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| Subject: ANZ Banking Group Ltd (ANZ)December 20, 1999 | |
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Author: $60 million Writedown on FITB |
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Date Posted: 05:11:46 01/23/03 Thu ANZ Banking Group Ltd (ANZ) – $60 million Writedown on FITB December 20, 1999 ANZ today announced that it expects to book an abnormal $60 million writedown of its future income tax benefit in the first half of the current financial year due to the reduction in the corporate tax rate next year. However, Chairman Charles Goode said that ANZ expects the tax change to be beneficial for ANZ’s ongoing profitability. Also, Mr Goode said that the writedown is likely to be significantly offset by abnormal gains during the half leading to a modest net abnormal charge in the period. The lower tax rate is expected to add $30-40 million to the after tax result of the bank in 2000/01 and $90 million thereafter. Mr Goode alos reported on the operations of ANZ, saying that expectations were being closely tracked for the first two months of the current financial year with the full year profit outlook remaining strong. Mr Goode also made a statement about the possibility of a friendly merger between ANZ and St George Bank, saying that SGB’s consumer orientation, large exposure to the NSW market and computer system compatibility made the banking and financial services junior an good fit. Shares in SGB soared earlier this month after news that ANZ had taken a 4.9% stake in the company. [ Next Thread | Previous Thread | Next Message | Previous Message ] |