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ANZ says credit crunch won’t impact earnings

ANZ says credit crunch won’t impact earnings

(19 December 2007 – Australia) ANZ says it will shrug off any tightening of lending margins due to the credit squeeze and deliver higher earnings in 2008. Speaking at the bank’s annual general meeting, the bank said next year would provide a favourable business environment despite the fall out from the US sub-prime mortgage situation.

ANZ said it had not ruled out passing on the higher cost of funding to its customers although it was currently attempting to absorb much of the margin squeeze.

The bank said it saw Australia’s economy growing at about 3.5 percent whilst New Zealand’s would grow at less than half that.
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