ANZ has reported a statutory profit after tax of $6,535 million for the year ending September 30, 2024. This marks an 8% decline compared to the previous year. The cash profit stood at $6,725 million, or $6,921 million when excluding one-off acquisition accounting adjustments related to Suncorp Bank.
The bank's Common Equity Tier 1 Ratio was noted at 12.2%, with a cash return on equity of 9.7%. A final dividend of 83 cents per share has been proposed, partially franked at 70%.
ANZ Chief Executive Officer Shayne Elliott remarked on the performance: “This strong performance again demonstrates the benefits of our simplification agenda combined with the targeted investments in our core banking businesses." Despite challenges such as intense competition and inflation affecting profits, ANZ achieved its second strongest revenue performance and a full-year cash profit of $6.7 billion.
Elliott also highlighted the successful acquisition of Suncorp Bank, contributing two months' earnings to this result. "Suncorp Bank’s solid customer acquisition along with growth in home loans and deposits have been particular highlights," he said.
He further mentioned that ANZ Plus experienced significant growth, increasing customers by 84% and deposits by 70% to nearly $16 billion over the year.
Regarding credit quality, there was a net charge of $406 million for credit provisions during the year. The collective assessed provision charge was $262 million while individually assessed provisions amounted to $144 million.
The bank's capital position remains robust post-acquisition of Suncorp Bank and completion of a $2 billion share buyback. As previously announced on October 28, ANZ's second-half profits were impacted by a net after-tax charge related to one-off acquisition accounting adjustments.
Looking forward, Elliott stated: “We remain focused on delivering good customer outcomes... strengthening risk management and providing consistent financial returns to shareholders."
Interviews with executives including Shayne Elliott are available on anz.com.au/bluenotes.