The bank announced that despite a $27m hit from the credit card business, earnings per share growth was likely to be around 8%. And, as we've flagged previously, the bank's capital position remains strong, evident in the fact that an increase in the dividend payout ratio is being considered. Although the stock has risen 3% since issue 121/Feb 03 (Long Term Buy - $16.35), we're upgrading ANZ to BUY.