Annual Review 2008Annual review Focus
5 Year Summary of Financial and Other Information
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2008
2007
2006
2005
2004
Income statements – years ended 30 September2
$m
$m
$m
$m
$m
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Net interest income
7,222
6,313
5,642
5,259
4,755
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Non-interest income
4,198
3,860
3,575
3,454
3,255
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Net operating income
11,420
10,173
9,217
8,713
8,010
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Operating expenses4
(5,270)
(4,543)
(4,295)
(4,159)
(3,940)
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Amortisation of goodwill
–
–
–
–
(164)
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Impairment losses on loans
(931)
(482)
(375)
(382)
(414)
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Profit from ordinary activities before income tax expense
5,219
5,148
4,547
4,172
3,492
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Income tax expense
1,287
(1,630)
(1,422)
(1,223)
(913)
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Net profit attributable to outside equity interests
(73)
(67)
(54)
(251)
(40)
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Net profit attributable to equity holders
3,859
3,451
3,071
2,698
2,539
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Cash earnings adjustments3
(133)
56
8
106
20
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Cash earnings
3,726
3,507
3,079
2,804
2,559
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2008
2007
2006
2005
2004
Financial position and key financial ratios2
$m
$m
$m
$m
$m
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Balance sheet





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Total asstes
439,548
377,653
299,578
266,263
245,079
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Shareholders' equity
19,772
17,831
16,098
16,893
16,317
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Business performance





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Operating expenses to operating income ratio (%)
46.1
44.7
46.6
47.7
49.2
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Net interest margin (%)
2.07
2.19
2.29
2.45
2.53
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Productivity ratio (net operating income to salaries and other staff expenses)
4.09
4.01
4.01
4.08
4.03
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Capital adequacy





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Tier 1 ratio (%)
7.8
6.5
6.9
7.2
6.9
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Total capital ratio (%)
10.8
9.5
9.6
9.7
9.7
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Total equity to total assets (%)
4.5
4.7
5.4
6.3
6.7
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Credit quality





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Net impaired assets to equity and collectively assessed provisions (%)
3
1.4
1.5
1.9
2.5
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Total provisions to gross loans and acceptances
(basis points)
69
61
63
84
91
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Shareholder value





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Dividends per ordinary share (cents)
142
131
116
100
86
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Dividend payout ratio (%)
68.9
70.1
69.4
67.2
66.6
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Dividend payout ratio – cash earnings (%)
71.6
69.2
69.4
66.0
62.0
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Cash earnings to average ordinary equity (%)
22.3
23.8
23.0
22.2
21.4
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Earnings per share (cents)
206.0
186.9
167.2
148.9
129.2
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Net tangible assets per ordinary share ($)
7.87
6.96
6.12
5.69
5.47
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Share price as at 30 September ($)
21.48
28.50
22.71
21.10
17.73
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Other information





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Points of bank representation
(number at financial year end)
1,088
1,073
1,068
1,060
1,065
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Total employees
(number at financial year end)4
28,302
28,018
27,224
27,138
26,819
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1 The Summary Income Statement and the Summary Balance Sheet have been extracted from the Westpac 2007 audited Annual Report.
   The 2007, 2006 and 2005 results are presented on an AIFRS basis. The 2004 and 2003 results are presented on the previous AGAAP basis.
2 For more detail please refer to the 2008 Westpac Annual Report, which is available at www.westpac.com.au/investorcentre.
3 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.
4 Total employees includes full-time equivalent, temporary and contract staff.

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