General Disclosure Statement - 3 mths to 31 Dec 08

Today ANZ National Bank issued its General Disclosure Statement for the three months ended 31 December 2008. A copy of the GDS can be downloaded from http://www.anznational.co.nz/media/financial_anznat.aspx

A media covering statement is attached

Please note: As a subsidiary of Australia and New Zealand Banking Group Limited (ANZ), ANZ National's business performance for the four months to Jan 09 was covered (and reported on) as part of the ANZ Trading Update on 26 February 2009. You can download the Trading Update statement from http://www.anz.com/aus/about-ANZ/default.asp

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For Release Friday 6 March 2009

ANZ National General Disclosure Statement
December Quarter profit NZ$210 million

Wellington: ANZ National Bank today released its General Disclosure Statement for the three months ended 31 December 2008 and announced a profit after tax of NZ$210 million.

December Quarter GDS Key Points • ANZ National’s underlying business is proving resilient despite the challenges posed by the deterioration in both the global and domestic economic environment.

• Underlying core profit after tax was $311 million, up 4% compared to $300 million for the December 2007 quarter.

• Headline net profit after tax of NZ$210 million (compared to $310 million for December 2007 quarter).

• Post balance date charge of $161 million ($113 million after tax) taken against revenue relating to ANZ National’s 49% share of costs associated with a recent offer to investors in two of ING New Zealand’s frozen funds.

• Provision for credit impairment charge of $94 million, up from historically low levels ($32 million for the December 2007 quarter) and in line within expectations for this stage of the economic cycle.

• The bank retains good liquidity levels and remains well capitalised with tier one capital of 8.19% and total capital of 11.68%, both well above the regulatory minimum ratios of 4% and 8% respectively.

See... Full media statement (PDF)

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