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Preliminary Final Report

Document date:  Wed 04 Nov 1998
Published:  Wed 04 Nov 1998 00:00:00
Document No:  142712
Document part:  A
Market Flag:  Y

HOMEX - Melbourne                                                     

Name of Company: Australia and New Zealand Banking Group Limited 
ACN 005 357 522

Report for the year ended 30 September 1998              A$ Million

Group operating revenue - before abnormal items           11,598 
                        - after abnormal items            11,528

Group operating profit after income tax and 
outside equity interests
                        - before abnormal items            1,175 
                        - after abnormal items             1,106 

Group net abnormal (loss) after tax                          (69)

Final dividend per share 

This year                 60% franked at 36%              28 cents 
Last year                 fully franked at 36%            26 cents

Books close for final dividend                       20 November 1998 
Payment of final dividend                            21 December 1998

The final dividend will be payable to shareholders registered in the
books of the Company at close of business on 20 November 1998.
Transfers must be lodged before 5:00 pm on that day to participate.



Australia and New Zealand Banking Group Limited recorded an operating
profit after tax and before abnormal items of $1,175 million for the
year ended 30 September 1998, broadly similar to the $1,171 million
for the 1997 financial year. The operating profit after tax and
abnormal items was $1,106 million, up from $1,024 million in 1997.

ANZ Chairman, Mr Charles Goode, made the following comments about the

"Maintaining profit at last year's level is a creditable result in
the context of a deteriorating international environment.

"Our domestic banking businesses in Australia and New Zealand have
performed extremely well, particularly Personal Banking. The benefits
from our investment in programmes to improve efficiency are now
emerging with total costs lower than in 1997, and second half costs
lower than in the first half.

"ANZ has a long established position as Australia and New Zealand's
international bank and therefore felt the impact of the Asian turmoil
and the collapse in emerging financial markets. Our review of these
activities led us to substantially reduce our non core Asian
exposures and exit our capital markets operations in London.

"We also exited institutional stockbroking and this together with the
cost of exiting the London capital markets operations resulted in an
abnormal loss after tax of $69 million.

"We enter the current year with a business that has a better
strategic balance.

"The final dividend will be increased to 28 cents per share, bringing
the full year dividend to 52 cents, up 8% on 1997. The increase in
the dividend reflects the underlying strength of the Group and its
future prospects. The dividend is franked to 60% and this level is
expected to increase in the current financial year," Mr Goode

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 
     (0411) 233390                    Tel: (03) 9273 4185

Internet: A full copy of these results is available on