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Performance survey: strong income including exceptional wealth management profits and continued...

Profit

Operating profit after tax increased by 25.1 percent to $14.9 billion in 2005. Excluding non-cash items such as wealth management revaluations and NAB's significant items of $0.3 billion (primarily profit on sale of its Irish banks net of restructure provisions) underlying cash earnings (2) grew by 14.4 percent (2004:8.7 percent).

This is an extremely strong result considering the slow down in housing loan growth over the past two years and fierce competition for retail deposits. The increase in underlying profit growth partially reflects an improved

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