Capturing faster growing regional flows in trade, capital and wealth Significant growth achieved since Volume growth has remained strong commencing super regional strategy Asia Volume growth (1H13 v 1H12) Asia Operating Income USDm 28% 26% 20% 18% 11% 2,109 1,840 International Retail Investment & FX Sales Trade Txns Payments Deposits Insurance Txns Achieved scale in core +46% CAGR +11% franchise markets PCP 1,257 USDm Operating Income – FY12 484 1,135 390 1,085 313 1,024 280 244 133 877 622 Greater Taiwan Hong Kong China Indonesia Singapore 1 Mekong Operating Income – 1H13 322 303 180 166 159 112 79 Greater Taiwan Hong Kong China Indonesia Singapore FY07 FY08 FY09 FY10 FY11 FY12 1H12 2H12 1H13 Mekong 1 1. Greater Mekong – Vietnam, Cambodia & Laos. 18
Driving operational efficiency and productivity Operating Expenses Movement by Division $m 4,386 Invested over $400 million in growth and transformation initiatives across the bank during the half Includes $64m related to NZ Simplification Includes $8m Includes $14m software related to NZ 4,133 impairment Simplification 273 15 13 4,034 4,029 3,997 7 6 84 10 2H11 1H12 2H12 Software NZ 2H12 Australia IIB New Global Group 1H13 Impair. Simpli- Normal- Zealand Wealth Centre fication ised 19
Focused on increased productivity Cost to Income Ratio Australia Operations Growth 1H13 v 1H12 50% 5% 48.0% 47.7% 47.4% 48% 47.3% -13% Expense Volume 46% IIB Operations 44.4% Growth 1H13 v 1H12 8% 44% FY14 CTI Target adjusted for prior period one-off items 1 -13% 42% 1H11 2H11 1H12 2H12 1H13 Expense Volume 1. FY14 CTI Target of 43.8% based on a 2% reduction to FY12 CTI adjusted for the gain on sale of Visa shares ($291m), expenses relating to capitalised software impairment ($273m), forgone amortisation costs ($25m) and NZ Simplification ($149m) 20
Credit quality in line with expectations Global Institutional Sub Investment Gross Impaired Assets Grade Exposures continue to decline $m 160 40% Institutional (% of sub-investment grade lending) 5,600 -10% 5,353 5,400 5,196 140 35% 5,200 5,000 120 30% 4,685 4,800 CP / Credit RWA (bps) 4,600 100 25% 4,400 4,200 80 20% 1H12 2H12 1H13 60 15% New Impaired Assets 40 10% $m 2,356 -15% 2,500 20 5% 1,847 2,000 1,571 0 0% 1,500 FY09 FY10 FY11 FY12 1H13 1,000 Group CP/CRWA Ratio (Basel III) 500 Group CP/CRWA Ratio (Basel II) 0 Institutional Sub-Investment Grade Exposure 1H12 2H12 1H13 21
Driving capital efficiency and superior returns for shareholders Return on Equity Capital levels are well positioned (CET1) movement 1H13 v 2H12 1.3% 15.5% 15.5% 14.7% 0.5% 10.0% 10.3% ROE up 80 bps 9.8% 9.5% 8.2% 8.0% 7.8% 1H12 2H12 Earnings Additional 1H13 7.5% Growth Equity 2.5% Capital Conservation Economic Profit Buffer movement 1H13 v 2H12 248 4.5% CET1 35 Minimum 1,412 65 46 1,240 Economic Profit up 14% Sep 11 Mar 12 Sep 12 Mar 13 2H12 Cash Economic Imputation Cost of 1H13 APRA Basel 3 Internationally Harmonised Basel 3 Profit Credit Cost Credits Capital Adjustment 22
13 HALF YEAR RESULTS AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED 30 April 2013 Investor Discussion Pack Additional Financial Information
Overview of financial performance 1H13 Growth vs Growth vs $M 2H12 1H12 Cash Profit 3,182 +8% +10% Operating Income 9,086 Flat +4% Expenses 4,034 -8% -2% Provisions 599 -13% +5% Statutory Net Profit After Tax 2,940 +7% +1% EPS (cents) 117 +7% +7% Dividend per Share (cents) 73 n/a +11% Net Interest Margin 2.25% -3bps -10bps Customer deposits 344,135 +5% +12% Net loans and advances (incl. acceptances) 441,980 +3% +7% All figures other than Statutory Net Profit after Tax and Dividend are presented on Cash basis 24
Adjustments between Statutory Profit and Cash Profit 1H13 $M Statutory profit 2,940 Adjustments between statutory profit and cash profit Treasury shares adjustment 53 Revaluation of policy liabilities 19 Economic hedging 192 Revenue and net investment hedges 16 Structured credit intermediation trades (38) Total adjustments between statutory profit and cash profit 1 242 Cash profit 3,182 1. Refer to pages 75 to 84 of the ANZ Consolidated Financial Report Dividend Announcement and Appendix 4E for an analysis of the reconciliation of statutory profit to cash profit 25
Cash Net Profit after Tax Net Profit after Tax Net Profit after Tax by Division Movement 1H13 v 2H12 Movement 1H13 v 2H12 $m $m 34 78 89 247 352 3,182 3,182 151 199 110 88 2,934 2,934 152 Up Down Down Down Up Up Up Up Up 2% 5% 8% 13% 13% 7% 26% 24% 20% Cash Profit up 8% 2H12 Australia IIB New Global Group 1H13 2H12 Net Other Expenses Provisions Tax 1H13 Zealand Wealth Centre Interest Operating & OEI Income Income 26
Return on Equity and Economic Profit Return on Equity Economic Profit Movement 1H13 v 2H12 Movement 1H13 v 2H12 1.3% 248 15.5% 15.5% 35 0.5% 1,412 14.7% 65 46 1,240 ROE up 80 bps Economic Profit up 14% 1H12 2H12 Earnings Additional 1H13 2H12 Cash Economic Imputation Cost of 1H13 Growth Equity Profit Cr Cost Adj Credits Capital 27
Global Markets, Australia Retail and Corporate & Commercial Banking the key drivers of income growth in 1H13 Operating Income by Division Australia Movement 1H13 v 2H12 • Above system growth in mortgages and strong growth in $m C&CB • Active margin management 9,128 outweighing deposit pricing 9,086 37 pressures 21 0 100 New Zealand 91 • Margins impacted by increased 8,837 competition and customers moving from variable to lower 291 margin fixed mortgages offsetting Up 2% Up 3% Flat Up 3% positive contribution from lending growth International & Institutional Banking • Margins lower due to pricing Operating Income up 3% ex Visa Gain pressure in deposits and increased competition • OOI higher driven by growth in Operating Income flat Global Markets and higher customer volume Global Wealth • Operating income growth predominantly driven by strong gains in the investment market, 2H12 Gain on 2H12 Australia IIB New Global Group 1H13 an improvement in lapse Visa sale Normalised Zealand Wealth Centre experience and higher inforce 2H12 premiums 28
Continue to diversify operating income by customer, product and geography Operating Income Mix by Division (1H13) Operating Income Mix by Geography (1H13) Additional 4% of Network revenue 1 sourced from APEA Transaction Banking Retail Asia Global Pacific Loans 8% Asia Partnerships 4% 9% 3% New Zealand Retail APEA 5% IIB 16% Global New New Zealand 13% 37% Markets 7% Commercial Zealand 12% Funds New Zealand Global 3% Management 8% Australia Wealth 16% 3% Insurance 68% 2% Australia Private Wealth 43% 17% Australia Corporate & Commercial 26% Australia Retail 1. Network revenue represents income booked in a jurisdiction different to where a client relationship is managed 29
Key drivers of operating income Operating Income Operating Income Mix by Line of Business movement 1H13 v 2H12 1 $m Other 5% 7% Payments & Cash Management 9,086 51 20% Term Deposits Clearing & 17% 144 International Payments Merchant Cash Management & Acquiring Savings Accounts 16% 17% 128 Risk Management 8,835 General Insurance FX & Commodities Rates and Investments and Credit Superannuation 72 Life Insurance Wealth Distribution and Advice Financing & Capital 60% 58% Management Normalised Payments & Cash Financing & Capital 1H13 Risk Management Other Mortgages Business Loans Management 2H12 Management Trade and Supply Cards Chain Personal Loans Specialised Finance 1H12 1H13 1. Note: 2H12 operating income adjusted to exclude the Visa share sale 30
Operating Income by line of business Payments & Cash Management Financing & Capital Management $m $m 27 5,412 18 1,625 28 12 63 3 1,553 11 20 5,284 73 7 Up 2% Down 4% 2H12 Mortgages Business Cards Personal Trade & Other 1H13 2H12 Clearing & Cash Mgmt. Term Merchant 1H13 Loans Loans Supply Chain International & Savings Deposits Acquiring Finance Payments Accounts Risk Management Other Income Streams 37 $m $m 18 1,496 14 23 68 3 28 624 71 23 31 7 573 1,352 Up 11% Up 10% 2H12 FX & General Rates & Managed Life Wealth Other 1H13 2H12 Balance Enablement Partnerships Other 1H13 Commod. Insur. Credit Inv. & Insur. Distrib. & Sheet Superann. Advice Trading 31
Growth in Institutional and Wealth increasing contribution of Other Operating Income Net Interest Income Operating Income Mix movement 1H13 v 2H12 111 6,236 Other Operating Income Net Interest Income 36 15% 15% 36 1 31% 6,126 46% NII Up 2% 2H12 Australia IIB New Other 1H13 92% Zealand 85% 85% Other Operating Income movement 1H13 v 2H12 69% 54% 3,002 23 2,850 1 136 1 2,711 8% 291 20 Normalised OOI Up 5% ANZ Australia New IIB Global Group Zealand Wealth 2H12 Gain on Normalised Australia IIB Zealand Wealth Centre 1H13 Global Group Visa Sale New 2H12 0% 2% 0% 3% 3% Operating Income Growth 1H13 v 2H12 32
Net Interest Margin – movement summary Group Divisions Geographies New New bps Australia IIB Australia Zealand Zealand 2H12 NIM ex-Markets 267 250 259 291 276 260 Funding & Asset Mix 2 0 1 -1 3 1 Funding Costs -5 -4 -3 -10 -6 -2 Deposits -2 -2 1 -4 -2 2 Assets 4 9 -7 0 8 -7 Other 1 0 -2 1 0 -3 Movement ex-Markets 0 3 -10 -14 3 -9 1H13 NIM ex-Markets 267 253 249 277 279 251 33
Margins – Group performance Net Interest Margin movement 1H13 v 2H12 Key drivers of NIM movement bps Funding & Asset Mix • Reduced reliance on wholesale 2H12 NIM 1H13 NIM funding Incl. Markets Incl. Markets 228 225 2 Funding Costs • Lower earnings on capital and 267 rate insensitive deposits due to 1 267 declining interest rates, partially 4 offset by stabilising wholesale funding costs Deposits 5 • Continued strong competition for deposits across all divisions Assets 2 • Asset repricing benefits in NIM ex-markets flat Australia offset by margin pressure in New Zealand due to increased competition and customers moving from variable to lower margin fixed mortgages 2H12 Funding & Funding Deposits Assets Other 1H13 Asset Mix Cost 34
Net Interest Margin – Divisional trends Divisional Margin Contribution Australia Division movement 1H13 v 2H12 movement 1H13 v 2H12 NIM ex. Mkts. bps NIM bps 2 9 253 0 267 3 0 267 250 2 0 4 2 3 NIM ex-markets flat Up 3 bps 2H12 Funding & Funding Deposits Assets Other 1H13 2H12 Australia New IIB Global Corporate 1H13 Asset Mix Cost Zealand Wealth Centre International & Institutional Banking New Zealand Division movement 1H13 v 2H12 movement 1H13 v 2H12 NIM ex. Mkts. bps NIM bps 291 1 277 0 259 1 1 1 10 4 3 249 NIM ex-markets down 14 bps 7 2 175 165 NIM including-markets down 10 bps Down 10 bps Incl. Incl. Markets Markets 2H12 Funding & Funding Deposits Assets Other 1H13 2H12 Funding & Funding Deposits Assets Other 1H13 Asset Mix Cost Asset Mix Cost 35
Net Interest Margin drivers and volume trends Net Interest Income 1H13 v 2H12 Net Interest Margin Group Ex-Markets Australia Division ANZ Group ex-markets flat Up 3 bps Australia Division 2.4% 2.3% NZ Division IIB Division ex-Markets 1.2% 3.50% 0% Volume Margin Volume Margin 3.00% IIB Ex-Markets New Zealand Division Down 14 bps Down 10 bps 4.1% 1.9% 2.50% -3.9% -4.8% 2.00% Volume Margin Volume Margin 1H12 2H12 1H13 36
Operating Expenses Operating Expenses by Division Operating Expense growth movement 1H13 v 2H12 1H13 v 2H12 1H13 v 1H12 $m 4,386 -1% -2% -2% -3% 43 -8% -10% Group Australia IIB 168 71 1H13 v 2H12 1H13 v 1H12 4,034 36 34 Down Down Down Down Down -2% 3% 10% 13% 7% 15% -7% Operating Expenses down 8% -10% 1 2H12 Australia IIB New Global Group 1H13 -13% New Zealand Global Wealth Zealand Wealth Centre 1. Includes $273m software impairment and $84 New Zealand simplification expenses 37
Operating Expense trends Operating Expenses by Category Operating Expenses movement 1H13 v 2H12 Mix by Category 1H13 4,386 6 Other 16% 7 Restructuring 2% 15% 58% Personnel 207 Computer 4,034 79 9% 65 Premises Operating Expenses Mix by Division 1H13 Australia Group 5% Centre 36% Global 11% Wealth Operating Expenses down 8% 12% 36% New Zealand International 2H12 Personnel Premises Computer Restruct- Other 1H13 & Institutional uring Banking 38
Continue to diversify balance sheet and increase proportion of customer funding Customer Lending & Deposits by Geography Customer Lending 1 movement 1H13 v 2H12 $m 6 442 Customer Lending 1 Customer Deposits $b 1 Loan to Deposit Ratio 7 500 Sep 2008 Mar 2013 442 171% 128% 428 450 428 413 400 Customer Lending up 3% 350 344 328 350 308 2H12 Australia New APEA 1H13 Zealand 300 250 Customer Deposits movement 1H13 v 2H12 205 200 $m 344 12 150 100 3 1 328 50 - Customer Deposits up 5% Sep Mar Sep Mar Sep Mar Sep Mar 2008 2012 2012 2013 2008 2012 2012 2013 2H12 Australia New APEA 1H13 Australia New Zealand APEA Zealand 1. Customer lending represents Net Loans & Advances including acceptances 39
Balance Sheet composition by Geography Customer Lending 1 by Geography Customer Deposits by Geography APEA Australia APEA Commercial APEA Retail & Wealth Institutional & Institutional Retail & Wealth APEA Commercial 11% 1% & Institutional 23% 4% 10% Australia Commercial APEA 14% APEA Australia 11% New Zealand Institutional 15% 27% Retail & 10% New Zealand Wealth New Australia Retail & 11% New Other Retail 3% Wealth Zealand Zealand 18% Australia Australia 16% NZ NZ 7% 2% 71% Commercial Commercial 57% Australia 3% 12% 1% New Zealand Commercial New Zealand Institutional Institutional 43% 30% Australia Australia Retail Retail Mortgages 1. Customer lending represents Net Loans & Advances including acceptances 40
Balance Sheet composition by Segment Customer Lending 1 by Segment Customer Deposits by Segment Australia Commercial New Zealand Australia Commercial Institutional New Zealand Commercial 15% 14% 6% 2% New Zealand Retail & Wealth Australia Commercial 10% Institutional 11% 13% Australia 20% 22% Commercial APEA APEA 15% Institutional Retail & Wealth Institutional 2% 40% Commercial Institutional APEA 22% 10% Institutional 11% New Zealand Retail & Wealth Retail & Wealth Retail & Wealth 3% 58% 1% New Zealand New Zealand 45% Institutional Institutional 4% APEA Retail & Wealth 46% 30% Australia Australia Retail & Wealth Retail & Wealth 1. Customer lending represents Net Loans & Advances including acceptances 41
13 HALF YEAR RESULTS AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED 30 April 2013 Investor Discussion Pack Treasury
Strongly capitalised under new Basel 3 rules Capital overview Capital levels are well positioned (CET1) • ANZ remains at the upper end of global peer group under new B3 rules 10.0% 10.3% 9.8% 9.5% • Well placed in regards to capital targets and 2.5% Capital focused on driving capital efficiencies with further Conservation Buffer initiatives completed in 1H13 8.2% 8.0% 7.8% 7.5% • Full year Dividend Payout in the range of 65% to 4.5% CET1 Minimum 70% of Cash Earnings with a bias towards the upper end of the range in the near term. Sep 11 Mar 12 Sep 12 Mar 13 APRA Basel 3 Internationally Harmonised Basel 3 Capital position reconciliation under Basel 3 CET1 Tier-1 Total Capital Mar-13 APRA 8.2% 9.8% 11.7% 10% allowance for investments in insurance subs and ADIs 0.8% 0.8% 0.7% Mortgage 20% LGD floor and other measures 0.4% 0.5% 0.6% IRRBB RWA (APRA Pillar 1 approach) 0.4% 0.5% 0.5% Up to 5% allowance for deferred tax asset 0.2% 0.2% 0.2% Other capital items 0.3% 0.3% 0.3% Mar-13 Internationally Harmonised 10.3% 12.1% 14.0% 43
Organic capital generation and capital initiatives have improved capital levels Capital Position (APRA Basel 3 Common Equity Tier 1) 10.30 1.01 0.16 8.18 8.02 (0.31) 0.01 (0.18) (0.53) Portfolio growth 25bp Risk Migration (incl EL vs EP) flat Non credit RWA 6bp Up 16bps Sep-12 Cash RWA Non RWA Capital Dividends Other (5) Mar-13 Mar-13 APRA NPAT (1) Usage (2) Business Initiatives (4) (net DRP) APRA Internationally Basel 3 Usage (3) Basel 3 Harmonised Basel 3 1. Cash earnings net of pref shares. 2. Includes impact of expected loss versus eligible provision shortfall 3. Includes capital retention of deconsolidated entities, capitalised software (before write off) and other intangibles. 4. Includes external refinance of ANZ Wealth. 5. Includes net FX, Non-Core NPAT items, portfolio data review, net deferred tax assets. 44
Structural liquidity position strengthened – driven by growth in customer funding and shortened asset tenor Deposit growth has stabilised Shortened asset tenor 29% 19% 19% 20% 16% 19% 23% 26% 7% 10% 13% 14% 14% 14% 15% 22% 8% 7% 6% 1% 5% 5% 6% 2% 8% 3% 4% 12% 7% 11% 16% 14% 80% 77% 74% 61% 61% 71% 57% 50% 8% 8% 8% 7% 4% 4% 3% 3% Sep 08 Sep 10 Sep 12 Mar 13 Sep 08 Sep 10 Sep 12 Mar 13 Short Term Wholesale Customer Funding Liquid Assets Lending Funding Term Debt < 1 year Shareholders equity Other Short Term Other Fixed Residual Maturity & Hybrid debt Assets Assets Term Debt > 1 year Trade Loans Residual Maturity 45
Lowest structural funding gap provides funding flexibility ANZ Westpac NAB CBA Loan – Deposit Ratio (%) 128% 148% 146% 141% Loan – Deposit Gap ($b) 97 167 156 157 Australia Household Funding Gap ($b) 112 184 126 170 Australian Household Funding Gap ANZ has achieved a substantially lower LDR $b ANZ Loan – Deposit Ratio 200 180% 160% 150 140% 100 120% 50 100% 2007 2008 2009 2010 2011 2012 2013 Sep Sep Sep Sep Sep Sep Mar 2007 2008 2009 2010 2011 2012 2013 ANZ Westpac NAB CBA Source: APRA (Feb 13) and latest bank published financial statements 46
A sustainable term wholesale funding profile Issuance Maturities $b 26 26 24 24 Indicative annual issuance volume 18 17 16 15 13 12 11 7 7 FY08 FY09 FY10 FY11 FY12 1H13 2H13 FY14 FY15 FY16 FY17 FY18 FY19+ Senior Unsecured Government Guaranteed Covered Bonds Subordinated Issuance since 1-Apr-13 Note: Funding shown in year of issuance. Includes transactions with a call date or maturity date greater than 12 months at time of issue. 47
Portfolio wholesale funding costs stabilising, deposit costs remain relatively high Retail deposit and wholesale funding Term Wholesale Funding Portfolio Costs margins (to 3mth BBSW) 150bp 200bp 150bp 100bp 50bp Actual portfolio cost 0bp Forecast portfolio cost based Sep 2011 Mar 2012 Sep 2012 Mar 2013 on current market levels Average Bank "special" AUD Wholesale Bank Unsecured 100bp Term Deposit Rate Funding Rate (all terms) (3 yrs, AA Rated) Spread between retail deposit rates and wholesale funding rates 100bp Deposit Rates Vs Wholesale Rates 50bp 0bp 50bp -50bp Sep 2011 Sep 2012 Sep 2013 Sep 2011 Mar 2012 Sep 2012 Mar 2013 Source: RBA, ANZ (3 month rolling averages) 48
Strong liquid asset position Liquidity Portfolio Basel 3 Liquidity Rules ● In January 2013, the Basel Committee 122 announced revised details on the Liquidity 115 Coverage Ratio (“LCR”) including amendments to the outflow assumptions 39 91 38 75 ● APRA is yet to finalise the LCR requirements 31 15 15 for Australian banks, although this is expected 31 shortly 13 9 68 62 ● As a result of the shortage of HQLA (including 47 Government bonds) in Australia, banks will be 35 permitted to meet some of their liquidity requirement via the Committed Liquidity Facility (“CLF”) Sep 10 Sep 11 Sep 12 Mar 13 Internal RMBS ● The size and availability of the CLF has yet to Private Sector Securities and precious metals be agreed with APRA and the RBA Cash, Government & Semi-Government Securities 49
Hedging has partially offset the impact on earnings of sustained $A strength 1H13 Earnings composition by Currency EPS impact from Hedging Non AUD & NZD 0.60% 17% Hedges in place for ~70% FY13 TWD earnings MYR PGK 0.10% Other IDR CNY USD AUD -0.40% 65% NZD 18% Hedges in place for ~70% FY13 earnings -0.90% 1H13 HOH 1H13 PCP Inclusive of Hedging Unhedged 50
Capital and Replicating Portfolio – Earnings impacted by lower interest rates, but portfolio management mitigates full impact Australia Capital and Replicating Portfolio Portfolio Earnings & Spread to Cash Contribution to Group NIM % bps (ex Markets) 6 45 Portfolio HOH Impact: -4.3 bps Earnings rate 5 40 (%) 4 35 Benefit to 1H13 Group NIM (ex Markets) is 3 30 Average Cash +8 bps Rate (%) 2 25 2H10 1H11 2H11 1H12 2H12 1H13 2H10 1H11 2H11 1H12 2H12 1H13 New Zealand Capital and Replicating Portfolio Portfolio Earnings & Spread to Cash Contribution to Group NIM bps % (ex Markets) 6 HOH Impact: 15 Portfolio -0.5 bps 5 Earnings rate (%) 4 10 Benefit to 1H13 3 Group NIM (ex Markets) is 5 2 Average Cash +3 bps Rate (%) 1 0 0 2H10 1H11 2H11 1H12 2H12 1H13 2H10 1H11 2H11 1H12 2H12 1H13 51
13 HALF YEAR RESULTS AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED 30 April 2013 Investor Discussion Pack Risk Management
Credit quality in line with expectations Credit Quality trends Provision Charge Individual Provision Charge (LHS) $m • The 1H13 Provision charge of $599m Collective provision Charge (LHS) Total Provision Charge as % Avg. net Advances represents a 13% reduction HOH 2,000 1.60% 1,750 1.40% 1,500 1.20% • This lower Provision charge driven by 1,250 1.00% 1,000 0.80% reduction in both new individual provisions 750 0.60% and top-up provisions to existing impaireds 500 0.40% 250 0.20% 0 0.00% • ANZ remains appropriately provided for the -250 -0.20% 1H07 2H07 1H08 2H08 1H09 2H09 1H10 2H10 1H11 2H11 1H12 2H12 1H13 collective provision ratio at 1.01% following the introduction of APRA Basel III standards (1.06% on a Basel II basis) Impaired Assets • This coverage level reflects the ongoing Gross Impaired Assets New Impaired Assets improvement in credit quality of the Group's $m portfolio Avg. $0.4b decline in 7,000 Gross Impaired Assets HOH since 2H10 6,000 • New impaired assets declined 15% HOH to 5,000 $1.6b, with all divisions seeing HOH 4,000 reductions in new impaireds 3,000 2,000 • Gross impaired assets reduced 10% HOH to 1,000 $4.7b 0 1H09 2H09 1H10 2H10 1H11 2H11 1H12 2H12 1H13 53
Collective Provisioning Coverage reflects Global Institutional Portfolio credit quality improvement Global Institutional Sub Investment Grade 1 Trend in Global Institutional composition Exposures continue to decline CRWA $b Global Institutional Credit Exposure Rate 2 160 40% Institutional (% of sub-investment grade lending) 400 60% 300 50% 140 35% 200 40% 120 30% 100 30% CP / Credit RWA (bps) 0 20% 100 25% FY09 FY10 FY11 FY12 1H13 Investment Grade (LHS) Sub-Investment Grade (LHS) 80 20% Default (LHS) Institutional Basel II CRWA Rate 60 15% Global Institutional Portfolio composition 40 10% FY09 1H13 Total Portfolio: $286b Total Portfolio: $187b 20 5% 21% 32% 0 0% FY09 FY10 FY11 FY12 1H13 1% 66% 78% 2% Group CP/CRWA Ratio (Basel III) Group CP/CRWA Ratio (Basel II) Institutional Sub-Investment Grade Exposure (RHS) Investment Grade Sub-Investment Grade Default 1. Sub-investment grade defined as exposures with a rating below BBB- 2. CRWA Rate defined as Credit Risk Weighted Assets as a percentage of Exposure at Default (EAD) 54
Individual Provision Charge Individual Provision Charge by Segment Individual Provision Charge Composition $m $m 1,062 915 1,500 1,200 761 618 722 595 595 1,000 1,062 500 1,000 915 0 -500 761 800 1H10 2H10 1H11 2H11 1H12 2H12 1H13 722 New Increased Writebacks & Recoveries 618 595 595 600 Individual Provision Charge by Region $m 1,062 400 1,200 915 1,000 761 722 800 618 595 595 600 200 400 200 0 0 1H10 2H10 1H11 2H11 1H12 2H12 1H13 1H10 2H10 1H11 2H11 1H12 2H12 1H13 Institutional Commercial Consumer Australia New Zealand APEA 55
Collective Provision Charge by Source Lending Portfolio Economic Cycle & 1H13 ($m) Risk Impact Total Growth Mix Concentration Australia Division (13) 32 (3) 0 16 International & (11) 31 (3) 0 17 Institutional Banking New Zealand Division 5 4 (14) (25) (30) Global Wealth (1) 1 1 0 1 Other 0 0 0 0 0 Total (20) 68 (19) (25) 4 Lending Portfolio Economic Cycle & 2H12 ($m) Risk Impact Total Growth Mix Concentration Australia Division 1 30 (13) (45) (27) International & (27) 38 3 (198) (184) Institutional Banking New Zealand Division 5 6 (1) (29) (19) Global Wealth (1) 0 0 0 (1) Other 0 0 0 4 4 Total (22) 74 (11) (268) (227) 56
Continued improvement in Credit RWA rate Group Exposure at Default Global Institutional Exposure at Default and Credit Risk Weighted Assets and Credit Risk Weighted Assets Exposure at Default ($b) Exposure at Default ($b) Basel II Credit Risk Weighted Assets ($b) Basel II Credit Risk Weighted Assets ($b) CRWA / EAD (%) - Basel II CRWA / EAD (%) - Basel II CRWA / EAD (%) - Basel III CRWA / EAD (%) - Basel III 692 658 630 615 54% 52% 564 550 50% 522 47% 42% 46% 42% 40% 41% 40% 45% 40% 43% 39% 38% 41% 275 Basel III CRWAs 287 265 261 255 250 249 248 239 234 233 220 206 203 193 130 Basel III CRWAs 117 113 115 110 112 100 101 Mar 10 Sep 10 Mar 11 Sep 11 Mar 12 Sep 12 Mar 13 Mar 10 Sep 10 Mar 11 Sep 11 Mar 12 Sep 12 Mar 13 57
Risk Weighted Assets Total Risk Weighted Assets Total Risk Weighted Assets movement 1H13 v 2H12 $b 322.6 2.4 Market & Operational Risk Weighted Assets 14.1 $b 6.0 300.1 0.0 Credit Risk Weighted Assets 323 Up 7% 309 300 48 2H12 Basel II Basel III Markets & Operational 1H13 285 280 48 Credit Risk Credit Risk IRRBB Risk Risk Basel III 45 Impacts Basis 264 264 35 31 Total Risk Weighted Assets 249 31 31 movement by Division 1H13 v 2H12 29 $b 1.0 0.8 322.6 13.7 300.1 7.0 275 261 255 249 250 234 233 220 Up 7% 2H12 Australia IIB NZ GWPB 1H13 Mar 10 Sep 10 Mar 11 Sep 11 Mar 12 Sep 12 Mar 13 Mar 13 Basel III Basel II Basel Basis III 58
Credit Risk Weighted Assets Credit Risk Weighted Assets Credit Risk Weighted Assets ($b) movement 1H13 v 2H12 ($b) Basel II Credit Risk Weighted Assets 275.0 9.0 0.1 14.1 254.9 Collective Provision as a % of CRWA (Basel II) 2.1 0.8 Collective Provision as a % of CRWA (Basel III) 1.38% 1.36% 1.35% 1.32% 1.28% Up 8% 1.20% 2H12 Basel III Risk Growth Portfolio FX 1H13 1.06% 1.08% Intro- Data Impact 1.06% duction Review 1.01% Basel III 275 CRWAs Credit Risk Weighted Assets 261 258 255 movement by Division 1H13 v 2H12 ($b) 250 249 234 233 230 220 Basel II Impacts Basel III Impacts 1.3 275.0 12.5 0.1 2.6 1.4 260.9 0.2 254.9 2.6 0.6 IIB IIB 2H12 Australia NZ Other Basel II Australia NZ Other Basel III 1H13 1H13 Mar 09 Sep 09 Mar 10 Sep 10 Mar 11 Sep 11 Mar 12 Sep 12 Mar 13 59
Control List and Risk Grade Profiles Group Sub-Investment Grade 1 Exposures Control List as % Exposure at Default Index Sep 08 = 100 28% 28% 300 250 26% 26% 200 150 24% 100 23% 22% 50 0 13% 13% Sep 08 Mar 09 Sep 09 Mar 10 Sep 10 Mar 11 Sep 11 Mar 12 Sep 12 Mar 13 12% 12% 12% 11% 11% Control List by Limits Control List by No. Groups Group Risk Grade Profile 9% 9% 8% 8% 23% 22% 24% 26% 26% 28% 28% 7% 7% 7% 78% 76% 77% 74% 74% 72% 72% 6% 6% 6% 6% 5% 5% 4% Mar 10 Sep 10 Mar 11 Sep 11 Mar 12 Sep 12 Mar 13 Mar 10 Sep 10 Mar 11 Sep 11 Mar 12 Sep 12 Mar 13 Mar 10 Sep 10 Mar 11 Sep 11 Mar 12 Sep 12 1 Investment Grade Sub-Investment Grade BB+ to BB BB- <BB- 1. Sub-investment grade defined as exposures with a rating below BBB- 60
Gross Impaired Assets Gross Impaired Assets by Type Gross Impaired Assets by Size of Exposure $m Impaired Loans NPCCD Restructured > $100m $10-$99m < $10m $m 8,000 8,000 Avg. $375m 7,000 6,561 6,561 decline HOH 7,000 6,561 6,561 6,221 since 2H10 6,221 6,000 5,581 5,343 5,196 6,000 5,581 5,343 5,196 4,685 4,685 5,000 5,000 4,000 4,000 3,000 3,000 2,000 2,000 1,000 1,000 0 0 Mar 10 Sep 10 Mar 11 Sep 11 Mar 12 Sep 12 Mar 13 Mar 10Sep 10Mar 11Sep 11Mar 12Sep 12Mar 13 61
Impaired Assets New Impaired Assets by Division Net Impaired Assets by Division $m $m 3,500 3,126 6,000 4,968 4,686 3,000 4,503 5,000 2,437 2,356 2,319 3,884 3,630 2,500 3,423 4,000 1,831 1,847 3,142 2,000 1,571 3,000 1,500 2,000 1,000 1,000 500 0 0 1H10 2H10 1H11 2H11 1H12 2H12 1H13 Mar 10 Sep 10 Mar 11 Sep 11 Mar 12 Sep 12 Mar 13 Institutional Australia New Zealand Other Institutional Australia New Zealand Other Impaired Assets Concentration Impaired Assets Concentration by number of Customers by value of Impaired Assets 2% 6% 4% 3% 3% 3% 3% 2% 1% 4% 22% 23% 3% 3% 24% 24% 4% 27% 31% 33% 11% 11% 11% 18% 19% 16% 20% 9% 8% 11% 5% 16% 22% 11% 21% 25% 29% 31% 28% 18% 29% 82% 83% 78% 78% 77% 72% 22% 61% 47% 42% 39% 39% 37% 29% 20% Mar 10 Sep 10 Mar 11 Sep 11 Mar 12 Sep 12 Mar 13 Mar 10 Sep 10 Mar 11 Sep 11 Mar 12 Sep 12 Mar 13 10-50m 51-100m 101-200m >200m 10-50m 51-100m 101-200m >200m 62
Total lending exposures by Geography Exposure at Default by Exposure by Geography Line of Business Australia Total Exposure at Default (Mar 13) - $693.2b 1 Retail Australia New Zealand APEA 28% $437.1 $111.5 $144.6 Commercial 55% 17% Institutional New Zealand UK & Europe New Zealand 3% Retail 16% 24% 47% Commercial Americas 4% 29% Pacific Institutional 1% APEA Australia 5% 21% 63% Singapore APEA 5% 1% 3% Hong Kong Retail 3% Other South Commercial 2% East Asia Institutional Other North 94% East Asia 1. EAD excludes amounts for „Securitisation‟ and „Other Assets‟ Basel asset classes 63
Total lending exposures by industry sector Exposure at Default (EAD) % in Non Category EAD as a % of group total Performing Sep 12 Mar 13 Sep 12 Mar 13 ANZ Group Total EAD (Mar 13) Consumer Lending 41.0% 40.4% 0.3% 0.2% $693.2b Finance, Investment & 14.9% 16.8% 0.5% 0.2% Insurance Property Services 7.5% 7.1% 1.6% 1.6% 17% 7% Manufacturing 6.0% 6.1% 1.2% 1.0% Agriculture, Forestry, 4.5% 4.2% 3.9% 4.1% 6% Fishing Government & Official 4% 4.2% 3.9% 0.0% 0.0% Institutions 4% Wholesale trade 3.9% 4.0% 0.6% 0.6% Retail Trade 2.9% 2.9% 0.9% 0.8% 4% Transport & Storage 2.3% 2.2% 3.2% 2.0% 3% Business Services 2.0% 1.9% 0.9% 0.7% 2% 40% 2% Electricity, Gas & Water 2% 1.8% 1.7% 0.2% 0.1% Supply 2% 2% 5% Construction 1.7% 1.6% 1.4% 1.2% Resources (Mining) 1.6% 1.8% 0.2% 0.2% Other 5.7% 5.4% 0.1% 0.1% 64
Global Agriculture Agriculture Exposure by Sector (EAD) Agriculture Exposure by Geography Agriculture Total EAD (Mar 13) As a % of Group EAD Australia $29.2b 4.2% 57% 1 14% 42% APEA 10% New Zealand 1% 14% 37% Agriculture Security Levels 3% 6% 5% 9% 4% 7% 10% 11% 8% 17% 25% 4% 4% 6% 80% 70% Dairy Beef 56% Sheep & Other Livestock Grain Wheat Horticulture/Fruit Group Australia New Zealand Other Crops Forestry & Fishing Fully Secured 80-100% Secured Agriculture Services 60-80% Secured <60% Secured 1. 60% of NZ Agriculture exposure is to Dairy Cattle Farming 65
Manufacturing Risk Rating Profile (% EAD) Exposure Mix by Geography (EAD) Manufacturing 14% 25% 37% Total EAD (Mar 13) As a % of Group EAD $41.9b 6.1% 86% 75% 63% 11% 10% 14% 16% Group Australia APEA 1 Investment Grade Sub-Investment Grade 35% 41% 43% Total Exposure by Geography (EAD) 49% $b 50 40 55% 30 48% 43% 35% 20 10 0 Sep 10 Sep 11 Sep 12 Mar 13 Sep 10 Sep 11 Sep 12 Mar 13 APEA Australia New Zealand APEA Australia New Zealand 1. Sub-investment grade defined as exposures with a rating below BBB- 66
Resources Resources Exposure by Sector (% EAD) Resources Exposure by Geography (EAD) Resources Australia Total EAD (Mar 13) As a % of Group EAD 20% $12.5b 1.8% Asia 5% 56% 8% New Zealand 18% 19% Europe, America, Pacific & Other Includes Resources Exposure by Geography (EAD) 35% Iron Ore 5% 23% $b 15 10 16% 5 Oil & Gas Coal 0 Sep 10 Sep 11 Sep 12 Mar 13 Metal Ore Mining Services Australia Non-Australia Other 67
Commercial Property credit exposure Commercial Property Exposure Commercial Property Exposure by Sector Gross Loans and Advances by Region $b % GLA Offices 35 8.0% 30% 30.9 30.2 Retail 29.3 7.8% 28.2 27.8 30 Residential 26.1 3.5 3.8 26% 0.8 3.0 1.1 7.6% 25% Industrial 1.0 25 5.3 6.1 5.0 5.2 Tourism 5.9 7.4% 5.2 14% 3% Other 20 2% 7.2% 6.9% 7.0% 15 Exposure to REIT‟s, Listed Property Companies and/or their subsidiaries 6.8% 22.1 21.3 21.3 21.2 20.8 10 19.9 % GLA 6.6% Exposure to 5 REITs, listed 6.4% Other property Commercial 71% 29% companies 0 6.2% Property and/or their Sep 08 Sep 09 Sep 10 Sep 11 Sep 12 Dec 12 subsidiaries APEA (LHS) New Zealand (LHS) Australia (LHS) % of Group GLA's (RHS) 68
Australia 90+ day delinquencies Australia Retail 90+ day delinquencies Total Mortgage Portfolio NSW & ACT Mortgages QLD Mortgages VIC Mortgages WA Mortgages Total Credit Cards 2.0% 1.5% 1.0% 0.5% 0.0% Mar 08 Sep 08 Mar 09 Sep 09 Mar 10 Sep 10 Mar 11 Sep 11 Mar 12 Sep 12 Mar 13 Australia Commercial 90+ day delinquencies 3.0% Business Banking Regional Business Banking Esanda Small Business Banking Total Commercial 2.5% 2.0% 1.5% 1.0% 0.5% 0.0% Mar 08 Sep 08 Mar 09 Sep 09 Mar 10 Sep 10 Mar 11 Sep 11 Mar 12 Sep 12 Mar 13 69
Australia Division - Mortgages Dynamic Loan to Valuation Ratio Portfolio statistics % Portfolio Total Number of Mortgage Accounts 860k 60% Portfolio >90% LVR Total Mortgage FUM $188b = 4.5% (Mar 13) 50% 40% % of Total Australia Region Lending 60% 30% % of Total Group Lending 43% 20% Owner Occupied Loans - % of Portfolio 62% 10% 0% Average Loan Size at Origination $262k 0-60% 61-75% 76-80% 81-90% 91-95% 95%+ Average LVR at Origination 65% Mar-11 Sep-11 Mar-12 Sep-12 Mar-13 Average Dynamic LVR of Portfolio 52% Mortgage portfolio by State % of Portfolio Ahead on Repayments 1 59% First Home Owners - % of New Lending 6% NSW & ACT 18% % of Portfolio Paying Interest Only 2 32% QLD Mortgages have low loss rates 26% 30% VIC Individual Provision Loss Rates 1H11 2H11 1H12 2H12 1H13 WA Group 0.32% 0.31% 0.36% 0.43% 0.27% 10% 16% Other Australia Mortgages 0.01% 0.03% 0.03% 0.02% 0.01% 1. One month or more ahead of repayments. Excludes funds in offset accounts. 2. % of Portfolio of Instalment Loans. Excludes funds in Equity Manager Accounts. 70
New Zealand - Mortgages Dynamic Loan to Valuation Ratio Portfolio statistics Total Number of Mortgage Accounts 474k 0-60% 9% Total Mortgage FUM NZD 57b 12% 61-70% 41% % of Total New Zealand Lending 56% 71-80% % of Total Group Lending 10% 21% 81-90% Owner Occupied Loans - % of Portfolio 78% 17% 90%+ Average Loan Size at Origination 1 NZD 229k Average LVR at Origination 66% Mortgage portfolio by Region Average Dynamic LVR of Portfolio 47% Auckland % of Portfolio Paying Interest Only 2 21% 12% 3% Wellington 38% Mortgages have low loss rates Christchurch Individual Provision Loss Rates Rest of North Island 29% 1H11 2H11 1H12 2H12 1H13 Rest of South Island Group 0.32% 0.31% 0.36% 0.43% 0.27% 12% 6% New Zealand Mortgages 0.06% 0.07% 0.05% 0.03% 0.02% Other 1. 12 month average 2. Excludes revolving credit facilities 71
New Zealand Geography – credit quality Net impaired assets Total provision charge NZDm NZDm 1,685 400 325 300 131 1,463 105 85 200 98 96 43 1,307 100 1.74% 1,230 0 1,169 1.50% -100 1.38% 1H10 2H10 1H11 2H11 1H12 2H12 1H13 990 1.26% IP Charge CP Charge 884 1.23% 90+ days delinquencies 1.02% (New Zealand Division) 0.90% 1 Mortgages Commercial Rural 1.2% 0.8% 0.4% Mar 10 Sep 10 Mar 11 Sep 11 Mar 12 Sep 12 Mar 13 0.0% Net Impaired Assets NIA as % GLA 2007 2008 2009 2010 2011 2012 2013 1. Spikes in 2012 Commercial 90 day delinquencies are primarily due to internal classifications rather than any deterioration in underlying credit quality. 72
13 HALF YEAR RESULTS AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED 30 April 2013 Investor Discussion Pack Australia
Australia Division Strategic context ANZ Australia outcomes Performing strongly across our portfolio Strengthening the Franchise • A strong 1H13 result, broadly based across our businesses 1 : • A strong domestic franchise is critical to the success of ANZ‟s super regional strategy, driving NPAT up 7%, 3 bps margin improvement, operating Group earnings and returns expenses down 3%, CTI down 200 bps to 37.9%, ROA up 5 bps • ANZ is targeting above peer growth in our key segments Above system volume growth, asset quality maintained In a changing credit environment Traditional Banking Market Share grew from 14.0% to 14.3% over the 6 months to Mar 2013 2 • The domestic macroeconomic environment including credit growth outlook remains relatively Retail customer satisfaction restored to 2011 levels from subdued 76.0% 3 to 80.0% 4 • A diversified channel strategy is key to 11% increase in C&CB cross sell driven by mortgage and connecting customers trade product sales By meeting customers‟ needs Continue to lead our peers in “servicing customers‟ business needs across Australia, NZ & Asia” 5 • Customer banking preferences are changing. Customers want: Investing for the future Mobility and flexibility around their banking • We launched the Banking on Australia program to supercharge the transformation of our Australian business A better customer experience Digital and mobile channels are lowering cost to serve, Greater understanding of their needs and providing common platforms and creating further targeted offerings revenue opportunities And engaging in sustainable productivity Transforming our distribution network to reduce branch • ANZ will improve operational efficiency by footprint costs and improve frontline productivity leveraging global hubs and shared platforms Simpler Banking productivity initiatives are underway designed & built with the customer in mind delivering tangible benefits 1. All comparisons are 2H12 compared to 1H13 and on a cash basis unless otherwise noted 2. Source: Roy Morgan Research: Aust Pop‟n aged 14+, rolling 12 months, Trad Banking Consumer Market (Deposits, Cards & Loans), Peers: CBA (excl Bankwest), NAB, Westpac (excl Bank of Melbourne & St George) 3. Source: Roy Morgan Research. Base: ANZ MFI Customers, aged 14+, rolling 6 months to September 2012 74 4. Source: Roy Morgan Research. Base: ANZ MFI Customers, aged 14+, rolling 6 months to March 2013 5. DBM Business Financial Services Monitor, 3-month rolling average. Defined as the proportion of all commercial banking customers with $1m to less than $40m turnover, who think 'Can service my business needs across Australia, New Zealand and Asia' applies to each bank
The Australian Franchise continues its trend of above system volume growth Household deposits growth 1 Household lending growth 1 Indexed Sep 2009 = 100 Indexed Sep 2009 = 100 150 150 ANZ Peer 1 Peer 2 Peer 3 ANZ Peer 1 Peer 2 Peer 3 149 144 142 140 140 132 130 131 130 123 122 120 120 118 110 110 100 100 90 90 Feb 13 Feb 13 Sep 09 Mar 10 Sep 10 Mar 11 Sep 11 Mar 12 Sep 12 Sep 09 Mar 10 Sep 10 Mar 11 Sep 11 Mar 12 Sep 12 Australia Division Corporate & Commercial Banking Net loans and advances & Deposits Net loans and advances & Deposits Deposits Deposits 3 Net loans and advances Net loans and advances $b $b $b $b 7% 7% CAGR 2 CAGR 2 231 237 248 254 262 8% 10% 63 61 CAGR 2 58 56 55 CAGR 2 43 44 120 127 133 141 146 41 40 37 1H11 2H11 1H12 2H12 1H13 1H11 2H11 1H12 2H12 1H13 1H11 2H11 1H12 2H12 1H13 1H11 2H11 1H12 2H12 1H13 1. Source: APRA Banking statistics 2. Represents annualised CAGR 3. Excludes Corporate Banking deposits which are included in the IIB division deposits (Corporate Deposits as at Mar 13 half: $5.8b Sep 12 half: $6.2b; Mar 12 half: $5.8b; Sep 11 half: $6.3b; Mar 11 half: $6.3b) 75
With a focus on margin management, cost control and asset quality ensuring growth in returns Net interest margin & Net interest income Cost to Income ratio % Net Interest Income (LHS) NIM (RHS) $m % 41.8 3,300 2.60 39.9 3,200 2.55 37.9 3,100 2.50 3,000 2.45 2,900 2,800 2.40 1H12 2H12 1H13 1H12 2H12 1H13 Asset quality maintained Return on Average Assets 90+ Days Past Due Rates % Mortgages Consumer Cards 1.09 1 Commercial Lending 1.8% 1.3% 1.04 1.04 0.8% 0.3% 1H12 2H12 1H13 1H12 2H12 1H13 1. Excludes Corporate Banking 76
Strong broad based 1H13 performance • A strong 1H13 result with volume, margin Australia Division Cash Profit 2 and expense management all contributing • $m Above system asset growth in Retail +7% (Mortgages) and strong asset growth in 1,500 C&CB (Business Banking, Small Business +8% 589 543 1,000 Banking and Esanda) 617 • Asset growth largely self-funded with the 500 +6% 826 majority of our above system deposit growth 782 662 coming from Retail savings products 0 • NIM improved 3 bps HOH and 8 bps PCP due 1H12 2H12 1H13 Retail Commercial to disciplined margin management, partly offset by deposit pricing pressures • Operating expenses down 3% HOH 1 and 2% Cash Profit movement – 1H13 v 2H12 3 PCP reflecting the focus on productivity and expense management, allowing targeted 30 $m 1,415 33 investment in our Banking on Australia 8 program in 2H13 50 17 17 Retail • Credit quality remains sound. Provision 1,327 33 C&CB charge in line with volume growth after allowing for non recurring write-backs in Up 7% 2H12 • Increasing our whole of bank customer 2H12 Volume Margin Other Expenses Prov- 1H13 share, focusing on share of wallet and cross isions sell growth 1. Operating expense now on a cash basis - excluding software write off‟s, operating expenses were flat HOH 2. Excludes central costs 3. Numbers reported post tax 77
Retail • 6% growth HOH in cash profit reflecting strong volume growth combined with NIM expansion and Cash Profit movement – 1H13 v 2H12 6 tight cost management • ANZ grew overall market share from 12.9% to 14.3% $m 28 over the 2 years to Mar 2013 and ranks second 27 826 among the major domestic peer banks 1 15 Increased market share in the Affluent segment 17 13 from 13.4% to 15.2% over the 2 years to Mar 782 2013, the biggest gain of the major banks 2 • Strong all round result with above system growth in Up 6% mortgages 3 and deposits and strong growth in personal loans and merchants • Improved customer satisfaction from 76.0% 4 to 2H12 Volume Margin Other Expenses Prov- 1H13 80.0% 5 in the 6 months to Mar 2013, moving ANZ to isions third position of the four major banks Traditional Banking market share 1 Affluent - Market share 2 Market share – Traditional Banking Traditional Banking (%) (%) ANZ Peer 1 Peer 2 Peer 3 ANZ Peer 1 Peer 2 Peer 3 24 24 22 22 2 2 2 20 22 20 22 1 1 1 18 20 20 18 16 16 14 14 12 12 10 10 Mar 11 Sep 11 Mar 12 Sep 12 Mar 13 Mar 11 Sep 11 Mar 12 Sep 12 Mar 13 1. Source: Roy Morgan Research: Australia Pop‟n aged 14+, rolling 12 months, Traditional Banking Consumer Market (Deposits, Card s & Loans), Peers: CBA (excl Bankwest), NAB, Westpac (excl Bank of Melbourne & St George) 2. Affluent Market defined as: People with $400k -<$1M in AFS FUM OR Personal Income $150k+ 3. Based on APRA statistics excluding the impact of the sale of Origin Mortgage Management Services 4. Source: Roy Morgan Research. Base: ANZ MFI Customers, aged 14+, rolling 6 months to September 2012 78 5. Source: Roy Morgan Research. Base: ANZ MFI Customers, aged 14+, rolling 6 months to March 2013 6. Numbers reported post tax
Strong mortgage performance • Strong volume growth Mortgages growth Increase in mortgage market share from 14.5% (Feb 12) to 14.7% (Feb 13) 1 Mortgage FUM Number of accounts Above system mortgage growth for 13 $b „000 consecutive quarters 1 188 884 Leveraging our network capability and driving 871 182 growth from other channels delivered a 10% 862 179 increase YOY in proprietary mortgage sales • Divisional margin improved 3 bps HOH as a result of active management of pricing, basis, Mar 12 Sep 12 Mar 13 Mar 12 Sep 12 Mar 13 discounting, broker commissions, and an increase in proprietary mortgage sales Asset quality remains strong Dynamic Loan to Valuation Ratio % Portfolio • Asset quality maintained Portfolio >90% LVR = 4.5% (Mar 13) 60% Continued acquisition focus on 75-90% LVR 50% Over 95% of mortgage portfolio has a 40% dynamic LVR less than 90% 30% 20% No change in underwriting standards 10% 90+ delinquencies down 2bps HOH to 41 bps 0% 0-60% 61-75% 76-80% 81-90% 91-95% 95%+ Mortgagee in Possession volumes reduced by Mar 11 Sep 11 Mar 12 Sep 12 Mar 13 13% 1. Source: APRA Banking statistics excluding the impact of the sale of Origin Mortgage Management Services 79
Balancing proprietary and broker mortgage channels • Program of initiatives executed to strengthen Trend improving in ANZ Proprietary/Broker proprietary mortgage capability sales mix… Leveraging our network capability and driving growth from alternative proprietary channels has increased the proportion of proprietary 45% 49% 51% sales from 45% to 51% in the last 12 months Mortgage sales to C&CB customers has been a focus and has increased 36% PCP 55% 51% 49% • Broker originated loans deliver strong returns and remain an important source of high value new customers with average new loan sizes 23% 1H12 2H12 1H13 higher than branch originated loans Broker Proprietary … noting customer preferences generally are Broker channel remains an important shifting towards the Broker channel channel given shifting customer preferences Channel mix of new-to-bank Average new loan size 2 Major banks‟ new lending by channel 1 mortgage customers %, 12 months to September 2012 $‟000 4% % 3% Call centre +23% 100% 10% Mobile lenders 10% 308 Proprietary 80% 41% Branches 44% 60% 251 40% Broker Broker 46% 42% 20% 0% Proprietary Broker 2011 2012 1. Including ANZ, NAB (excl. Ubank), CBA (excl. BankWest), WBC (excl. St George). Note 2011 is based on 12 months to June 11 2. Jan 2013 YTD 80
Broad based performance in delivering the Retail result Deposit growth 1 strong driven by Savings, Personal Loans momentum accelerating predominantly Progress Saver $b $m Term Savings Online Savings Transaction +17% 2,503 +10% 100 10% 80 2,287 10% 10% 13% 13% 13% 60 2,136 24% 27% 22% 40 55% 53% 50% 20 0 Mar 12 Sep 12 Mar 13 Mar 12 Sep 12 Mar 13 Merchant Services increasing market Customer Acquisition share 2,3 Total customers „000 21.7% 5,040 +1.3% 21.0% 5,020 5,000 20.6% 4,980 4,960 4,940 4,920 Mar 12 Sep 12 Mar 13 Mar 12 Sep 12 Mar 13 1. Excludes offset accounts 2. ANZ Merchant Services turnover as % of market turnover as reported by the RBA 81 3. Source: RBA acquiring data as at Jan 2013 rolling 12 month average turnover (includes credit, debit and charge cards)
Corporate & Commercial Banking growing strongly • 1H13 cash profit up 8% HOH driven by strong Cash Profit movement – 1H13 v 2H12 3 asset growth and tight cost control • Strong volume growth with net loans and $m 7 589 advances up 9% and deposits up 7% over the 7 33 3 12 months to March 2013 4 Asset growth over past 12 months has 543 outperformed system growth in the business lending market 1 Up 8% • Overall margin flat with improvement in lending margin offset by impact of lower interest rate 2H12 Volume Margin Other Expenses Prov- 1H13 isions environment and deposit price competition Lending Deposits 2 $b $b +9% 63 61 58 +7% 43 44 41 Mar 12 Sep 12 Mar 13 Mar 12 Sep 12 Mar 13 1. System represents business lending as reported in RBA Lending and Credit Aggregates monthly data series, scaled to APRA total lending to business (excluding APRA non-fin corps lending) data series on a quarterly basis 2. Excludes Corporate Banking deposits which are included in the IIB division deposits (Corporate Deposits as at Mar 13 half: $5.8b Sep 12 half: 82 $6.2b; Mar 12 half: $5.8b; Sep 11 half: $6.3b; Mar 11 half: $6.3b) 3. Numbers reported post tax
Corporate & Commercial Banking remains well managed • Strong growth in cross sell revenue led by sales Whole of customer focus delivering 11% of mortgages to C&CB customers up 36% and cross sell revenue growth Trade up 15% PCP Retail Institutional Wealth $m • Credit quality is well controlled and stable with a +11% 600 weighted average customer credit rating of 6.2 500 over the last 3 halves 400 300 • Focus on productivity has improved operational 200 efficiency with revenue per FTE improving 4% 100 HOH and 10% PCP and operating expenses per 0 FTE down 1% HOH and up 3% PCP 1H12 2H12 1H13 Revenue per FTE up, cost per FTE declining Asset quality being maintained Customer Credit Rating (CCR) Profiles by EAD Revenue / FTE (LHS) $‟000 $‟000 Operating Expenses / FTE (RHS) Weighted 6.2 6.2 6.2 600 300 Avg. CCR 3% 3% 3% 580 280 Impaired 8-10 10% 10% 10% 7-8 560 260 31% 540 240 33% 31% 6 520 220 Fair 31% 5 32% 500 200 32% 480 180 16% 4 14% 15% 460 160 10% Strong 8% 9% 0-3 1H12 2H12 1H13 Mar 12 Sep 12 Feb 13 83
Corporate & Commercial Banking is winning business through customer growth driven by a differentiated value proposition • Leveraging ANZ‟s super regional advantage and ANZ FastPay - Australia‟s first mobile „connectivity‟ brand awareness (cross border payment App for small business referrals up 33% PCP) • Focus on innovation to meet changing customer needs (23,000 downloads of ANZ FastPay app) • Improving Banker capability Winner of Winner Trailblazer Award 1,300 staff up-skilled (super regional, credit „Innovative in for „Channel and sales skills) Mobile Excellence in Payments Mobile – Award‟ 2 Enhanced sales tools and processes Payments‟ 3 ANZ‟s super regional offering is front of Customer numbers increasing customers‟ minds Brand Metric: “Can Service My Business Needs Across Customer numbers Australia, NZ and Asia” 1 („ 000) +9% (%) ANZ Peer 1 Peer 2 Peer 3 40 895 870 818 35.3 35 29.9 30 29.7 27.1 25 Feb 13 Mar 11 Sep 11 Mar 12 Sep 12 Mar 12 Sep 12 Mar 13 1. DBM Business Financial Services Monitor, 3-month rolling average. Defined as the proportion of all commercial banking customers with $1m to less than $40m turnover, who think 'Can service my business needs across Australia, New Zealand and Asia' applies to each bank 2. Financial Insights Innovation Awards (FIIA) 2013 3. 2013 Banking & Payments Asia Trailblazer Awards 84
Strong productivity focus continues, allowing targeted investment in Banking on Australia in 2H13 • Expenses down 3% HOH and 2% PCP, CTI down Operating Expenses 200 bps HOH and 390 bps PCP to 37.9% • Australia Operations expenses down 7% HOH $m 2H12 included and 13% PCP, while maintaining service levels $58m and absorbing volume increases of 5% PCP 1,508 software 1,494 1,465 impairment • Monthly customer complaints down 9% HOH • Sustainable cost reduction through Banking on Australia transformation and simplification initiatives: Transforming our distribution network to reduce branch footprint costs and improve 1H12 2H12 1H13 frontline productivity Focusing on end-to-end process Revenue & Cost per FTE improvement, product simplification and right-sizing enablement functions Revenue / FTE (LHS) $‟000 $‟000 Operating Expenses / FTE (RHS) • Use of Centres of Excellence and Regional Hubs 300 170 Turnaround times for Travel Card account 275 145 openings reduced from 24 to 2 hours 250 120 Mortgage Assessment process improvements resulted in an additional 250 customers per 225 95 month receiving same day approval 200 70 75% reduction in Esanda application time 1H12 2H12 1H13 Bangalore hubs becoming more efficient (140 FTE equivalent of volume absorbed) 85
The Banking on Australia program The „Banking on Australia‟ program responds to changing customer expectations and the competitive domestic banking landscape. It‟s about putting customers in control of their finances and making it easy for them to bank with us. Investing $1.5 billion over five years to 2017 to reshape the way we do business • Transforming our distribution network to deliver an improved customer experience through presenting the full array of ANZ‟s banking, wealth and institutional solutions • Building our online and digital banking capabilities • Simplifying our products and processes to free up productive time and make doing business easier for staff and customers • Leveraging the connectivity of our unique super regional footprint • Building the capability of our people to meet changing customer needs through better training, support, insights and customer analytics Aiming to be the best connected, most respected bank across the Asia Pacific region • Acquiring more quality customers than any other major domestic bank • Achieving the highest customer satisfaction of the major banks • Being the #1 Corporate and Commercial Bank • Building our lead in digital and mobile banking • Continuing to build a highly engaged workforce proud to work for ANZ 86
Banking on Australia Embracing the digital Simplifying products, Transforming & Leveraging the Building the capability age to meet customer processes and rejuvenating our connectivity and super of our people to meet expectations improving productivity distribution channels regional footprint customer needs • ANZ goMoney • Cross-border referrals • 150,000 hours training • Mobility, sales • 43 video conferencing up 33% YOY completed in the last 12 effectiveness & facilities deployed Over 1m users months productivity enhanced • 11% increase in C&CB • 46 new look sales focused Available on iPhone for 300 Commercial • Over 3,000 staff trained cross sell branches transformed to and Android Bankers to date via iPad and accredited to sell • Improved productivity date with a total 9000 1m goMoney logons supported business apps. mortgages sqm reduction by migrating activities in 1 day - now 1,200 more bankers • 1,300 staff in 300 78 branches in total to Hubs exceeding internet to be enabled in 2013 branches now accredited will be transformed by 7,000 hours per banking • ANZ OneSwitch – 271 to sell wealth products Sept 2013 month freed up for • ANZ FastPay business customers have • 10% increase PCP in staff in the branch 5,000 simple Wealth Launched Oct 2012 switched to ANZ over the network sales achieved in proprietary mortgage 23k downloads & 6.5k half, taking the total to 1H13 sales Increased the active merchants 927 since 2011 • 3,000 branch staff • 13% increase PCP in number of branches (25% of which were • Re-engineered mortgage with dedicated completed the Sales Wealth sales events new to bank) fulfilment model - 40% International Accelerator Program, across the Retail network Winner „Innovative in improvement in time to Banking Services enabling more in-depth • 800 iATMs to be Mobile Payments letter of offer from 47 to 62 A-Z Reviews with introduced from June Award‟ 1 • 9% reduction in customers • 16% growth in new 2013 (200 installed by Winner of Trailblazer complaints HOH • Winning Whole of Wallet international customers end of 2013) Award for „Channel • Streamlining our product sales training being Excellence in Mobile – delivered to 600 offerings to better meet Payments‟ 2 Commercial bankers customers needs • ANZ Transactive for • 850 Commercial staff will 13 commercial Mobile have completed the products credit pathways training Launched Feb 2013 decommissioned by end of FY13 1,685 users across Now 3 simple 584 clients categories for credit card offering – low 9% of all Transactive rate, low fee and users are now using rewards mobile 1. Financial Insights Innovation Awards (FIIA) 2013 2. 2013 Banking & Payments Asia Trailblazer Awards 87
13 HALF YEAR RESULTS AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED 30 April 2013 Investor Discussion Pack International & Institutional Banking
IIB growing in line with strategy while improving productivity • Income growth continues Operating Income growth 1H13 v 2H12 IIB income growth of 3%, with Asia organic 16% 16% franchise income up 8% Improved connectivity and growing volumes 6% have countered margin pressures 3% 1% Markets Trading and Balance Sheet grew 47% from strong customer flow and tightening IIB APEA ex Australia New Zealand Asia credit spreads – average traded VaR down, Partnerships Institutional Institutional Institutional now 47% lower than 2011 Operating Income growth 1H13 v 2H12 • We have a substantial business in Asia 40% 47% 32% Recognised as a Top 4 Corporate Bank in Asia 1 14% 6% Now generating over USD2bn per annum in income; CAGR of 46% since 2007 -6% Global Trade & FX Commercial Capital Markets • In line with strategy, diversifying revenue Loans Supply Asia Markets Trading & Chain Balance streams to reduce reliance on lending Sheet Increased focus on flow and value added Volume growth 1H13 v 2H12 products such as markets, trade and cash management Targeting less lending reliant FIG and Resource 17% 15% 14% customer segments – trade volumes grew 17% 10% and 13% respectively • Positive JAWS of 4% through disciplined cost Cross Border FX Turnover Retail Lending Trade & Supply management and productivity initiatives Lending Chain Lending All growth rates reflect 1H13 v 2H12 unless otherwise stated 1. Greenwich Large Corporate Banking Survey, 2013 89
Increasing earnings diversity and focusing on higher return products and segments Increasing contribution of flow and value Diversifying Income by Geography added product 1H13 1H13 Australia 23% Asia Pacific, Transaction 26% Global Loans Europe & Banking America 21% 30% 46% 40% 1H11 1H11 52% Flow & 46% Value Added 11% 33% 11% Retail 8% 5% 6% 34% Global 8% Markets Partnerships New Zealand Operating Income Growth Operating Income Growth 2year CAGR 2 year CAGR 17% 19% 13% 9% 6% 4% -3% -5% Australia New Zealand APEA ex- APEA 1 Partnerships Institutional Global Loans Retail Markets FX Trade & Supply Chain 1. Normalised for RBS acquisition non-recurring gains 90
Maintaining a leading position in Australia / New Zealand and gaining recognition in Asia Leading in Priority products Winning Flow & Value Added Deals Foreign Exchange & Commodities Number 1 primary supplier of spot FX and forward FX in Leveraging ANZ‟s Australia (East & Partners 2012) regional network and Best for Asian Currencies & Best for Client Service in Asia USD900 MILLION expertise in Trade & Time Zone (Euromoney FX Survey 2012) Supply Chain, Cash Best for FX Options as voted by Financial Institutions Syndicated Receivables Purchase Management and Facility (AsiaMoney FX Poll 2012) Debt Capital Markets Pegatron Corporation Ranked No. 4 in the 2012 AsiaMoney Commodity Poll Bookrunner, Coordinating Arranger, (unranked in 2011 ) Facility Agent and Collection Bank October 2012 Trade Finance Pegatron is a world leader in the electronic and Best Trade Finance Bank Australia for 6 years running computing design and manufacturing services (Global Finance) industry Best Trade Finance Bank New Zealand for 5 years running ANZ provided a scalable supply chain solution (Global Finance) to facilitate the purchase of receivables from Best Trade Bank in Asia Pacific (Trade and Forfaiting Review Apple Inc. 2012) This required an in-depth understanding of both companies, skills in structuring and syndicating Debt Capital Markets the large USD900m deal, product expertise, No. 1 Mandated Lead Arranger and Bookrunner in operational controls, as well as appropriate risk Australia / New Zealand (Thomson Reuters LPC 2012) appetite Market-leading Syndicated Loan Team in Asia Pacific (Asia- This deal was recognised as Deal of the Year Pacific Syndicated Loan House of the Year, APLMA 2012) 2012 by Trade Finance and Best Top four underwriter/arranger in the SGD and Dim Sum Telecommunications & Technology Trade Bond Markets Finance Solution, Taiwan by The Asset in 2013 91
Connectivity is a key differentiator for ANZ, driving cross-border activity around the network Cross-Border Lending Growth 1H13 v 2H12 Europe & America Asia Pacific Australia / New Zealand 36% 16% 11% 10% 7% 3% Referred Received Referred Received Referred Received Total 1H13 Cross-Border Lending Up 10% to $17b Driven by strong growth in Trade Finance up 17% 92
We have built scale, capability and momentum in Asia ANZ has built a substantial business in Asia A top 4 Corporate Bank in Asia Greenwich Associates Large Corporate Survey Markets / No. Staff Overall Relationship Quality 70% Japan & Korea – 200 17% China – 800 60% Bank A 11% 17% Taiwan – 1,500 24% 50% Bank B Hong Kong – 1,000 12% 11% 6% Important Relationships Greater Mekong – 1,400 Bank C 40% Philippines – 1,300 2012 Singapore – 2,100 30% Indonesia – 1,800 Global Hub 2011 India – 5,600 Bank E 2010 20% Bank D Bank H Bank F Significantly larger than Australian peers Bank G Bank I 10% Asia Staff (FTE) 15,700 Global 6,900 Hubs 0% -75 -50 -25 0 25 50 75 ~2,800 8,800 ~400 ~200 Greenwich Quality Index 1 - Overall Relationship Quality ANZ Peer 1 Peer 2 Peer 3 (Difference from the Average) 1. The Greenwich Quality Index score is based upon a normalised composite of all qualitative evaluations transformed to a scale of 0 to 1,000 with the difference from the average shown. Note: Cross-hairs are calculated by the average of the banks shown in graph. 93
A focus on growth and scale in Asia to drive improved returns Significant growth achieved since Volume growth has remained strong commencing super regional strategy Asia Volume growth (1H13 v 1H12) Asia Operating Income USDm 28% 26% 20% 17% 11% 2,109 1,840 International Retail Investment & FX Sales Trade Txns Payments Deposits Insurance Txns +46% CAGR Achieved scale in core franchise markets +11% PCP 1,257 USDm Operating Income – FY12 484 1,135 390 1,085 313 1,024 280 244 133 877 622 Greater Taiwan Hong Kong China Indonesia Singapore Mekong Operating Income – 1H13 322 303 180 166 159 112 79 Greater Taiwan Hong Kong China Indonesia Singapore FY07 FY08 FY09 FY10 FY11 FY12 1H12 2H12 1H13 Mekong 94
Underlying volume growth and disciplined cost management assisting to offset margin headwinds 50 AUDm 1,199 198 6 141 1,093 51 952 65 IIB Cash 32 Profit Movement 1H13 v Normalised Cash Profit up 10% 2H12 Cash Profit up 26% 2H12 2H12 2H12 Margin Partnerships Underlying Operating Provisions Tax & OEI 1H13 Software Normalised Compression Income expenses Impairment Improving underlying volumes and strong Disciplined cost management and Markets income growth productivity initiatives Trade and FX volume growing at 17% and 14% Normalised jaws of +4% • • Markets Trading & Balance Sheet Trading up 47% 4% FTE reduction with FTE discipline in Enablement • • Capital Markets income up 40% and Retail • Margin headwinds Continued improvement in credit quality IIB margin compression slowing to 14bps HOH vs Improved Impaired Assets / GLA at 1.37% in 1H13 • • 39bps in 2H12 on an ex-markets basis, of which (1.57% in 2H12) 10bps related to capital and rate insensitive deposits from a lower interest rate environment Institutional HOH margin compression of 12 bps • 95
Improving income quality whilst continuing to drive volume growth Improving quality of earnings through Driving volumes growth to counter margin growth of Non-Interest Income pressures and mix changes in our business Net Interest Margin ex-Markets IIB Operating Income 4.00% AUDb IIB ex Markets Institutional ex Markets CAGR +8% CAGR 3.60% 3.30% (1H10-1H13) 3.3 3.3 3.20% 2.91% 3.2 3.1 2.77% OOI 3.05% 2.9 2.9 2.80% 11% 2.6 2.66% 2.40% 2.54% 2.00% 1H08 2H08 1H09 2H09 1H10 2H10 1H11 2H11 1H12 2H12 1H13 NII Strong Trade volume growth in 5% Priority Segments 1H13 v 2H12 (%) 33% 17% 13% Resources FIG Commercial 1H10 2H10 1H11 2H11 1H12 2H12 1H13 Net Interest Income Other Operating Income 96
Disciplined cost management helping to fund investment in further growth • Delivered positive income / expense JAWS both Delivering improved operational leverage HOH and PCP • Rebalancing coverage model to reflect changed IIB Operating Expense Growth 1 business mix - FTE Reduction of 4% HOH HOH PCP • Driving efficiency through leveraging Global Hubs Jaws 6.4% 5.9% • Continuing to invest: 5.6% HOH: +4% PCP: +1% Technology Platforms: Cash Management Markets Asia Core Banking and Internet Banking 0.5% 0.3% Transaction Banking, Markets and Commercial Asia frontline build-out -0.2% -0.4% -0.7% Rebalanced coverage model 2H11 1H12 2H12 1H13 IIB Cost to Income Ratio Institutional Employees by Geography 50% 48.0% 10% 10% 10% 10% 11% 48% 45.8% 45% 46% 51% 50% 52% 46% 44.7% 44% 44.2% 44% 45% 39% 40% 37% 42% 1H11 2H11 1H12 2H12 1H13 40% 2H11 1H12 2H12 1H13 Asia Australia / NZ Other 1. All numbers exclude one-off Software impairment of AUD162m in 2H12 97
Productivity gains invested in our Asia network Balancing our growth profile Investing in our growth markets through investment in APEA IIB Operating Expenses 1 IIB Full Time Equivalent Employees 2 AUDm Continue to invest in priority segments 15,274 Asia FTE Growth 1H13 v 1H12 1,452 Markets 14% 40 Transaction Banking 12% 1,446 Commercial Asia 9% 237 319 13,540 298 1,476 46 Operating Expenses flat FTE down 12% 1H11 Institutional Retail Enablement Institutional 1H13 2H12 Australia & APEA 1H13 Australia & APEA APEA NZ NZ 1. Excludes one-off Software impairment of AUD162m in 2H12 2. Includes contract employees. Excludes global hubs 98
Continuing to grow and strengthen balance sheet IIB Customer Deposits IIB Customer Lending 1 Loan-deposit ratio Asia Funded Trade Sep-12: 69% Growth of +19% HOH Mar-13: 68% AUDb AUDb 160 +18% CAGR 160 152 143 140 133 140 +13% CAGR 120 120 109 103 98 93 100 100 80 80 80 60 60 40 40 20 20 0 0 Mar 11 Mar 12 Sep 12 Mar 13 Mar 11 Mar 12 Sep 12 Mar 13 Institutional Australia Institutional NZ Institutional APEA Retail Asia Pacific 99 1. Net Loans & Advances (incl. acceptances)
Institutional lending book continues to diversify and de-risk Lower provision charge 1H13 due to absence Institutional lending portfolio of large single names continues to improve Institutional Risk Grade Profile by Exposure at Default AUDm 700 1 Defaulted Sub Investment Grade Investment Grade 1% 1% 1% 1% 2% 2% 600 20% 24% 26% 30% 32% 39% 500 432 400 79% 75% 73% 68% 66% 60% 300 250 229 283 Sep 08 Sep 09 Sep 10 Sep 11 Sep 12 Mar 13 200 139 110 165 100 Improving Impaired Asset position 0 Institutional Net Impaired Assets $b Net Impaired Assets 3.0 -100 As % Gross Loans & Advances -200 4.1% 2.0 -300 2.9% 2.8% 1H10 2H10 1H11 2H11 1H12 2H12 1H13 1.0 1.9% 1.8% 1.7% 1.4% CP Charge Recoveries & Writebacks 0.0 Increased IP Charge New IP Charge Mar 10 Sep 10 Mar 11 Sep 11 Mar 12 Sep 12 Mar 13 Total Provision Charge 1. Sub-investment grade defined as exposures with a rating below BBB- 100
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