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ANZ optimistic about 2004

ANZ optimistic about 2004

(Australia) ANZ chief executive John McFarlane has told investors the bank is on track to hit its target of eight percent profit after tax for FY 2003. McFarlane said in a letter to shareholders that he expected the bank to increase both its earnings and dividend payouts in 2003 and 2004.

He acknowledged, however, that the Reserve Bank of Australia’s changes to credit card interchange fees would impact ANZ’s earnings in 2004 by some $40 million.

"While the strategy for the Consumer Finance business for the period ahead is still evolving, we are confident the impact won’t exceed this $40 million estimate," he said.

He said the global economic environment remained "challenging", due to geopolitical uncertainty and the potential effect of SARS.

"The US and world economies are likely to be weighed down over the medium-term by the continued after-effects of the collapse of the 1990’s equity market bubble," McFarlane said.
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