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ANZ on track for record result.
(From Bulletin Wire)
Byline: Jeff Turnbull
The banks' reporting season kicks off next week with ANZ Banking Group Ltd expected to notch up another record first half profit boosted by earnings from its New Zealand acquisition.
While strong growth in Australia and the New Zealand earnings will lift ANZ's profits, analysts have expressed some concerns over the progress of National Bank of New Zealand (NBNZ), which ANZ bought for $5.4 billion in late 2003.
The market consensus is for ANZ's profit to lift to around $1.45 billion, compared to $1.39 billion for the same time last year, but some analysts are tipping an even stronger performance. …
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