Annual Review 2008Annual review Focus
Performance Highlights


Cash earnings up 6%
Earnings per share up 5%
Dividends up 8%
Returns 22%

2008
2007
% Change
2008/2007
Cash Basis
Cash earnings1 ($m)
3,726
3,507
6
Cash earnings per share (cents)
198.3
189.4
5
Cash return on equity2 (%)
22.3
23.8
(6)
Reported Earnings
Net profit3 ($m)
3,859
3,451
12
Earnings per share (cents)
206.0
186.9
10
Dividends per share (cents)
142
131
8
Economic profit4 ($m)
2,779
2,693
3
Return on equity2 (%)
23.1
23.5
(2)
Expense to income ratio (%)
46.1
44.7
3
Tier 1 capital ratio (%)
7.8
8.0
(3)
Asset quality ratio (%)
3.0
1.4
114
1 Net profit attributable to equity holders adjusted for the impact of Treasury  shares, fair value changes on economic hedges of hybrid instruments, and one-off significant items not part of ongoing business operations.
2 Return on average ordinary equity.
3 Net profit attributable to equity holders.
4 Economic profit represents the excess of adjusted profit over a minimum required rate of return on equity invested. For this purpose, adjusted profit is defined as cash earnings, plus a proportion (70%) of the face value of franking credits paid to equity holders.
5 Net impaired assets to equity and collectively assessed provisions.

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