Core (excluding translation (losses)/gains and
exceptional items)
Pro forma unaudited
%
change
Six months ended
30 June
30 Jun
31 Dec
Jun 03/
Jun 03/
2003
2002
2002
Dec 02
Dec 02
Pro forma*
Pro forma*
Pro forma*
Core earnings reconciliation
Headline earnings
619
1 746
1 081
Less:
Adjustments
(585)
50
(745)
Translation gains
(451)
(350)
(575)
Taxation on merger and reorganisation
costs
–
–
23
Exceptional general provision
–
400
–
Merger and reorganisation costs
(134)
–
(193)
Core earnings
(29)
(34)
1 204
1 696
1 826
Selected returns
Core earnings per share (cents)
(37)
(38)
445
701
722
Return on shareholders' funds (%)
14,6
20,5
20,4
Return on total assets (%)
1,06
1,80
1,49
Non-interest revenue to total income
(%)
53,9
55,8
55,2
Efficiency ratio (%)
63,5
58,5
56,9
Net interest income to interest earning
assets (%)
2,68
3,45
2,84
Doubtful-debts provision to
total advances (%)
2,9
2,3
3,1
Balance sheet
Total shareholders' funds (Rm)
1
(3)
19 429
19 216
20 122
Deposit, current and other accounts
(Rm)
31
(1)
234 099
178 224
235 449
Advances and other accounts (Rm)
5
3
206 862
196 701
201 539
Total assets
6
(1)
270 523
256 148
273 784
Capital ratio (%)
10,5
11,2
11,0
Capital ratio – tier
1 (%)
6,8
9,0
7,0
Share statistics
Number of shares in issue (m)
274,7
246,9
270,6
Weighted average number of shares
(m)
270,8
241,9
253,0
Earnings per share after exceptional
items (cents)
95
196
105
Dividends per share (cents)
6
(34)
205
205
310
Dividend cover (times)
2,2
3,4
2,3
Net asset value per share at book
value** (cents)
5 865
7 403
6 300
Share price (cents)
8 950
11 700
11 110
Core price earnings ration (historical)
7,9
8,1
7,8
Market capitalisation (Rbn)
24,6
28,9
30,1
Six
months ended
12
months ended
30
Jun
30 Jun
31 Dec
31 Dec
2003
2002
2002
2002
Unaudited
Unaudited
Audited
Unaudited
Actual
Actual
Actual
Pro forma*
Core earnings reconciliation
Headline earnings
661
1 524
2 585
2 827
Less:
Adjustments
(869)
(36)
(781)
(6955)
Translation gains
(735)
(436)
(1 011)
(926)
Taxation on merger and reorganisation
costs
–
–
23
–
Exceptional general provision
–
400
400
400
Merger and reorganisation costs
(134)
–
(193)
(169)
Core earnings
1
530
1 560
3 366
3 522
Selected returns
Core earnings per share (cents)
565
645
1 330
1 392
Return on shareholders' funds
(%)
18,5
21,4
21,9
21,0
Return on total assets (%)
1,20
1,73
1,57
1,60
Non-interest revenue to total
income (%)
54,9
48,5
52,4
55,4
Efficiency ratio (%)
59,0
53,4
55,4
57,7
Net interest income to interest
earning assets (%)
2,59
3,05
2,88
3,06
Doubtful-debts provision
to total advances (%)
2,8
3,0
3,1
3,1
Balance sheet
Total shareholders' funds (Rm)
18 099
16 593
20 122
20 122
Deposit, current and other accounts
(Rm)
280 904
178 224
235 449
235 449
Advances and other accounts
(Rm)
246 161
153 413
201 539
201 539
Total assets
315 702
200 701
273 784
273 784
Capital ratio (%)
10,0
11,2
11,0
11,0
Capital ratio –
tier 1 (%)
6,3
9,0
7,0
7,0
Share statistics
Number of shares in issue (m)
274,7
246,9
270,6
270,6
Weighted average number of shares
(m)
270,8
241,9
253,0
253,0
Earnings per share after exceptional
items (cents)
130
306
389
292
Dividends per share (cents)
205
205
515
515
Dividend cover (times)
2,8
3,1
2,6
2,7
Net asset value per share at
book value** (cents)
5 398
6 105
6 300
6 300
Share price (cents)
8 950
11 700
11 110
11 110
Core price earnings ration (historical)
7,2
8,5
8,4
8,0
Market capitalisation (Rbn)
24,6
28,9
30,1
30,1
* Excludes the
effect of AC133
+ Including BoE and NiB transactions for the first 6 months
> Net of Dec '02 year to date pro forma less June '02
pro forma
