Aussie majors reaffirm 2005 earnings outlook
(20 December 2004 – Australia) Three of Australia’s major banks have used their AGMs to tell shareholders they are on track to meet earnings growth targets for 2005.
Westpac, St George and ANZ all said 2005 had started strongly, and that despite increased competition putting pressure on margins, reaffirmed their 2005 earnings outlook.
St George Bank chairman Frank Conroy said the outlook for Australia’s fifth largest bank, which is targeting 10 percent EPS growth in 2005, was continued strong performance.
"The directors believe that while flexibility needs to be maintained with respect to the level of future dividends and consequent payout ratio for capital management purposes, further increases in dividends are expected to be commensurate with growth in earnings per share achieved," he said.
At its AGM, ANZ chairman Charles Goode said its target of about seven percent EPS growth was realistic. However, he said earnings at the bank’s wealth management partnership with ING and at its investment in Panin Bank in Indonesia were subdued and that these would have moderate negative impact on 2005 earnings.
He said the bank would look at making acquisitions in Asia Pacific but that its main focus was in retail and the SME sector.
Westpac, for its part, said it was already on cue in 2005 to deliver a result in the upper end of the banking sector.
St George Bank chairman Frank Conroy said the outlook for Australia’s fifth largest bank, which is targeting 10 percent EPS growth in 2005, was continued strong performance.
"The directors believe that while flexibility needs to be maintained with respect to the level of future dividends and consequent payout ratio for capital management purposes, further increases in dividends are expected to be commensurate with growth in earnings per share achieved," he said.
At its AGM, ANZ chairman Charles Goode said its target of about seven percent EPS growth was realistic. However, he said earnings at the bank’s wealth management partnership with ING and at its investment in Panin Bank in Indonesia were subdued and that these would have moderate negative impact on 2005 earnings.
He said the bank would look at making acquisitions in Asia Pacific but that its main focus was in retail and the SME sector.
Westpac, for its part, said it was already on cue in 2005 to deliver a result in the upper end of the banking sector.
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