Skip to content

Preliminary Final Report & On-Market Buy-Back

Document date:  Wed 03 Nov 1999
Published:  Wed 03 Nov 1999 00:00:00
Document No:  154638
Document part:  A
Market Flag:  Y
Classification: 

HOMEX - Melbourne                                                     

+++++++++++++++++++++++++
MEDIA RELEASE

ANZ DELIVERS STRONG EARNINGS GROWTH ANNOUNCES $500M BUYBACK

Australia and New Zealand Banking Group Limited (ANZ) today reported
previous year was $1,106 million or $1,175 million before abnormal
items. Comparisons with the previous year are complicated by the
preference share issue and an accounting change for software. After
adjusting for these items the profit increase was 18%. Earnings per
share grew by 17% to 90.6 cents.

The final dividend will be 30 cents, bringing the full-year dividend
to 56 cents. This is up 8% from 1998. Franking has been increased to
80% in the second half, from 75% in the first half. Franking last
year was 60%. ANZ expects to increase the level of franking again in
the year ahead.

ANZ Chairman, Mr Charles Goode, made the following comment about the
result: "It has been a very good year for ANZ with substantial
progress in implementing a focused strategy and in improving
performance. The dividend has again been increased. We have put in
place an excellent management team, which is performing well. There
is a strong foundation for ANZ to continue to perform and deliver
value for shareholders."

Chief Executive Officer, Mr John McFarlane, said: "The 1999 result
demonstrates that ANZ is delivering on the commitments we made to
shareholders to generate strong earnings growth, to reduce costs, to
lower risk and to improve the return on equity.

"At the same time, we have re-balanced our business mix towards
higher return, lower risk businesses. We are also delighted with our
<~>ers now registered for Internet banking. The rollout of our

Premier Banking offering underscores our commitment to improving the
customer experience.

"The effective management of capital is a priority for ANZ. The
high level of internal capital generated from strong earnings growth,
the implementation of risk reduction programs, and the preference
share issue, have all created a capital surplus for the Group. We are
therefore announcing today an on market ordinary share buyback of up
to $500 million, as the first step in addressing our surplus capital.
We have examined a number of acquisition opportunities in South East
Asia. With the exception of Panin Bank, these have not met our hurdle
criteria and the likelihood of our making a major international
acquisition this year is low.

"For this year, we have set ourselves performance targets to
outperform our peers. Plans are in place to achieve this", Mr
McFarlane concluded.

ANZ's 1999 Financial Results are available on

www.anz.com

NAME OF COMPANY: Australia and New Zealand Banking Group Limited 
                 ACN 005 357 522

REPORT FOR THE YEAR ENDED 30 SEPTEMBER 1999           A$ MILLION

Group operating revenue                                   10,995

Group operating profit after income tax and 
Final ordinary dividend per fully paid 
share, 80% franked at 36%                               30 cents

Record date for final ordinary dividend         19 November 1999 
Payment of final ordinary dividend              20 December 1999

The final dividend will be payable to shareholders registered in the
books of the Company at close of business on 19 November 1999.
Transfers must be lodged before 5:00 pm on that day to participate.


For media enquiries, contact:      For analyst enquiries, contact:
Paul Edwards                       David Ward
Tel: 03-9273 6955 or 0409-655 550  Tel: 03-9273 4185
edwardpl2@anz.com                  david.ward@anz.com


MORE TO FOLLOW
                                                                                                                                                                                                                                                                                                                                                                                             1