Financial objectives

Performance against 2005 objectives1

      
  2005 2005 2005
  IFRS Normalised Objective
  % % %
Return on equity 27,8 25,2 22,5
Headline earnings per share growth 23,1 19,3 13,92
Cost-to-income ratio 56,6   ≤ 55,5
Credit loss ratio 0,41   < 0,75
1The group’s 2005 performance against objectives is discussed in the financial review. 
2Average CPIX for 2005 of 3,9% plus 10,0%.


Return on equity (%) Headline earnings per share growth (%)
Return on equity (%) Headline earnings per share growth (%)
Return on equity [key] Headline earnings per share growth [key]

We understand that we earn the right to exist by providing appropriate long-term returns to our shareholders.

2006 objectives

  • Normalised return on equity of 24,0%.
  • Normalised headline earnings per share growth to exceed domestic CPIX by 10 percentage points.
  • Credit loss ratio to be contained within 0,75% of average advances.
  • Cost-to-income ratio to be at or better than 55,5%.

Medium-term objectives

  • Normalised return on equity of 22,5%.
  • Normalised headline earnings per share growth to exceed domestic CPIX by 10 percentage points.
  • Credit loss ratio to be contained within 1,00% of average advances.
  • Cost-to-income ratio to reflect a continuous improvement over the medium term.
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