News Release
For Release: 7 May 2024

2024 Half Year Result & Proposed Dividend$3,407m

10.1%83c$3,552m

118.3cStatutory Profitafter tax-4% vs 2H23

Cash RoE-42bps vs 2H23

Total dividend
per share+2% vs 2H231

Cash Profit-1% vs 2H23

Cash EPS-1% vs 2H232•

ANZ today announced a Statutory Profit after tax for the half year ended 31 March 2024
of $3,407 million. Cash Profit was $3,552 million, down 1% on the previous half.

•ANZ’s Common Equity Tier 1 Ratio increased to 13.5% and Cash Return on Equity
excluding capital retained to purchase Suncorp Bank was 10.7%.3•The proposed Interim Dividend is 83 cents per share (cps), partially franked at 65%.

•ANZ intends to buy-back up to $2 billion of shares on-market as part of its capitalmanagement plan.

CEO COMMENTARY4ANZ Chief Executive Officer Shayne Elliott said: “This half’s strong performance is a directconsequence of peer-leading diversification as well as our disciplined focus on productivity anddelivery.
“Coming off a record 2023, each division delivered for the Group and we’ve made good progresson the things we said we would: preparing for the integration of Suncorp Bank, growing ANZ
Plus, leveraging our Institutional processing platforms, and further driving productivity.
“Our preparations to integrate Suncorp Bank are well advanced. While the time taken to progress
the necessary approvals has taken longer than anticipated, we have used that time productively
and we are more confident than ever about the benefits that will follow.
“Our flagship digital offering, ANZ Plus, has grown to almost 690,000 customers and approaching$14 billion in deposits at the end of April – and we have just introduced the ability to create joint
accounts. Net promoter scores are consistently higher than our peers, while attracting on
average 35,000 customers every month, around half of which are new to the bank.
“ANZ Plus is already having an impact on the financial wellbeing of customers, with around 47%
using at least one of our financial wellbeing features and the introduction of controls to better
protect customers from scams.
Excludes the additional dividend of 13 cents per share at 2H23
Cash Profit excludes non-core items included in Statutory Profit with the net after tax adjustment an increase to Statutory Profit of $145 million
Pro forma adjusting for Suncorp Bank acquisition capital4
All commentary is presented on a Cash Profit basis with growth rates compared with the 2H23 unless otherwise stated1
2
3

“Our Institutional payment platforms business is a clear differentiator with the facilitation ofaround $164 trillion in payments each year. As a result, payments revenue for the half was up
4%, while international payments grew 8.5% year on year. We further extended our leadershipin this space, becoming the first major bank to go live with a natively built, API-enabled, PayTo
service for billers in Australia.
“Our diversification continues to serve us well. In a world where retail banking in Australia and
New Zealand is more competitive than ever, our International business performed strongly, withrevenue up 16% for the half. We also continued to further simplify the bank, including completingthe partial sale of our stake in Malaysia’s AmBank, releasing $668 million in capital, which will
be returned to shareholders via our $2 billion on market share buy-back.
“Across the Group, we continued to invest in the franchise while maintaining a disciplined
approach to costs, unlocking $200 million of savings through productivity measures during thehalf. These initiatives delivered simpler, more robust processes that will have enduring benefits
for the bank. This included further automation across home loan application processing andsimplifying our technology.
“Finally, this strong financial performance means we have never been better placed to support
customers doing it tough. While generally they have remained resilient, we know there are many
who are challenged by rising cost-of-living and my message to them is that we are here readyand willing to help them navigate through this challenging period,” Mr Elliott said.
DIVISIONAL PERFORMANCE5
Division

Cash Profit

RoE6

Drivers and Commentary

Australia
Retail$794 million
-9%

11%

••
•

Australia
Commercial$665 million-5%Institutional$1,522 million
+12%

25%

••

15%

••

New Zealand

NZ$852 million
+2%

16%

••

Above system home loan growth with pricing above
cost of capital.
Customer deposits up 5%. ANZ Plus deposits, now
representing 8% of total retail deposits, up 39%.
Low credit impairments reflect resilience of customer
franchise.
Strong balance sheet growth with lending up 4% anddeposits up 3%.
Australia Commercial contributing 24% of total groupwhen including commercial customer revenue
booked in other divisions.
27% increase in Markets income driven by higher
customer activity and favourable trading conditions.
Strongest first half performance since FY17.
International profit up 19% demonstrating benefit ofglobally diversified business.
Moderate balance sheet growth with lending up 1%and deposits up 2%, despite challenging economicconditions.
90 day arrears up 18% across the half withindividual loss rate remaining low at 2bps.

Half on half comparison
Australia Retail, Australia Commercial, Institutional & New Zealand represent 75% of Group capital with the balance of capital held in Pacific and Group
Centre (including Asia Partnerships, Suncorp Bank acquisition and Non Bank Group). Australia Retail RoE excludes ANZ Plus investment spend. NZ RoE basedon NZD.
562

CREDIT QUALITY
The total credit impairment charge for the first half was $70 million, comprising:••a collectively assessed provision (CP) charge of $32 million.
an individually assessed provision (IP) charge of $38 million.

The CP charge takes our total CP balance at 31 March 2024 to $4,046 million.
DIVIDEND & CAPITALANZ Banking Group’s capital position remains strong, with a Common Equity Tier 1 (CET1) Ratioof 13.5%, an increase of 16 basis points since September 2023. This includes capital being heldfor the proposed acquisition of Suncorp Bank.
The Board has proposed an Interim Dividend of 83 cps, partially franked at 65%.
ANZ intends to buy back up to $2 billion of shares on-market as part of its capital management
plan, reflecting our strong capital position and the benefits of the partial sale of our share inAmBank. The on-market buy-back is expected to reduce ANZ’s CET1 Ratio by approximately 46
basis points.
SUNCORP BANKIn July 2022, ANZ announced an agreement to acquire Suncorp Bank to accelerate the growthof our Australia Retail and Commercial businesses and improve our geographic balance. InFebruary this year the Australian Competition Tribunal authorised the proposed acquisition.
Completion remains subject to approval from the Federal Treasurer and the amendment of theMetway Merger Act. Preparations to integrate Suncorp Bank into ANZ Group are well-advanced,
subject to these conditions being met.
FURTHER COMMENTS
Mr Elliott said: “Both the domestic and international environments are expected to remainchallenging across the remainder of the year. The Australian and New Zealand economies arelikely to remain subdued, while geopolitical tensions, electoral uncertainty and the introductionof interventionist trade and industry policies will continue internationally.
“Despite these conditions, we are well positioned with the diversity of our businesses, prudent
management, and the strength of our customers holding us in good stead. In fact, our work tobuild a well-managed, de-risked and diversified bank, coupled with our unique internationalpresence, means we are well placed to succeed in this environment.
“Our priorities for the remainder of the year are clear. We’ll continue to run the Group prudently
and drive productivity; grow customers on ANZ Plus and deepen their engagement; completethe acquisition of Suncorp Bank; extend our leadership in Institutional processing platforms; andinvest more in Commercial,” Mr Elliott said.

3

GROUP FINANCIAL INFORMATION
Earnings ($m)

1H24

2H23

Movement

Statutory Profit After Tax

3,407

3,551-4%

Cash Profit

3,552

3,584-1%

Profit before Credit Impairment & Tax

5,132

5,223-2%

Earnings Per Share (cents)

118.3

119.5-1%

Return on Equity

10.1%

10.5%

-42bpsReturn on Average Assets

0.61%

0.64%

-3bps

Net Tangible Assets per ordinary share ($)

22.05

21.77

28 cents

Dividend per share (cents)

83817+2%

Credit Provision Charge ($m)

1H24

2H23

Movement

Total Provision Charge / (release)

70

112

-38%

Individual Provision Charge / (release)38

123-69%Collective Provision Charge / (release)32(11)

large

Balance Sheet ($b)

Mar-24

Sep-23

Movement

Gross Loans and Advances (GLAs)

718.7

710.6

+1%

Total Risk Weighted Assets (RWAs)

432.8

433.3

0%

Customer Deposits

641.1

647.1

-1%

Common Equity Tier 1 Ratio (CET1)

13.5%

13.3%

+16bpsOther

Mar-24

Sep-23

Movement

Full Time Equivalent staff

40,26240,3420%Interviews with relevant executives, including Shayne Elliott, can be found atbluenotes.anz.com.
For media enquiries contact:

For analyst enquiries contact:

Lachlan McNaughton
Head of Media Relations
Tel: +61 457 494 414

Jill Campbell
Group General Manager, Investor Relations
Tel: +61 412 047 448

Amanda Schultz
Media & Public Relations Manager
Tel: +61 401 532 325

Cameron Davis
Executive Manager, Investor Relations
Tel: +61 421 613 819

Approved for distribution by ANZ’s Continuous Disclosure Committee
ANZ Group Holdings Limited
9/833 Collins Street Docklands Victoria 3008 Australia
ABN 16 659 510 791

7

Excludes the additional dividend of 13 cents per share at 2H234