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Media release on ANZ NZ Dec quarter profit

Document date:  Thu 26 Feb 1998
Published:  Thu 26 Feb 1998 00:00:00
Document No:  135078
Document part:  A
Market Flag:  Y
Classification: 

HOMEX - Melbourne                                                     

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ANZ NEW ZEALAND PROFIT RESULT FOR THREE MONTHS TO 31 DECEMBER 1997

ANZ New Zealand reported a net profit after tax of NZD41 million for
the 3 month period ended 31 December 1997. This represents an
excellent increase over the NZD30 million net profit after tax for
the same period in the previous year.

Mr David Airey, ANZ's Managing Director, said that the increase in
profit resulted from improved revenue performance over the quarter.
"Net interest income was 8.5% up on the same period in 1996, with
other operating income up by 11.4%. All divisions contributed to the
improvement.

"The Bank has experienced good growth, with total assets increasing
by 9.2% from NZD21.3 billion as at 31 December 1996 to NZD23.3
billion. Over the last 12 months growth in our business markets has
been steady, and housing loan assets increased by 8.9%."

The Bank's total capital, at 10.5% of risk weighted assets remains
well above the Reserve Bank's prudential guidelines.

"A 20.1% return on shareholder funds was achieved for the period.
Overall this is a pleasing result given the competitive pressures and
challenges we face in all areas of our business."

For further information, please contact:

David M L Airey
Managing Director
Ph: (64-4) 496 8862
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