Sharechat Logo

ANZ Group posts record annual profit


Thursday 24th October 2002

Text too small?
ANZ Bank posted a full-year operating profit of $A2.32 billion ($NZ2.68) billion for the group, the company said today.

That was a 24 percent rise on the previous year's profit. ANZ's final dividend will also rise, to A46c from A40c.

ANZ, Australia's fourth-largest lender, said it was not looking for much respite from the troubled global economy and expected to see an increase in domestic consumer defaults.

The record annual profit, cracking the $2 billion level for the first time, included $A170 million from the sale of businesses to the joint venture with the ING Group as well as $A159 million after tax from the settlement of the long standing dispute with India's National Housing Bank.

It is well ahead of analysts expectations, which centred on $A2.15 billion.

Chief executive John MacFarlane said the 2003 target of 10 percent earnings per share growth remained unchanged after today's result.

He said that despite global economic prospects for the year ahead likely to remain subdued, he did expect the Australian and New Zealand economies to continue to perform steadily.

  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

ANZ Bank lifts FY underlying profit in NZ by 11 percent to $957M
ANZ Bank boosts NZ market share in 3Q as margins shrink
ANZ Bank to invest A$300 mln in China to expand branch network
ANZ New Zealand boosts 1H earnings 13% despite lending decline
ANZ National lending falls in 1Q, deposits grow
UPDATE: ANZ New Zealand boosts FY profit 25%; loan book shrinks
Bad debts halve while late loans double for ANZ National Bank
ANZ to open local Chinese bank
ANZ farewells ING brand in favour of inhouse moniker
Court action against ANZ not worth the extra fine