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ANZ BANK ON TRACK FOR HIGHER EARNINGS: CEO.
SYDNEY, July 1 Asia Pulse - ANZ Banking Group Ltd (ASX:ANZ) chief executive John McFarlane today said the bank was on track to lift its earnings in 2003 and 2004 as well as its dividend payouts.
In a letter to shareholders, Mr McFarlane said given the bank's strong capital generation it was "likely to pursue a higher level of dividend growth than earnings growth".
As a result, there would be an increase "over the next few years in the dividend payout ratio to an upper 60 per cent level".
"All in all, we are confident overall growth in net profit after tax for 2003 (excluding significant transactions in 2002) will be in line with market expectations of approximately eight per cent," Mr McFarlane said.
"Additionally, notwithstanding the challenges of the global economy and in credit cards, we believe there are reasonable prospects of a similar performance level in 2004."
ANZ is expecting the ...
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