Investments in digital platforms and integration of Suncorp set the stage for future growth
ANZ has reported a statutory profit after tax of $6.535 billion for the 2024 financial year, an 8% decrease from its record profit in 2023.
Revenue for the year slightly declined to $20.81 billion, down from $20.91 billion the previous year. The bank declared a final dividend of 83 cents per share, partially franked at 70%.
ANZ chief executive Shayne Elliott (pictured above) attributed the bank’s performance to long-term investments in digital platforms aimed at enhancing efficiency and adaptability.
“We set about a bold, ambitious strategy to re-platform the bank into lower cost, more adaptable platforms,” Elliott said, commenting on the bank’s 2024 full-year results. “Our future will be a dual-platform future, and we think we're well ahead on that versus our peers.”
Elliott highlighted several strategic achievements over the past year, including the integration of Suncorp Bank, a significant share buy-back, and strong performance from the Institutional division. The Suncorp acquisition, which brought 3,000 employees and 1.2 million customers into ANZ, has bolstered the bank’s market position.
“This is a great deal for shareholders and customers,” Elliott said, noting that Suncorp’s addition offers revenue opportunities while expanding customer access to ANZ’s technology and services.
ANZ also completed the sale of its remaining stake in Malaysia’s AmBank, which has supported one of its largest share buy-backs. According to Elliott, the bank has already repurchased about 30 million shares, a move he described as beneficial for shareholders by reducing shares on issue.
Meanwhile, the bank’s Institutional division delivered record-breaking results, with Elliott citing record revenues, record profit before provisions, record economic profit, and record return on equity of 14%. The division’s growth has been driven by the ANZ Transactive Global platform, which serves large corporate and institutional clients with tools for cash management, trade finance, loans, and data insights.
In retail banking, ANZ Plus — launched two years ago — has emerged as a competitive advantage, Elliott said. The platform, which now holds 1% of all retail deposits in Australia, saw customer numbers grow by 84% over the financial year to approximately 850,000.
“In what is a challenging period for the global economy, we managed the bank prudently with sound levels of credit provisions, liquidity and funding,” Elliott said.
“Higher interest rates are impacting customers, and we saw an increase in those requiring hardship support. Our data shows customers, in general, are holding up better than expected. However, we know that’s not the case for everyone, and our team stands ready to help those who are doing it tough with tailored solutions.
“Looking ahead, we remain focused on delivering good customer outcomes, strengthening risk management and providing consistent financial returns to shareholders.”
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