ANZ National Bank Limited
and Subsidiary Companies
  Key Information Summary
for the six months ended
31 March 2003
   
 
 
Introductory Statement
 
The purpose of this Key Information Summary is to provide customers and potential customers with information about the financial condition of their bank.

Neither the New Zealand Government nor the Reserve Bank of New Zealand guarantees or insures bank deposits.

The information contained in the Key Information Summary is explained in the Reserve Bank publication “Your Bank’s Disclosure Statement – What’s In It For You?”, which can be obtained from the Reserve Bank.

   
 
 
Corporate Information
 
The full name of the registered bank is ANZ National Bank Limited (the ‘Bank’).

The full name of the ultimate parent bank of the Bank is Australia and New Zealand Banking Group Limited, which is domiciled in Australia.

   
 
 
Credit Rating
 
The Bank has two current credit ratings, issued by Standard and Poor’s and Moody’s Investors Service, which are applicable to its long term senior unsecured obligations which are payable in New Zealand in New Zealand dollars.

The current Standard and Poor’s credit rating is AA–. There have been no changes in the credit rating issued in the past two years ended 31 March 2003. The rating is not subject to any qualifications.

The current Moody’s Investors Service credit rating is Aa3. There have been no changes in the credit rating issued in the past two years ended 31 March 2003. The rating is not subject to any qualifications.

     
 

ANZ National Bank Limited and Subsidiary Companies
Key Information Summary for the six months ended 31 March 2003

  
     
   
 
 
             Consolidated
Unaudited
31/03/2003		 Unaudited
31/03/2002
Profitability  
Operating surplus for the six months ended 31 March ($m)
(There were no extraordinary items)
204 198

Operating surplus for the year ended 31 March as a percentage of average total assets

 1.6% 1.4%
 
 
Size – as at 31 March

Total assets ($m)

 28,354 27,374

The percentage increase/(decrease) in total assets from 1 April to 31 March

 3.6% (2.5%)
 
 
Capital Adequacy – as at 31 March

Tier 1 Capital as a percentage of risk weighted exposures

 7.4% 7.5%

Reserve Bank of New Zealand minimum Tier 1 Capital ratio

 4.0% 4.0%

Total capital as a percentage of risk weighted exposures

 10.7%

10.9%

Reserve Bank of New Zealand minimum Total Capital ratio

8.0% 8.0%
 
 
Asset Quality - as at 31 March

Total impaired assets (on-balance sheet and off-balance sheet) ($m)

 42

41

Total impaired assets as a percentage of total assets

 0.1% 0.1%

Total specific provisions ($m)

 17 21

Total specific provisions as a percentage of total impaired assets

 40.5% 51.2%
 
 
Peak Credit Exposure Concentrations –
for the three months ended 31 March
(note 1)		 Number of
Counterparties		 Number of 
Counterparties
 

The number of individual counterparties other than banks or groups of closely related counterparties of which a bank is the parent (excluding OECD Governments and connected persons), where the peak end-of-day credit exposures (net of specific provisions; nil) equals or exceeds 10% of equity (as at the end of the period) in ranges of 10% of equity, on the basis of limits:
 
     
  10% to 20% of equity
 15   13
  20% to 30% of equity
 2   2
  30% to 40% of equity
 3   4
  40% to 50% of equity
 2   2
     
 
              Consolidated
Unaudited
31/03/2003		   Unaudited
31/03/2002
 
Peak Credit Exposure Concentrations –
for the three months ended 31 March (continued) 		Number of
Counterparties		 Number of
Counterparties
 

The number of bank counterparties or groups of closely related counterparties of which a bank is the parent (excluding OECD Governments and connected persons), where the peak end-of-day credit exposures (net of specific provisions; nil) equals or exceeds 10% of equity (as at the end of the period) in ranges of 10% of equity, on the basis of actual exposures:
 
  10% to 20% of equity
 6   5
  20% to 30% of equity
 3   5
  30% to 40% of equity
 2   2
  40% to 50% of equity
 1   -
  50% to 60% of equity
 1   -
       
 
 
Peak Connected Persons Credit Exposures –
for the three months ended 31 March

The peak aggregate end-of-day credit exposure (net of specific provisions and gross of set-offs) to connected persons (there are no specific provisions or set-offs) ($m)

 671 576

The peak aggregate end-of-day credit exposure (net of specific provisions and gross of set-offs) to connected persons as a percentage of Tier 1 Capital

 46.4% 41.6%

Reserve Bank of New Zealand maximum peak end-of-day aggregate credit exposures (net of specific provisions and gross of set-offs) to all connected persons as a percentage of Tier 1 Capital

 75.0% 75.0%

Reserve Bank of New Zealand maximum peak end-of-day aggregate credit exposures (net of specific provisions and gross of set-offs) to non-bank connected persons, within the limit to all connected persons, as a percentage of Tier 1 Capital (note 2)

15.0% 15.0%
 
 
     
  Note 1 - The number of individual counterparties disclosed within the various equity ranges is based on counterparty limits rather than actual exposures outstanding. No account is taken of security and/or guarantees which the Bank may hold in respect of the various counterparty limits.  
  Note 2 - The Banking Group had nil credit exposures (net of specific provisions and gross of set-offs) to non-bank connected persons for the three months ended 31 March 2002 and 2003.  
   
     
  Availability of Disclosure Statements  
  Copies of ANZ National Bank Limited’s most recent General Disclosure Statement will be provided at no charge immediately to any person requesting a copy where the request is made at ANZ National Bank Limited’s head office and within five working days where the request is made at any branch or agency of ANZ National Bank Limited.  
     
   
     
  KPMG Logo  
     
  Independent Review Report to the Directors of ANZ National Bank Limited  
     
 

We have reviewed the interim financial statements, including supplementary information, included in the General Disclosure Statement for the six months ended 31 March 2003. Our review was conducted in accordance with the Review Engagement Standards issued by the Institute of Chartered Accountants of New Zealand. A review of the General Disclosure Statement is limited primarily to enquiries of Banking Group personnel and analytical review procedures applied to financial data, and thus provides less assurance than an audit. We have not performed an audit and, accordingly, we do not express an audit opinion. In our report dated 16 April 2003 we expressed an unqualified statement on those interim financial statements and supplementary information.

  
     
 

The Key Information Summary has been extracted from information contained in the General Disclosure Statement for the six months ended 31 March 2003. We have reviewed the Key Information Summary and based on our review:

  
     
 

the Key Information Summary has been completed in accordance with the Registered Bank Disclosure Statement (Full and Half-Year – New Zealand Incorporated Registered Banks) Order 1998; and

the information contained in the Key Information Summary has been properly extracted from information contained in the General Disclosure Statement.

  
     
 

For a better appreciation of the scope of our review, and of the financial position of the Banking Group as at 31 March 2003 and the results of its operations and cashflows for the six months ended on that date, this report should be read in conjunction with the General Disclosure Statement.

Our review was completed on 16 April 2003 and our statement is made as at that date.

  
     
  KPMG  
  Wellington