ANZ has unveiled its financial results for the half-year ended March 31, revealing a statutory profit after tax of $3,407 million and a cash profit of $3,552m, down by 1%, indicating a robust performance amid economic fluctuations.
The banking group announced an interim dividend of 83 cents per share, partially franked at 65%.
In a significant move to manage capital efficiently, ANZ also plans an on-market share buy-back of up to $2 billion, reflecting confidence in its financial health and commitment to delivering shareholder value.
“This half’s strong performance is a direct consequence of peer-leading diversification as well as our disciplined focus on productivity and delivery,” said Shayne Elliott (pictured above), CEO of ANZ.
“Coming off a record 2023, each division delivered for the group and we’ve made good progress on the things we said we would: preparing for the integration of Suncorp Bank, growing ANZ Plus, leveraging our Institutional processing platforms, and further driving productivity.”
Elliott highlighted significant strides in key areas such as the integration of Suncorp Bank, growth in the digital banking platform ANZ Plus which now boasts nearly 690,000 customers, and leadership in payment processing platforms. The ANZ chief also noted the introduction of new features in ANZ Plus, aimed at enhancing financial well-being and scam protection for customers.
ANZ’s diversification strategy continued to bear fruit, especially in international markets where the bank reported a revenue increase of 16% for the half. The partial sale of ANZ’s stake in Malaysia’s AmBank has also bolstered its capital, contributing to the planned share buy-back.
The bank recorded a total credit impairment charge of $70m for the first half, which included both collectively assessed and individually assessed provisions. This reflects ANZ’s prudent approach to credit management amidst varying economic conditions.
Looking ahead, Elliott anticipated continued challenges both domestically and internationally but remained optimistic about ANZ’s strategic positioning.
“Both the domestic and international environments are expected to remain challenging across the remainder of the year,” he said. “Despite these conditions, we are well positioned with the diversity of our businesses, prudent management, and the strength of our customers holding us in good stead.”
Elliott concluded with a focus on the bank’s priorities for the remaining year, including the completion of the Suncorp Bank acquisition, deepening customer engagement on ANZ Plus, and further investment in commercial and institutional platforms.
For more details, read ANZ’s 2024 Half Year Result & Proposed Dividend.
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