Commentary & highlights
 Financial statements
 Selected return ratios
 Key income statement
 Key balance sheet
 Capital adequacy
 Employees
 Historical review
 Ratings & comparison
 Market share analysis

 

 

Financial highlights
 
Headline
 
   
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*
 Headline earnings reconciliation
 
 
 Income attributable to shareholders
258 
475 
266 
  Less: Non-headline earnings items
 
(361)
(1 271)
(815)
 
 Exceptional capital items
(361)
(1 569)
(867)
 Taxation on exceptional items
– 
298 
52 
 
 
 
 
 
 
 Headline earnings
(65)
(43)
619 
1 746 
1 081 
 
 
 
 
 
 
 Selected returns
 Headline earnings per share (cents)
(68)
(46)
229 
722 
427 
 Return on shareholders' funds (%)
8,7 
21,1 
12,47
 Return on total assets (%)
0,63 
1,85 
0,93 
 Non-interest revenue to total income (%)
50,8 
56,3 
51,6 
 Efficiency ratio (%) ***
69,7 
57,8 
64,2 
 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 
 Fully diluted weighted average number of shares (m)    
271,0
242,9 
254,5 
 Diluted headline earnings per share (cents)    
228 
719 
425 
 Dividends per share (cents)    
205 
205 
310 
 Dividend cover (times)
1,1 
3,5 
1,4 
 Net asset value per share at book value** (cents)
5 865 
7 403 
6 300 
 Share price (cents)
8 950 
11 700 
11 110 
 Price earnings ration (historical)
14,4 
7,0 
9,7 
 Market capitalisation (Rbn)
 
 
24,6 
28,9 
30,1
* Excludes the effect of AC133        
+ Including BoE and NiB transactions for the first 6 months        
> net of dec '02 to date pro forma less June '02        
*** Excludes exceptional translation (losses)/gains        
           
     
                         Six months ended          12 months ended
 
 
 
30 Jun 
30 Jun 
31 Dec 
31 Dec 
       
 
2003 
2002 
2002 
2002 
       
 
Unaudited 
 Unaudited 
Audited 
Unaudited
       
 
Actual 
Pro forma*
Pro forma*
Pro forma*
 Headline earnings reconciliation
 
 
 
 
 
 Income attributable to shareholders
352 
738 
984 
740 
  Less: Non-headline earnings items
 
 
 
 
(309)
(786)
(1 601) 
(2 087)
     
 Exceptional capital items    
(309)
(926)
(1 793)
(2 437)
 Taxation on exceptional items    
– 
140 
(192)
350
     
 
 
 
 
 
 
 Headline earnings    
 
 
661 
1 524 
2 585 
2 827 
     
 
 
 
 
 
 Selected returns    
 Core earnings per share (cents)    
244 
630 
1 022 
1 117 
 Return on shareholders' funds (%)    
9,3 
20,9 
17,2 
17,1 
 Return on total assets (%)    
0,60 
1,70 
1,24 
1,30 
 Non-interest revenue to total income (%)    
50,1 
48,5 
50,2 
54,0 
 Efficiency ratio (%)    
67,2 
53,4 
59,5 
60,8 
 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 
 Fully diluted weighted average number of shares (m)      
271,0 
242,9
254,5 
254,5 
 Diluted headline earnings per share (cents)      
244 
627 
1 016 
1 111 
 Dividends per share (cents)      
205 
205 
515 
515 
 Dividend cover (times)      
1,2 
3,2 
2,0 
2,2 
 Net asset value per share at book value** (cents)      
5 398 
6 105 
6 300 
6 300 
 Share price (cents)      
8 950 
11 700 
11 100 
11 100 
 Core price earnings ration (historical)      
14,1 
7,4 
10,9 
9,9 
 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
*** Excludes exceptional translation (losses)/gains
        
   
          
  
   
  
   
          
  
This page was updated on 31 July, 2003
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