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Half Yearly Report and Accounts

Document date:  Wed 27 May 1998
Published:  Wed 27 May 1998 00:00:00
Document No:  137675
Document part:  B
Market Flag:  Y
Classification: 

HOMEX - Melbourne                                                     

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ANZ ANNOUNCES 8% LIFT IN PROFIT

Australia and New Zealand Banking Group Limited (ANZ) today reported
on operating profit after tax of $625 million for the half-year ended
31 March 1998. There were no abnormal items.

This was on 8% increase on the profit before abnormal items for the
same period last year, and a 14% increase on the profit after
abnormal items.

The interim dividend will be increased by 9% (2 cents) to 24 cents
per share, 60% franked (previously 100%). The level of franking is
expected to remain at this level for the second half, then increase
next year.

ANZ Chairman, Mr Charles Goode, made the following comment about the
result:

"ANZ has made good progress over the last six months. Earnings have
grown notwithstanding the impact of the Asia crisis. At home we have
achieved solid growth and margins have been maintained. We have made
progress on costs and there is more to come. At the same time we are
starting to increase out market share in Australia," Mr Goode stated.

For media enquiries, contact:       For analyst enquiries, contact:
                                  
Paul Edwards                        David Ward
Head of Group Media Relations       General Manager
Tel: (03) 9273 6955                 Office of the Chief Executive
     (02) 9227 1385 (27 May)        Tel: (03) 9273 4185
A full copy of the ANZ Interim Results is available as a downloadable
file on www.anz.com

more to follow

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