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Clarification of ROE Methodology

Document date:  Mon 30 Apr 2001
Published:  Tue 01 May 2001 08:45:09
Document No:  176151
Document part:  A
Market Flag:  N
Classification:  Other

AUSTRALIA AND NEW ZEALAND BANKING GROUP       2001-04-30  ASX-SIGNAL-G

HOMEX - Melbourne                                                     

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ANZ announced its 31 March 2001 interim results on 26 April 2001.
These included a change in methodology applied to the calculation of
average ordinary equity for this half which was not highlighted.
Industry practice in the measurement of average ordinary equity
varies. In prior periods we have excluded the dividend for that
period from our calculation of average ordinary equity. However this
half's equity calculation has been bought into line with our
management accounts and the reporting of regulatory capital to APRA
which accrue dividends over the half.

The impact of this change in methodology is as follows:

                       MARCH 2001     SEPT 2000    MARCH 2000
ROE %

Dividends "accrued"          19.6          20.2          18.3
Dividends excluded           19.1          19.7          17.8

Average ordinary shareholders equity $m

Dividends "accrued"          8568          8667          8406
Dividends excluded           8802          8924          8620

The ROE for the geographic segment Australia is similarly affected.

The Group's target of achieving a ROE over 20% continues to be based
on the "Dividends excluded" approach (impact approximately 0.5%).


For analyst enquiries, contact 
Philip Gentry 
HEAD OF INVESTOR RELATIONS 
Tel 03 9273 4185 or 0411 125 474 
Email: gentryp@anz.com