It also announces plan to buy back up to $2 billion of shares
ANZ reported a statutory profit after tax of $3.4 billion for the half-year ending March 31, slightly down from the previous period, with a cash profit of $3.55 billion, marking a 1% decrease.
The bank announced an increased common equity tier 1 ratio at 13.5% and a cash return on equity of 10.7%, excluding capital retained for the purchase of Suncorp Bank.
Shareholders are set to receive an interim dividend of 83 cents per share, partially franked at 65%.
Further strengthening its financial position, ANZ also intends to buy back up to $2 billion of shares as part of its capital management strategy.
Shayne Elliott (pictured above), chief executive of ANZ, highlighted the bank’s robust performance driven by strategic diversification and productivity focus.
“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,” he said.
According to Elliott, there was significant progress in preparing for the integration of Suncorp Bank, despite delays in obtaining necessary approvals. He expressed confidence in the future benefits of the integration.
ANZ’s digital platform, ANZ Plus, has also shown substantial growth, reaching nearly 690,000 customers and almost $14 billion in deposits. The platform recently introduced joint account capabilities and continues to attract roughly 35,000 new customers each month, with half being new to the bank.
Elliott also pointed out the success of ANZ’s institutional payment platforms, which handle approximately $164 trillion in payments annually. This sector saw a 4% increase in payment revenue and an 8.5% growth in international payments.
“This strong financial performance means we have never been better placed to support customers doing it tough,” the bank executive said. “While generally, they have remained resilient, we know there are many who are challenged by rising cost-of-living and my message to them is that we are here ready and willing to help them navigate through this challenging period.”
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