Brian Hartzer
Our Financial Performance
| ($m) | 2006 | 2007 | % |
|---|---|---|---|
| Income | 4,693 | 4,183 | 12% |
| Operating Expenses | (2,240) | (2,081) | 8% |
| Profit before Provisions | 2,453 | 2,102 | 17% |
| Provisions2 | (393) | (336) | 17% |
| Tax | (618) | (527) | 17% |
| Profit after Tax | 1,442 | 1,239 | 16% |
| Cost to Income(CTI) | 47.7% | 49.7 | - |
| Staff(FTE) | 14,096 | 12,913 | 9% |
Earnings by business3
26% Mortgages
26% Banking Products
20% Consumer Finance
12% Rural Commercial and Agribusiness; and Small Business Banking
8% Esanda
5% Pacific
4% Investment and Insurance Products
The Personal Division has a clear strategy to increase its market position in retail financial services by making ANZ's service to our customers more convenient, simple and responsive.
In 2007 this strategy continued to show results. Revenue growth was strong, up 12%. Expenses were well managed, increasing by 8% as we continued to invest in future growth. Profit grew to $1,442 million, up 16%. To support our growth, in 2007 we added more than a thousand frontline staff, opened 39 new branches and extended our opening hours in more than 80 branches. We installed more than 400 new ATMS, making a total of 1,000 new ATMs installed since 2004.
Today we are Australia's second largest retail bank1. We were named Money magazine's Bank of the Year for the seventh time in the past eight years. While delivering these results, the engagement level among our frontline staff has continued to grow.
Together, our 14,000 people have made ANZ among Australia's best performing retail banks and there are still significant opportunities for us to build our customer proposition and to grow in the future.
2 Provision for Credit Impairment
3 Includes -1% for 'other'
