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Half Yearly Report/ASIC accounts

Document date:  Fri 26 Apr 2002
Published:  Fri 26 Apr 2002 10:08:54
Document No:  189561
Document part:  C
Market Flag:  Y
Classification:  Half Yearly Report , Half Year Audit Review , Half Year Directors' Statement , Half Year Accounts , Dividend Rate

AUSTRALIA AND NEW ZEALAND BANKING GROUP       2002-04-26  ASX-SIGNAL-G

HOMEX - Melbourne                                                     

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HIGHLIGHTS

CHIEF EXECUTIVE OFFICER
John McFarlane

RESULT FOR HALF YEAR ENDED 31 MARCH 2002 COMPARED WITH HALF YEAR
ENDED 31 MARCH 2001

* Net profit after tax $1,050 million, up 17.3% from $895 million

* Earnings per ordinary share 66.3 cents, up 18.8% from 55.8 cents

* Return on ordinary shareholders' equity 21.6% from 19.6%

* Interim dividend 39 cents per share, fully franked, from 33 cents

* Non-interest income up 14%

* Cost to income ratio (excluding NHB recovery) 46.5% from 49.1%

* Provisioning levels increased broadly within expectations:

- Net specific provisions $366 million from $181 million 
- Economic loss provision $301 million from $241 million

* Special provision of $250 million to increase general provision for
doubtful debts

* Joint venture with ING Group creates unique strategic position
going forward in funds management and life insurance in Australia and
New Zealand

* Litigation with India's National Housing Bank (NHB) settled, with
recovery of $248 million before tax

* EVA $718 million up 20.9% from $594 million

HALF YEAR ENDED 31 MARCH 2002, COMPARED WITH HALF YEAR ENDED 30
SEPTEMBER 2001

* Net profit after tax $1,050 million, up 7.7% from $975 million

* Profit excluding NHB recovery and special provision for doubtful
debts $1,066 million up 9.3%

* Earnings per ordinary share up 8% to 66.3 cents from 61.6 cents

* Return on ordinary shareholders' equity 21.6% from 20.9%

* Cost to income ratio (excluding NHB recovery) 46.5% from 47.0%

* Net specific provisions $366 million from $339 million

* Economic loss provision $301 million from $290 million

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