ANZ has reported a statutory profit after tax of $3,530 million for the half year ending March 31, 2022. This marks a 10% increase from the previous half-year period. The bank's cash profit from continuing operations was $3,113 million, showing a decline of 3% compared to the prior half.
The Common Equity Tier 1 Ratio stood at 11.5%, while the cash return on equity was recorded at 10%. ANZ proposed an interim dividend of 72 cents per share, fully franked.
Shayne Elliott, ANZ's Chief Executive Officer, emphasized key achievements during this period: “This was an important half in the continued transformation of ANZ.” He highlighted improvements in home loan processing capacity in Australia and strong market share growth in New Zealand's home loan sector.
Elliott also noted advancements with institutional customers: “Institutional customer revenues continued to grow with a focus on sustainable, high quality and well diversified balance sheet growth.”
Cost management remained a priority for ANZ as expenses stayed flat despite inflationary pressures. Investments were focused on operational resilience and new growth opportunities. Elliott mentioned significant investments including "building the new retail banking platform in Australia," among others.
ANZ is considering establishing a non-operating holding company to create distinct banking and non-banking groups within its organization. This proposal aims to provide greater flexibility and potential value creation for shareholders over time.
In terms of credit quality, there was a net release of $284 million in total credit provisions for the first half. A collective provision release of $371 million offset an individually assessed provision charge of $87 million.
Looking ahead, Elliott expressed optimism about supporting business customers amidst economic changes: “For ANZ, we will continue to focus on the long term – investing for tomorrow and not just running today.”
Further information regarding these developments can be accessed through interviews with executives available at bluenotes.anz.com.