ANZ has reported a statutory profit after tax of $7,119 million for the fiscal year ending September 30, 2022. This marks a 16% increase from the previous year. The bank's cash profit from continuing operations rose by 5% to $6,515 million.
The Common Equity Tier 1 Ratio stood at 12.3%, with a cash return on equity of 10.4%. ANZ proposed a final dividend of 74 cents per share, fully franked.
Shayne Elliott, ANZ's Chief Executive Officer, highlighted the company's achievements: "This was a strong financial result with all divisions making a material contribution and demonstrating the benefits of a diversified portfolio."
Elliott noted progress in Australian home loans and emphasized the growth of ANZ Plus: "We restored momentum in Australian home loans... deposits already exceeding $1.2 billion and growing at a rate faster than any new digital bank in Australia."
In New Zealand, ANZ maintained its industry-leading position while nearing completion of significant compliance programs. The institutional division saw an expansion in platform strategy and innovation in digital assets.
Elliott also mentioned strategic moves such as selling the margin lending business and separating the Wealth business: "We continued the systematic de-risking of the bank... we are the only major bank in Australia to have removed the risks associated with wealth management for shareholders."
The acquisition of Suncorp Bank is expected to bolster growth: "Suncorp Bank is a well-run business that will see more than one million new retail customers join ANZ," Elliott said.
Divisional highlights include increased profits across various sectors. Australia Retail focused on combining retail and digital operations into one division. Australia Commercial saw an increase in profit by 11% and revenue by 10%.
Credit quality remained stable with net credit impairment charges reflecting adjustments for global economic conditions.
The board considers that maintaining a final dividend aligns with its target payout ratio between 60% and 65%. The Dividend Reinvestment Plan will continue without discount.
Elliott addressed global uncertainties but expressed confidence: “There is uncertainty ahead; however, we have the business in good shape to withstand volatility.”
Interviews with executives are available at bluenotes.anz.com.