MELBOURNE (Standard&Poor's) April 27, 2004--Standard&Poor's Ratings Services said today that the Australia and New Zealand Banking Group Ltd.'s (ANZ; AA-/Stable/A-1+) reported earnings growth for the half year to March 31, 2004, was solid, with post-tax profits rising 22% to A$1,396 million on the corresponding 2003 period and 16% over the September 2003 second-half result. The March 2004 half-year result included four-month contribution from The National Bank of New Zealand (NBNZ; whose after tax contribution was A$71 million net of A$79 million funding, acquisition, integration and goodwill amortization costs), which was acquired in December 2003, and an after-tax profit of A$84 million (together with A$35 million in cash dividends) arising from the close-out of interest rate swaps
