MELBOURNE (Standard&Poor's) Oct. 27, 2004--Standard&Poor's Ratings Services said today that the Australia and New Zealand Banking Group Ltd.'s (ANZ; AA-/Stable/A-1+) full-year earnings for the year to September 2004 was sound and within expectations, with post-tax profits excluding significant items rising 16% to A$2.7 billion on the previous fiscal year. The after-tax profit result, excluding The National Bank of New Zealand Ltd. (NBNZ) and significant items, was up a satisfactory, but more modest, 8%. "ANZ's success in achieving good underlying loan growth in a period, when its net interest margins were being squeezed by structural changes in its balance sheet, underpinned the bank's sound full-year profit result," said Standard&Poor's credit analyst, Peter Sikora, Financial Services
