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Preliminary Final Report/Media Release/Financial Statements

Document date:  Thu 25 Oct 2001
Published:  Thu 25 Oct 2001 09:17:50
Document No:  182866
Document part:  B
Market Flag:  Y
Classification:  Preliminary Final Report , Full Year Accounts , Dividend Record Date , Dividend Pay Date , Dividend Rate

AUSTRALIA AND NEW ZEALAND BANKING GROUP       2001-10-25  ASX-SIGNAL-G

HOMEX - Melbourne                                                     

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ANZ EARNINGS GROWTH HIGHLIGHTS NEW MOMENTUM

Australia and New Zealand Banking Group Limited (ANZ) today announced
a record operating profit after tax of $1,870 million for the year
ended September 2001, up 7% on last year (FY2000 $1,747m). Earnings
on continuing operations were up 18% (FY2000 $1,597m).

RESULTS SUMMARY

* Operating profit after tax:

  Full year:   $1,870 million, up 7% (up 18% in continuing
               operations)
  Second half: $975 million, up 9% on the first half

* Earnings per ordinary share up 10% to 117.4 cents

* Return on ordinary shareholders' equity of 20.2% up from 19.3%

* Final dividend 40 cents, up 5 cents with 100% franking

* Full year dividend 73 cents, up 14%

* Cost management continues. Cost income ratio down to 48.3%

* Provisioning increased but within expectations

  Economic loss provision $531 million up from $502 million in 2000
  Net specific provisions $520 million contained within overall
  economic loss provision

* Sale of Grindlays on 31 July 2000 reduced exposure to Middle East
and South Asia

ANZ Chairman, Mr Charles Goode said: "This is a strong result. It is
another positive performance, the result of four years hard work in
strategically repositioning ANZ. Because of that work we are well
placed in a less certain economic environment."

"During the last 12 months, we have achieved 18% earnings growth in
our ongoing businesses and, for the first time in 20 years, return on
equity is above 20%. Management and staff are to be congratulated on
their achievements," Mr Goode said.

Chief Executive Officer, Mr John McFarlane said, "We have created a
new momentum at ANZ. This new momentum has come from a consistent
focus on improving financial performance, creating a more sustainable
business mix, reducing risk and building a new culture."

"We expect the economic and credit environment to remain subdued
through 2002 but we believe the situation will be containable. As a
result we are taking a more cautious approach to our business.

"Despite the slowing world economy and uncertainty created by
September 11, ANZ's momentum and our distinctive strategy means we
are well placed to continue to deliver on our financial targets and
to take advantage of the opportunities this market will create.

"Our repositioning means we are accelerating the program to make ANZ
more valuable to a broader range of stakeholders, especially to our
customers and the community," Mr McFarlane said.

For media enquiries, contact:                   
Paul Edwards                                    
HEAD OF GROUP MEDIA RELATIONS                   
Tel 03-9273 6955 or 0409-655 550 (mobile)       
Email: edwardp12@anz.com                       

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

ANZ's 2001 Annual Results are available on www.anz.com

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