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ANZ posts record profit, says kiwi business on track

ANZ posts record profit, says kiwi business on track

(28 April 2004 – Australia) ANZ has posted a record first half net profit of $1.396 billion, up 22 percent on the same period last year. Earnings per share increased 11 percent, up to 76.8 cents.

The bank also reported that integration with National Bank of New Zealand, which it bought from British bank Lloyds TSB last December, was on track and that synergies were in line with the rights issue prospectus.

Interim earnings in 2004 included four months’ contribution from NBNZ and the bank said the acquisition had been "immediately accretive to earnings per share for the Group".

ANZ chief executive John McFarlane said the bank’s first half performance had been "solid", driven by strong asset growth, prudent management of margins, risks and capital.

"Segments in the personal, small business and corporate markets performed well," he said.

"Our risk domestically and internationally, particularly in our Institutional businesses, has been reduced substantially such that overall risk is approaching optimal level.

"Geographically, our businesses in Australia performed particularly well. New Zealand businesses performed respectably, despite significant competitive attack and the normal uncertainties associated with a major acquisition," McFarlane said.

"International earnings increased despite unfavourable exchange rate movements. Europe and North America came off their cyclical lows. Our Pacific businesses performed well, but Asia was subdued," he said.

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