Overview

Chairman's & CEO Review

The Group's ongoing commitment to, and disciplined execution of, its five strategic priorities underpinned another good operating and financial result.

The Group delivered a cash net profit after tax for the year ended 30 June 2010 of $6,101 million, up 42 per cent...

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Retail Banking Services

Retail Banking Services continued to perform well with cash net profit after tax of $2,461 million, up 17 per cent.

Retail Banking Services

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Business and Private Banking

Business and Private Banking delivered a strong performance, achieving 21 per cent growth in cash net profit after tax to $893 million.

Business Customer Satisfaction

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Institutional Banking and Markets

Institutional Banking and Markets achieved a cash net profit after tax of $1,182 million which represented a significant increase on the prior year.

Institutional Banking and Markets

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Wealth Management

Cash net profit after tax for the Wealth Management business was up significantly on the prior year to $718 million.

Firstchoice Net Flows Solid

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New Zealand

New Zealand's cash net profit after tax was NZ$461 million, a decrease of 14 per cent. The result reflects the impact of tightening credit markets, which has led to increased funding costs.

ASB Bank

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Bankwest

Bankwest delivered a cash net profit after tax of $60 million, up from the pro forma profit of $3 million for the year ended 30 June 2009.

Bankwest

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Determined to build trust and team spirit

The extent of the Group's transformation over the last four years is testimony to the drive, energy and engagement of our people.

Determined to improve our competitive position in business banking

At a time when other banks have experienced declining loan balances, we have been growing ours and gaining market share.

Determined to offer the best customer service

In Retail Banking, the Group is now ranked second amongst major banks, and has closed the gap to the number one rated peer considerably over the past four years.

Determined to grow profitability

The Profitable Growth priority was introduced to ensure that the Group remains focussed on identifying opportunities to continue growth and value creation.

Determined to continue our operational and technology excellence

Our systems are significantly more customer friendly, have much greater functionality and are materially more reliable than they were four years ago.

Determined to offer the best customer service

In Retail Banking, the Group is now ranked second amongst major banks, and has closed the gap to the number one rated peer considerably over the past four years.

Determined to grow profitability

The Profitable Growth priority was introduced to ensure that the Group remains focussed on identifying opportunities to continue growth and value creation.

Determined to continue our operational and technology excellence

Our systems are significantly more customer friendly, have much greater functionality and are materially more reliable than they were four years ago.

Determined to build trust and team spirit

The extent of the Group's transformation over the last four years is testimony to the drive, energy and engagement of our people.

Determined to improve our competitive position in business banking

At a time when other banks have experienced declining loan balances, we have been growing ours and gaining market share.

Determined to continue our operational and technology excellence

Our systems are significantly more customer friendly, have much greater functionality and are materially more reliable than they were four years ago.

Determined to build trust and team spirit

The extent of the Group's transformation over the last four years is testimony to the drive, energy and engagement of our people.

Determined to improve our competitive position in business banking

At a time when other banks have experienced declining loan balances, we have been growing ours and gaining market share.

Determined to offer the best customer service

In Retail Banking, the Group is now ranked second amongst major banks, and has closed the gap to the number one rated peer considerably over the past four years.

Determined to grow profitability

The Profitable Growth priority was introduced to ensure that the Group remains focussed on identifying opportunities to continue growth and value creation.

Sustainability

The long-term sustainability of the Group is essential for creating enduring value for shareholders and the Australian community as a whole. 2010 saw significant achievements across the Group's five sustainability foundations: customers, people, governance, community and environment.

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