Annual Review 2008Annual review Focus
New Zealand
Bruce McLachlan, Acting Chief Executive Officer


Westpac New Zealand is one of New Zealand’s largest banking organisations. It has, since 1861, provided a full range of retail banking, wealth management and business banking products and services to 1.2 million New Zealand based customers. Westpac New Zealand reaches its customers through a nation-wide network of 197 branches (including agency sites) and 511 ATMs, with more than 810,000 registered online banking users.


“We have learned a lot about our business by focusing on the fundamentals.”

Business Unit
Performance
2008
2007
% Mov't
2008/ 2007

NZD
Operating income ($m)
1,582
1,436
10
Operating expenses ($m)
(699)
(682)
(2)
Cash earnings ($m)
484
457
6
Economic profit ($m)
224
227
(1)
Total assets ($bn)
47.7
43.9
9
Deposits ($bn)
27.2
25.0
9
Net loans ($bn)
46.5
42.7
9
Expense to income ratio(%)
44.2
47.5
(7)
Employee numbers
4,674
4,538
3

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