ANZ Announces Strong FY23 Results & Dividend Proposal

ANZ Group Holdings Limited (ASX: ANZ) reports a Statutory Profit after tax of AU$7,098 million, remaining flat compared to the previous year, while Cash Profit from continuing operations surged by 14% to AU$7,405 million. The Common Equity Tier 1 Ratio stands at 13.3%, and Cash Return on Equity at 10.9%. The proposed final dividend for 2023 is 94 cents per share (cps), with an 81cps dividend partially franked at 65% and an additional unfranked dividend of 13cps.

Financial Insights

• Earnings: Statutory Profit after Tax remained stable at AU$7,098 million.
• Dividends: The proposed 2023 Final Dividend is 94cps, partially franked at 56%.
• Balance Sheet: Gross Loans and Advances increased to 5%, and the Common Equity Tier 1 Ratio surged by 105 basis points to 13.3%.

CEO Insights

CEO Shayne Elliott expressed satisfaction with ANZ's annual performance, emphasizing record revenue and cash profit. He highlighted prudent cost management in the face of inflation and continued investments in long-term initiatives. Key achievements included the success of the ANZ Plus digital banking platform and the growth of the Institutional Division.

Divisional Performance Highlights

• Australia Retail: Showcased strong growth in retail balance sheet and home loan processing.
• Institutional Division: All core businesses generated over $2 billion each in revenue.
• New Zealand Division: Maintained a leading market position across various sectors.

Credit Quality & Capital

ANZ reported a net charge of AU$245 million in credit provision, with provisions held for increased risks associated with inflation and geopolitical tensions. The bank's Common Equity Tier 1 Ratio stands strong at 13.3%.

Suncorp Bank Acquisition

ANZ's proposed acquisition of Suncorp Bank is pending review by the Australian Competition Tribunal, with a decision expected in February 2024.

The announcement reflects ANZ's strong financial performance, strategic growth initiatives, and their persistent efforts in navigating challenging market conditions.

The official Annual Report will be available on November 13, 2023, incorporating KPMG's audit report dated November 10, 2023.

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