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Preliminary Final Report

Document date:  Thu 24 Oct 2002
Published:  Thu 24 Oct 2002 13:30:07
Document No:  196680
Document part:  Q
Market Flag:  Y
Classification:  Preliminary Final Report , Periodic Reports - Other , Dividend Record Date , Dividend Pay Date , Dividend Rate

AUSTRALIA AND NEW ZEALAND BANKING GROUP       2002-10-24  ASX-SIGNAL-G

HOMEX - Melbourne                                                     

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CONSOLIDATED STATEMENT OF FINANCIAL PERFORMANCE


                                   FULL         FULL         MOVT
                                   YEAR         YEAR         SEP 02
                                   SEP 02       SEP 01       V SEP 01
                                     $M           $M           %


Total income                       12,007        12,824         -6%
Interest income                     9,037        10,251        -12%
Interest expense                   (5,019)       (6,418)       -22%
Net interest income                 4,018         3,833          5%

Proceeds, net of costs, on
 disposal of investments              566             -        n/a
Carrying amount of assets 
 given up                            (392)            -        n/a
Net profit on disposal of
 investments                          174             -        n/a

Other operating income              2,796         2,573          9%
Operating income                    6,988         6,406          9%
Operating expenses                 (2,905)       (3,092)        -6%
Profit before debt provision        4,083         3,314         23%
Provision for doubtful debts         (860)         (531)        62%
Profit before income tax            3,223         2,783         16%
Income tax expense                   (898)         (911)        -1%
Profit after income tax             2,325         1,872         24%
Net profit attributable
to outside equity interests            (3)           (2)        50%
Net profit attributable
 to members of the Company          2,322         1,870         24%

Currency translation adjustments,
 net of hedges after tax              (98)          197        n/a
Total changes in equity other than
 those resulting from transactions 
 with shareholders as owners        2,224         2,067          8%

Earnings per ordinary share (cents)
Basic                               147.3         117.4         25%
Diluted                             146.6         117.0         25%

Dividend per ordinary
 share (cents)                         85            73         16%

Net tangible assets per
 ordinary share ($)                  6.58          5.96         10%

EQUITY INSTRUMENTS ISSUED TO EMPLOYEES

Under existing Australian Accounting Standards, certain equity
instruments issued to employees are not required to be expensed. The
impact of expensing options, and shares issued under the $1,000
employee share plan, have been calculated and are disclosed below.

                                                           FULL
                                                           YEAR
                                                          SEP 02
                                                           $M
Net profit attributable to members
 of the Company                                            2,322
Expenses attributable to:
Options issued to Management Board(1)                         (7)
Options issued to general management(1)                      (19)
Shares issued under $1,000 employee share plan               (18)
Revised net profit attributable to members
  of the Company                                           2,278
Revised earnings per share basic (cents)                   144.4

(1). Based on fair values estimated at grant date using a modified
Black Scholes model. Value of options amortised over vesting period.

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