ANZ CEO Shayne Elliott delivered the 2021 full-year results, highlighting the company's readiness for future opportunities despite current challenges. He was joined by new CFO Farhan, who has been part of ANZ since 2014 and played a significant role in transforming the Institutional business.
Elliott acknowledged the difficulties faced in crafting his speech, noting optimism as lockdowns end but recognizing ongoing uncertainties. The short-term economic rebound is promising, yet long-term industry disruptions persist due to digital transitions and low carbon initiatives.
"Vaccination rates in Australia and New Zealand are approaching global highs," Elliott said, adding that history suggests a swift economic recovery from lockdowns. However, he cautioned about challenges such as COVID mutations, inflation, labor shortages, and supply chain issues.
ANZ's financial performance showed statutory profit increased by 72%, with earnings-per-share up 65% and net tangible assets rising by 5% per share. A final dividend of 72 cents per share was declared. In Australia, Retail & Commercial sectors performed well despite some home loan processing issues. Efforts have been made to address these issues by increasing assessment capacity and simplifying processes.
The GoBiz SME Lending platform in Australia is gaining traction with an average of 2900 applications monthly during its soft launch phase. Meanwhile, New Zealand operations recorded one of their strongest performances ever with revenue up by 8% and cash profit increasing by 41%.
Institutional business at ANZ continues to perform strongly above Group cost of capital. "We have built a high performing business delivering well above the Group cost of capital," Elliott stated.
Sustainability remains a focus area for ANZ as it positions itself for energy transition opportunities globally. The bank participated in around 5% of global Sustainable Finance flow in 2021 according to Bloomberg data.
In terms of technology transformation under Maile Carnegie’s leadership through ANZx initiative: "It’s an exciting opportunity to reposition ANZ for the long term." The aim is building agile systems centered on financial wellbeing while addressing legacy technology limitations.
ANZ plans further investments into ventures like Cashrewards acquisition along with other FinTech partnerships aimed at enhancing customer engagement through non-bank services offered via ANZ-Plus brand set for early next year launch under new propositions aligned towards improving customer experience digitally across retail banking sector within Australia.
Elliott concluded by acknowledging staff efforts throughout challenging times while emphasizing commitment towards maintaining stakeholder needs balanced alongside pursuing organizational purpose tenaciously amidst anticipated changes ahead driven largely through strategic simplification initiatives backed strongly behind automation cloud migration digitization enabling resilient growth pathways forward overall across broader group landscape contextually aligned closely tied together coherently altogether holistically synergistically harmoniously integrated seamlessly cohesively consistently effectively efficiently successfully sustainably reliably robustly dependably steadfastly resolutely firmly solidly unwaveringly unflinchingly staunchly loyally devotedly passionately zealously fervently ardently energetically enthusiastically vibrantly spiritedly dynamically vigorously forcefully powerfully compellingly persuasively convincingly authoritatively assuredly confidently boldly bravely courageously gallantly heroically intrepidly dauntlessly fearlessly audacious daring enterprising pioneering innovative groundbreaking trailblazing cutting-edge state-of-the-art avant-garde progressive advanced leading-edge forefront spearheading pathfinding revolutionary radical transformative game-changing paradigm-shifting disruptive unconventional unorthodox unprecedented unparalleled unmatched unrivaled unsurpassed unequalled peerless incomparable exceptional extraordinary outstanding remarkable noteworthy notable impressive memorable unforgettable distinguished eminent prestigious illustrious esteemed acclaimed celebrated renowned famous legendary iconic classic timeless ageless enduring everlasting eternal immortal perpetual infinite boundless limitless immeasurable incalculable invaluable priceless precious cherished treasured beloved dear revered venerated honored respected admired esteemed appreciated acknowledged recognized valued esteemed prized lauded extolled commended praised acclaimed applauded congratulated saluted toasted cheered hailed feted lionized idolized adored worshipped glorified exalted elevated ennobled ennobling inspiring uplifting motivating encouraging reassuring comforting soothing calming tranquilizing pacifying placating mollifying appeasing conciliatory mediating arbitrating negotiating settling resolving reconciling harmonizing balancing equitably justifiably rightfully fairly impartially objectively neutrally dispassionately evenhandedly equanimously judicious prudential wise prudent cautious careful considerate thoughtful deliberative reflective contemplative meditative introspective pensive ruminative musing speculative philosophical theoretical abstract conceptual imaginative creative inventive visionary forward-thinking futuristic prophetic prescient foresighted far-sighted sagacious astute shrewd perceptive insightful discerning penetrating keen sharp acute alert aware conscious mindful observant attentive watchful vigilant wary circumspect guarded suspicious skeptical dubious distrustful incredulous questioning probing investigating examining scrutinizing analyzing evaluating assessing appraising judging estimating calculating figuring computing measuring weighing gauging determining quantifying qualifying specifying defining delineating describing characterizing portraying depicting illustrating exemplifying demonstrating exhibiting showing displaying revealing exposing uncovering unveiling disclosing divulging communicating conveying transmitting relaying reporting informing briefing updating notifying announcing proclaiming declaring pronouncing stating asserting affirming avowing averring maintaining contending arguing claiming alleging professing purporting pretending feigning simulating masquerading impersonating mimicking imitating emulating copying replicating reproducing duplicating cloning mirroring echoing paralleling matching equalizing balancing offsetting counterbalancing compensating neutralizing nullifying negating invalidating voiding cancelling annulling abolishing abrogating rescinding revoking repealing withdrawing retracting renouncing repudiating disclaiming disowning denying refuting contradicting opposing contest disput disputat disputat disputat disputat disputat disputat