ANZ announced a cash profit from continuing operations of $3,821 million for the half-year ending March 31, 2023. This represents a 12% increase compared to the previous half-year. The statutory profit after tax for the same period was $3,547 million.
The bank's Common Equity Tier 1 Ratio rose to 13.2%, while its cash return on equity increased to 11.4%. ANZ proposed an interim dividend of 81 cents per share, fully franked.
ANZ CEO Shayne Elliott commented on the results: “This was a strong financial performance in which all four divisions made a material contribution." He attributed the record result to solid revenue growth and strategic moves such as simplifying and reshaping the bank. Achievements included establishing a new Non-Operating Holding Company and progress with acquiring Suncorp Bank.
Australia Retail saw faster home loan growth than the market and significant deposit growth through ANZ Plus, which had $6 billion in deposits by April's end. The Institutional division reported strong revenue growth, with more than 60% of its revenue growth coming from international business compared to the prior period.
In New Zealand, ANZ led in target segments with increased revenue and returns compared to early 2022. Australia Commercial also contributed significantly to group revenue with strong performance in agriculture, trade, and manufacturing sectors.
ANZ managed costs effectively amid inflationary pressures and accessed global funding markets successfully during market instability. "We have a well-diversified portfolio," said Elliott.
Looking ahead, Elliott noted that "the next six months will be more difficult" due to intense competition in retail banking in both Australia and New Zealand. However, he emphasized ANZ's robust capital position and readiness to support customers facing challenges or seeking opportunities.
The Board considers an interim dividend of 81 cents per share appropriate under current conditions. The Dividend Reinvestment Plan will continue without discount.
Interviews with executives including Shayne Elliott are available at bluenotes.anz.com.
Approved for distribution by ANZ’s Continuous Disclosure Committee