The 2020 Annual General Meeting of ANZ was marked by reflections on a challenging year and forward-looking statements from the new Chairman. The meeting opened with acknowledgments of the Australian bushfires and COVID-19, which heavily impacted communities and economies worldwide.
Expressing sympathy for those affected, the Chairman praised ANZ staff for their support to customers during these crises. He highlighted that the economy ended better than expected due to coordination between governments, industry, and regulators. However, he acknowledged ongoing struggles for businesses and individuals as government assistance unwinds.
ANZ reported a statutory profit of $3.58 billion, a 40% decrease from the previous year, largely due to COVID-19's impact. Provisions were increased by $1.7 billion in anticipation of potential future losses. The bank deferred its dividend decision earlier in the year but later announced dividends totaling 60 cents per share.
The Chairman emphasized four focus areas: Customers, Costs, Capital, and Culture. He stressed leveraging technology for customer service improvements and maintaining cost discipline amid margin pressures. Efficient capital allocation remains crucial for shareholder value growth without diluting shares.
ANZ is committed to transitioning towards a lower-carbon future with a $50 billion fund allocated for this purpose. The bank plans to source all electricity from renewables by 2025 while engaging customers on climate issues.
Reflecting on leadership changes, David Gonski's contributions as Chair were recognized, particularly in governance and sustainability efforts. With over 38,000 dedicated employees, ANZ enters 2021 with optimism despite anticipated challenges.
In closing remarks before handing over to CEO Shayne Elliott, appreciation was extended to shareholders and customers for their continued trust and support.