A message from ANZ’s Chairman
Paul O’Sullivan
I am pleased to provide an overview of ANZ’s First Half 2022 Financial Results.
ANZ reported a Statutory Profit after tax for the half year ended 31 March 2022 of$3,530 million, up 10% on the previous half.
Cash profit (from continuing operations), which excludes non-core items included inour statutory result, was $3,113 million. While this was up 4% on the same period in
2021, it was down 3% on the previous half.
ANZ’s Common Equity Tier 1 Ratio was strong at 11.5% and Cash Return on Equity
was 10%.
The Interim Dividend payment of 72 cents per share, fully franked, amounts toapproximately $2 billion that is being paid to you, our shareholders.
Looking at the performance of the Group, the Board waspleased with the progress we have made in the continuingtransformation of ANZ.

If this proposal proceeds, a new listed parent holding
company will be created with two wholly-owned distinctgroups of entities sitting directly beneath it.

In Australia, we passed an important milestone in thetechnology transformation of the retail bank called
ANZ Plus.

These would include a ‘Banking Group’ which would
comprise the current Australia and New Zealand Banking
Group Limited and the majority of its present-day
subsidiaries, and a ‘Non-Banking Group’.

So far this has delivered 20 new technology platforms andhundreds of new automated processes. Once complete itwill equip ANZ with modern cloud-based technology andmake ANZ a more agile and competitive bank. Our first
product on ANZ Plus is a ‘Savings & Transact’ proposition
to help customers better manage their financial wellbeing.

The ‘Non-Banking Group’ will allow ANZ to offer ourcustomers the best non-banking technology and services
in a more efficient way. A good example is the investments
we currently hold in 1835i, which is our externalinnovation and venture capital partner.

During the half we also made good progress in improving
our home loan processing times in Australia. This saw
positive balance sheet momentum and we remain on track
to grow our home loan book in line with the other majorbanks by the end of our financial year.

This structure is consistent with how many banks are
structured and will provide ANZ with greater flexibility andthe potential to create additional value for shareholders
over time. Importantly, APRA will continue to regulate theBanking Group in the same way it does today.

New Zealand had an excellent half, delivering good growthacross all our product lines, with our home loan business aparticular highlight.

Right now, shareholders don’t need to do anything. If
the proposal receives regulatory approval, shareholders
will have the opportunity to vote on the proposed new
structure during our Annual General Meeting in December.
Further updates will be published on shareholder.anz.com.

The Institutional bank continued to highlight the benefitsof our diversified portfolio with customer revenue again
growing. We also saw strong growth in the payments weprocess on behalf of our financial institution customers,
which is a fast growing and profitable business.
From a credit quality perspective, your bank remains
in a strong position with customers, in general terms,
emerging from the last two pandemic years in good shape.

Finally, I would like to acknowledge all our people
across our network. They have again done a terrific jobdelivering for their customers, our shareholders and thebroader community.
Regards

This strength was reflected in our decision to releasealmost $300 million of credit provisions while our collective
provision balance of $3.8 billion is around $380 million
higher than what it was prior to the pandemic.
Non-Operating Holding Company
You may have seen reports that we intend to lodge
a formal application with the Australian Prudential
Regulation Authority (APRA) to establish a non-operatingholding company.

PAUL O’SULLIVANCHAIRMAN

2022 HALF YEAR HIGHLIGHTS$3,113 million1CASH PROFIT(Continuing operations)

2H21
1$3,208 million

No change-2%

72 cents

111 cents

DIVIDEND PER SHARE

2H21

CASH EARNINGS PER ORDINARY SHARE(Continuing operations)72 cents

2H21

113 cents

 ash profit excludes non-core items included in statutory profit and is provided to assist readers in understanding the result of the core business
Cactivities of the Group.
The non-core items are calculated consistently period on period so as not to discriminate between positive and negative adjustments, and compriseeconomic hedging and similar accounting items that represent timing differences that will reverse through earnings in the future.
The net after tax adjustment was a reduction to statutory profit of $422 million (all attributable to continuing operations). Refer pages 71 to 73
of the First Half 2022 Results Announcement for further details.

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