An interesting exercise, Snoopy, but not particularly helpful if your object is to compare the investment merits of the two banks. Whether you buy ANZ on the NZX or the ASX you're buying ANZ Group, the NZ business of which forms a minor - and decreasing - portion of revenue and profits. On the other hand, comparisons of the respective NZ businesses may offer some helpful insights into HNZ's prospects, providing that it's possible to take reasonable regard for the different business segments, sizes etc.

Cheers