ANZ posts A$2.815 billion operating profit
(26 October 2004 – Australia) ANZ has posted a record operating profit of A$2.815 billion for financial year 2004, an increase of 19.9 percent on the previous year.
The result included 10 months of contribution from the National Bank of New Zealand, which ANZ purchased from Lloyds TSB in December for A$5.4 billion. In a surprise announcement, however, the bank said it no longer planned to integrate the retail banking platforms of the respective banks.
ANZ chief executive John McFarlane said ANZ had come a long way in 2004 while delivering a good financial performance.
"Our results were assisted by good economic conditions in Australia and New Zealand and the momentum that has developed in our Personal and Corporate businesses in Australia through increased investment and management focus," he said.
"The acquisition of National Bank of New Zealand has now made us the leading bank in New Zealand. We are now focussed on organic expansion in Australia, selective investments in Asia Pacific and on consolidating our position in New Zealand," McFarlane said.
The bank also announced it signed a Memorandum of Understanding with Standard Chartered for the transfer of most of its UK based Project Finance Business.
Looking forward, McFarlane, who has had his contract extended until 2007, said he believed the external environment would remain favourable and that he expected continued good underlying business performance.
"For 2005, we have adopted an internal stretch target of eight percent cash earnings per share, however taking into account these one off factors, a guidance level of seven percent cash earnings per share would be more realistic," McFarlane said.
ANZ chief executive John McFarlane said ANZ had come a long way in 2004 while delivering a good financial performance.
"Our results were assisted by good economic conditions in Australia and New Zealand and the momentum that has developed in our Personal and Corporate businesses in Australia through increased investment and management focus," he said.
"The acquisition of National Bank of New Zealand has now made us the leading bank in New Zealand. We are now focussed on organic expansion in Australia, selective investments in Asia Pacific and on consolidating our position in New Zealand," McFarlane said.
The bank also announced it signed a Memorandum of Understanding with Standard Chartered for the transfer of most of its UK based Project Finance Business.
Looking forward, McFarlane, who has had his contract extended until 2007, said he believed the external environment would remain favourable and that he expected continued good underlying business performance.
"For 2005, we have adopted an internal stretch target of eight percent cash earnings per share, however taking into account these one off factors, a guidance level of seven percent cash earnings per share would be more realistic," McFarlane said.
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