hybrids Freefunds

2003

7 bps4 bps

2 bps 5 bps

9 bps


Non-interest income analysis

2,518

2,986

5449

352

204 15

1,000

1,200

1,400

1,600

1,800

2,000

2,200

2,400

2,600

2,800

3,000

Sep-02 AGC P'holderRec.

Ongoing BT/RAAM Hastings Sep-03

$m

11 month contribution

from BTPick-up in fees and stronger financial markets income

2H03


Expense analysis

53,4523,615Adjusted operating expenses

61,2551,331Other expenses

-(148)Net impact of change in composition of business

93,4523,763Operating expenses

91,6881,836Salaries & other staff expenses

1589596Equipment & occupancy

% Change20022003$m


Composition of expense growth

• 2003 expenses were impacted by the change in Westpac’s business mix. Adjusting for this change, expenses rose 4.7%

• Other specific expenses are items previously identified as having a significant impact on 2003 cost growth.

• Adjusted expense growth includes the funding of:

- Australian investments in CRM and additional staff (both permanent and casual)

- Restoration of Institutional Bank incentives

- New Zealand head office relocation and re-branding

Composition of expenses $m

4.7%Increase on 2002

3,615

1481

3,763

Adjusted expenses

Change in business composition

2003 Expenses

OutcomeExpected

3.5%2.6%% impact on 2003 expenses

906822

11977IAS1942NZD appreciation

Other specific expense items $m

1. Additional expenses associated with the change in business mix from the sale of AGC and the purchase of BT and RAAM


Expense to income

49505153

30354045505560

1H02 2H02 1H03 2H03

Banking1 – expense to income%

505151505152

5456

57

30

35

40

45

50

55

60

2H99

1H00

2H00

1H01

2H01

1H02

2H02

1H03

2H03

Group - expense to income2

%

61

46

6263

3035404550556065

1H02 2H02 1H03 2H03

Wealth – expense to income%

1. Excludes AGC 2. Underlying earnings basis


Expense outlook 2004

• Expense growth in 2004 expected to be lower than underlying expense growth for 2003 given:

- No further pressure from NZD/AUD exchange rate

- Decrease in temporary staff expected as project work eases

- 2004 investment program likely to be less than 2003

- Continued benefits from efficiency pipeline

12--Head Office relocation

464642

75

165

60

42

17

FY05F

26

191

74

42

17

FY06F

90Annual increment

90Cumulative total

19

21

8

FY04F

Wealth integration

Other efficiency initiatives

Lending processes

Outsourcing

$mCost efficiency pipeline


Business and Consumer Banking

161,0141,178Profit on operations

(18)(272)(322)Bad debts

270 bps55.9%53.2%Expense to income

(58)

1,236

(524)

1,760

2,082

(2,365)

4,447

2003

-(58)Goodwill

151,072Cash earnings

(21)(432)Tax & OEI

171,504Operating profit

171,776Core earnings

(5)(2,250)Operating exp

104,026Operating income

% Change2002$m• Cash earnings up 15%

• Expense to income down 270bps

• Bad debt increase primarily due to dynamic provisioning for rebuild of equipment finance book

• Additional FTE to support business growth


Reacquisition AGC equipment finance portfolio

• Original reacquisition targets met – one year ahead of schedule

• Cash earnings from the re-build of the equipment finance portfolio 2002 – 2003 $49.3m

• Not a contributor to risk weighted asset growth

• Remarketing agreement expires May 2004

0.0

1.0

2.0

3.0

4.0

5.0

May-02 Jun-02 Sep-02 Mar-03 Sep-03 Sep-04

Actual reacquisition of business bookInitial planned rate of reacquisition

Equipment Finance portfolio(Original balance - $5.1bn)

$bn


Mortgage portfolio characteristics

• Market share of housing eased marginally on strong volumes- Owner occupied up 10%- Investment up 22%

• Funding for alterations and additions has resulted in equity access loans growing 82% from a low base

• Average LVR of new loans 63% - up from 61% in 1999

• Average LVR for mortgage insured loans 88%

• 77% of loans from customers with an existing relationship

$37 $40 $41 $43 $45

$19$21 $23

$25 $28

$10$7

$5$4

$3

0

10

20

30

40

50

60

70

80

90

2H01 1H02 2H02 1H03 2H03

$bn

Owner occupied Investment housingEquity access

Australian Mortgage Portfolio

12%

34%

54%

Proportionof total


Mortgages - broker introduced loans

• 23% of outstanding mortgage portfolio is broker originated

• Brokers introduced 31% of new loans in 2003

• Average size of loan is up to 15% higher than branch originated loan

• Same underwriting standards applied to all applications, and more rigorous validation process

• Broker introduced loans have lower churn and longer average life than bank originated

32 3234

3334 34 35

36

32 3130

31 31 32 3331

0

5

10

15

20

25

30

35

Jun-0

2Aug

-02Oct-

02Dec

-02Feb

-03Apr-

03Ju

n-03

Aug-03

%

Broker introduced loans(Proportion of total by value)


Housing portfolio quality

• Total bad debts less than 3 basis points

• Delinquencies at low levels• 100% mortgage insurance

where loan to value (LVR) ratio > 80%

• Investment lending for CBD property stable at 2% of housing portfolio- strict criteria remain- average LVR 59%

• Revised mortgage insurance arrangements for new business in place

Mortgage insurance structure

20%82%

Proportion of portfolio with initial LVR > 80%

Westpac Lenders Mortgage Insurance (Capital base $45m)

100%

30% - Reinsured

AA Insurer

0.1Other1.8Total

0.3Brisbane0.4Melbourne1.0Sydney

Lending for CBD property $bn


Housing portfolio quality

• APRA stress testing confirmed overall industry strength• Westpac’s updated stress testing provides further validation• Increase in maximum losses previously estimated due to a lower

base in key model variables - interest rates and unemployment rate • Capacity to absorb interest rate rises strong with 73% of amortising

borrowers repaying in excess of required minimum

Scenario BScenario ABase case

113.014.3

19.12.4

0.00.0

Combined effect $mCombined effect - bps

8.13.9

7.11.4

6.10.0

Unemployment rate - % Individual effect $m

2025.5

107.5

00.0

Housing prices fall - % Individual effect $m

10.67.1

8.62.8

6.60.0

Interest rates - % paIndividual effect $m

Westpac 2003 stress testing results


Institutional Bank

124

150

203

181

0

50

100

150

200

250

1H02 2H02 1H03 2H03

• Cash earnings up 40%• Net interest income up 19%

driven by higher financial markets income and high margin structured finance deals

• Financial markets incomeup 29%

• Other operating income up 14% with improved structured products contribution including $15m revenue from Hastings

• Expenses higher due to transformation project – full benefits yet to be realised

$m

Cash earnings


Institutional Bank

050

100150200250300

1H02 2H02 1H03 2H03Foreign exchange Interest rate productFM other

Financial markets income$m

• Financial markets income within expected volatility bands

• Impaired assets stable, bad debts rose in 2H03 –increased provisions for a small number of corporate exposures

• Overall asset quality continues to improve- No material change to

overseas investment securities carrying value

020406080

100

1H02 2H02 1H03 2H03

WIB – bad debt charge$m


New Zealand Banking

• Cash earnings up 11%1

(up 14% in A$)

• Performance improvement program delivering:- Increased focus on Auckland

market including relocation of head office

- Boosting specialist sales force numbers and productivity

• Expense to income down 60 bps1 over the year, absorbing re-branding and relocation costs

• Net loans up 14%1

Cash earnings

138

207 193 188

0

40

80

120

160

200

240

1H02 2H02 1H03 2H03

NZ$

m

21 22 23 25

0

5

10

15

20

25

30

1H02 2H02 1H03 2H03

Net loans

NZ$

m

1 NZ dollars


NZ dollar impact

• Rolling 12-month focus – timing main impact

• 2004 AUD/NZD hedge rate to be 1.11 compared to current market rate of 1.15

• Hedge gain/loss recognised in non-interest income

(42m)+95mOperating revenue+42mOperating expenses

+0.7bn+1bn

+37m1

Currency impact

Loans and acceptances(29m)

Hedge impact

Risk weighted assets (NZ Retail)

Cash earnings

Impact on group financials (A$)

1 WIB NZ earnings are not hedged


BT Financial Group

485869Net profit after tax

(2)

50

(12)

(104)

166

2H02

86104Cash earnings

290322Operating income

(28)(35)Goodwill

(25)(22)Tax & outside equity interests

(179)(196)Operating expenses

1H032H03$m


Net retail FUM against acquisition model - BT

0

2

4

6

8

10

12

Sep 02 Dec 02 Mar-03 Jun-03 Sep-03 Dec 03 Dec 04 Dec-05

$bn Acquisition modelActual


Performance turnaround: Australian equities

-2.0%

-1.6%

-1.2%

-0.8%

-0.4%

0.0%

0.4%

0.8%

1.2%

May-02

Jun-0

2Ju

l-02

Aug-02

Sep-02

Oct-02

Nov-02

Dec-02

Jan-0

3Feb

-03Mar-

03Apr-

03May

-03Ju

n-03

Jul-0

3Aug

-03Sep

-03

-8.0%

-6.0%

-4.0%

-2.0%

0.0%

2.0%

4.0%

6.0%

Monthly portfolio excess return (LHS) One-Year Excess Return (RHS)

Rothschild Australian Equity Sector Trust vs S&P/ASX300 Accumulation Index

Source : BT


Continuing to over-achieve on synergies

51

85

116

54

0

20

40

60

80

100

120

140

2003 2004 2005

Estimated synergies2003 actual achieved

$m

BT Synergies - estimated and achieved

72

2004 locked-in run rate


Asset quality - forward indicators in good shape

Housing Portfolio - 90 day delinquencies

1.04

0.64

0.150.38

0.150.230.250.26

0.0

0.5

1.0

1.5

1996 1997 1998 1999 2000 2001 2002 2003

%

1.91

1.28

0.63

1.471.53

0.51

0.0

0.5

1.0

1.5

2.0

2.5

1998 1999 2000 2001 2002 2003

Business Banking - 90 day delinquencies%

WIB - impaired assets to committed exposure%

0.51

0.14

0.530.63

0.290.37

0.25

0.34

0.00.10.20.30.40.50.60.7

1996 1997 1998 1999 2000 2001 2002 2003

1.07 1.02

1.98

0.96 1.140.9

0.630.82

0.0

0.5

1.0

1.5

2.0

2.5

1996 1997 1998 1999 2000 2001 2002 2003

Including AGCExcluding AGC

Consumer Unsecured - 90 day delinquencies %


Bad debt analysis

1.7%

1,394

(271)

(95)

(176)

27

(70)

(133)

2H03

(271)(190)(214)Net bad debt expense

1,3011,1621,309General provision

493547Recovery of debts previously W/O

1.8%1.7%1.7%General provision to non-housing loans & acceptances

(10)161(136)Increase in general provision

(261)(206)(78)Bad debt charge-off

(208)(171)(142)Write-offs

(102)(70)17Net transfer to/from specific provisions

1H022H021H03$m

1. Adjusted ($133m) for provisions transferred on sale of AGC


Stressed exposures remain near historic lows

Categories of stressed exposures as a % of total commitments

0.0%

0.2%

0.4%

0.6%

0.8%

1.0%

1.2%

1.4%

1.6%

1.8%

1999 2000 2001 2002 2003

AGC stressed loansWatchlist & substandard90 days past due well securedImpaired


Provisioning cover

Specific provisions / impaired assets

%

20

30

40

50

60

1998 2000 2002

WBC ANZ CBA NAB

General provisions / non-housing performing loans & acceptances%

1.01.21.41.61.82.02.22.4

1998 1999 2000 2001 2002 2003WBC ANZ CBA NAB

• Specific provision for impaired assets decreased to 26%, from 41% at 1H03.

• Reduction primarily due to the partial write-off of specific provisions for a couple of large corporate exposures


Tax breakdown

29.0%31.7%Effective tax rate inc gross up and excl significant items

21.7%31.7%Effective tax rate inc gross up19.4%24.7%Normalised tax rate

517721Normalised tax expense46(7)

Adjustments Policy holder tax recoveries

471728Tax expense17.7%24.9%Tax expense as a % NPBT

200212003$m

1 – September 2002 tax expense has been restated for comparative purposes, removing the tax equivalent gross up. The tax equivalent gross up represents the economic benefit the Group derives from entering into various structured financing transactions that generate income subject to either a reduced or zero rate of income tax.


New target capital ranges – ACE & Tier 1

Capital ratios (quarterly)

3.0%

3.5%

4.0%

4.5%

5.0%

5.5%

6.0%

6.5%

7.0%

7.5%

8.0%

8.5%

9.0%

Mar-0

0Ju

n-00

Sep-00

Dec-00

Mar-0

1Ju

n-01

Sep-01

Dec-01

Mar-0

2Ju

n-02

Sep-02

Dec-02

Mar-0

3Ju

n-03

Sep-03

ACE Tier 1

• New target ranges:

Tier 1 6.00 – 6.75%

ACE 4.50 – 5.00%

• Maintain AA rating

• Tier 1 further strengthened via hybrids:

- FIRsTS Dec 2002

- TPS August 2003

• Average share count expected to rise in 2004


Payout ratio has been rising through time

Payout ratio1• Dividend growing at or above earnings:- Cash EPS 9%- Dividends 11%

• Payout ratio likely to increase near term

• Medium term drivers of payout ratio:- Cash earnings- Franking capacity- Organic capital requirements

• Franking balance $604m

1. Based on underlying cash earnings

%

62.3

50

55

60

65

2H99

1H00

2H00

1H01

2H01

1H02

2H02

1H03

2H03


Earnings guidance

• Medium term earnings drivers, revised at July 2003 market update, are still appropriate

• No additional earnings guidance or EPS forecast to be provided for 2004 or beyond

• Westpac believes it is generally unwise to focus management on narrow range of outcomes

• The regulatory environment does not support specific guidance: - UK - LSE listing rules - US – Reg G and prospectus liability

• 2003 guidance was issued to maintain an informed market given the uncertainty generated by:- Acquisition of BT and RAAM and the sale of AGC- Significant items and accounting changes


A strong, broad based, high quality result

• Strong organic performance driven by revenue growth in all banking businesses and no one-offs

• Continued tight expense management while growing investment

• Robust loan growth with minimal margin deterioration

• Credit quality high and provisioning coverage strong

• Sound capital and franking position

Outlook and summary

David Morgan Chief Executive Officer

30 October 2003


Economic environment

Key economic indicators• Australia and New Zealand economic fundamentals sound momentum due to:

- Solid domestic demand- Buoyant housing- Strong business sentiment

• In year ahead activity will be boosted by an export recovery driven by the rural sector and a stronger global economy

• Interest rates in Australia expected to rise modestlyin 2004

Australia

4.2%2.5%GDP

5.9%6.0%Unemployment

World4.0%3.2%GDP

2004Year to Sept 2003


Credit growth

• Credit growth expected to ease:- Housing credit growth expected

to moderate from historic highs, but remain above the long-term average

- Business credit growth to return to more normal levels as economic activity recovers

-8

-4

0

4

8

12

16

20

24

Jan-90

Jan-92

Jan-94

Jan-96

Jan-98

Jan-00

Jan-02

Jan-04

%

-8

-4

0

4

8

12

16

20

24

Housing Business Total

ForecastsAustralian Credit Growth

1214Total

87Other (mainly business)

1722Housing

Sep-04 %(f)

Sep-03 %(e)

Australian Credit Growth forecasts

Source: RBA


Well positioned to maintain momentum

• Established track record- Consistent growth / return mix- Disciplined financial management / low risk profile- Superior execution

• Well advanced in improving customer experience

• Clear sustainability in earnings

• Quality management team


Outlook

• All businesses are in excellent shape

• Entering the 2004 year with good earnings momentum

• Operating environment expected to be tougher but still accommodating

• Medium term earnings drivers previously provided

• Outlook for 2004 remains positive

Westpac Full Year Results 2003

David Morgan Chief Executive OfficerPhilip Chronican Chief Financial Officer

30 October 2003

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