ANZ National performs well in first nine months

Media Release
For Release: 30 August 2006

ANZ National performs well in first nine months

ANZ National Bank today announced a profit of NZ$803 million for the nine months ended 30 June 2006*, up 18% on the June 2005 result.

Adjusting for the impact of adopting IFRS, which is not reflected in the June 2005 result, and certain other items, underlying profit after tax increased by 10% over the same period.

ANZ National Bank Chief Executive Officer Mr Graham Hodges said: “This is a solid result based on a quality balance sheet and good revenue growth in a very competitive environment.

“Integration has been completed and we have a clear strategy around our two brands.

We are now accelerating the next stage of our transformation by focusing on market leadership and growth. We are the leader in all segments and our scale and multiple brands are unique and give us the ability to reshape our approach by being more innovative and responsive to customer needs.

“Our solid financial performance means we are in good shape to build on our performance by reinvesting for future growth. We have already taken some early steps in this direction with the introduction of new products such as our low rate credit card, the ANZ Everyday Transaction account and expanding our ATM network,” Mr Hodges said.

June Nine Month Performance Summary • Profit after tax of NZ$803 million, an 18% increase over the June 2005 period ($678 million).

• Underlying profit after tax of $768 million, a 10% increase over the June 2005 period ($699 million). Refer Appendix for an outline of the “Underlying” calculations.

• Total Revenue increased 9% compared to June 2005.

• Cost-to-income ratio decreased to 45.9% compared to 46.9% in the June 2005 period.

• Net loans and advances were up NZ$10,099 million (15% for the period, 20% annualised) on the June 2005 position. Total customer deposits were up NZ$5,767 million (13% for the period, 17% annualised) on the June 2005 position.

ENDS

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