Company Reports

ANZ Group is the owner of ANZ Bank, the smallest of Australia's four major banks by market value and the largest bank in New Zealand and the Pacific, offering a full range of banking and financial services to the consumer, small business, and corporate sectors. Like the other major banks, ANZ Bank has a well-recognized and trusted bank brand, a large advertising and marketing budget, and customer fulfillment capacity (branches, systems, funding capacity) to capitalize on this brand equity. We see the firm’s strategy to simplify and focus on its highly profitable core banking operations as logical. The acquisition of Suncorp Bank provides an avenue to leverage benefits of current investments in its retail banking platform. These investments include better digital offerings and more lenders. Integration risk cannot be ignored, but overall we believe the acquisition is strategically sound.

ANZ's third-quarter 2026 profit of AUD 1.9 billion is broadly in line with the first-half fiscal 2026 quarterly average. Excluding a NZD 125 million provision relating to a class action, profit growth was a more robust 5% on loan growth of 3% and a net interest margin up 1 basis point.

Australian major bank share prices are down an average of 15% since March. The sell-off began as banks increased provisions as the Iran war hit fuel security and costs, and deepened as higher cash rates and the government's proposed tax changes clouded the outlook for consumers and housing.

ANZ Group is the owner of ANZ Bank, the smallest of Australia's four major banks by market value and the largest bank in New Zealand and the Pacific, offering a full range of banking and financial services to the consumer, small business, and corporate sectors. Like the other major banks, ANZ Bank has a well-recognized and trusted bank brand, a large advertising and marketing budget, and customer fulfillment capacity (branches, systems, funding capacity) to capitalize on this brand equity. We see the firm’s strategy to simplify and focus on its highly profitable core banking operations as logical. The acquisition of Suncorp Bank provides an avenue to leverage benefits of current investments in its retail banking platform. These investments include better digital offerings and more lenders. Integration risk can not be ignored, but overall we believe the acquisition is strategically sound.

ANZ Group is the owner of ANZ Bank, the smallest of Australia's four major banks by market value and the largest bank in New Zealand and the Pacific, offering a full range of banking and financial services to the consumer, small business, and corporate sectors. Like the other major banks, ANZ Bank has a well-recognized and trusted bank brand, a large advertising and marketing budget, and customer fulfillment capacity (branches, systems, funding capacity) to capitalize on this brand equity. We see the firm’s strategy to simplify and focus on its highly profitable core banking operations as logical. The acquisition of Suncorp Bank provides an avenue to leverage benefits of current investments in its retail banking platform. These investments include better digital offerings and more lenders. Integration risk can not be ignored, but overall we believe the acquisition is strategically sound.

ANZ Group's first-half fiscal 2026 profit jumped 14% to AUD 3.8 billion compared with the second half of last year. The bank's material cost-cutting program underpinned the result, with operating expenses down 9%. Interim dividend is steady at AUD 0.83 per share, 75% franked.

ANZ Group is the owner of ANZ Bank, the smallest of Australia's four major banks by market value and the largest bank in New Zealand and the Pacific, offering a full range of banking and financial services to the consumer, small business, and corporate sectors. Like the other major banks, ANZ Bank has a well-recognized and trusted bank brand, large advertising and marketing budget, and customer fulfilment capacity (branches, systems, funding capacity) to capitalize on this brand equity. We see the firm’s strategy to simplify and focus on its highly profitable core banking operations as logical. The acquisition of Suncorp Bank provides an avenue to leverage benefits of current investments in its retail banking platform. These investments include better digital offerings and more lenders. Integration risk can not be ignored, but overall we believe the acquisition is strategically sound.

ANZ Group's first-quarter fiscal 2026 underlying profit rose 17% to AUD 2.0 billion. A sharp 8% cut to underlying operating expenses was the key driver, further aided by modest loan growth and a slight improvement in underlying net interest margins, or NIMs. Shares rose 8% on the day.

ANZ Group is the owner of ANZ Bank, the smallest of Australia's four major banks by market value and the largest bank in New Zealand and the Pacific, offering a full range of banking and financial services to the consumer, small business, and corporate sectors. Like the other major banks, ANZ Bank has a well-recognized and trusted bank brand, large advertising and marketing budget, and customer fulfilment capacity (branches, systems, funding capacity) to capitalize on this brand equity. We see the firm’s strategy to simplify and focus on its highly profitable core banking operations as logical. The acquisition of Suncorp Bank provides an avenue to leverage benefits of current investments in its retail banking platform. These investments include better digital offerings and more lenders. Integration risk can not be ignored, but overall we believe the acquisition is strategically sound.

ANZ Group's fiscal 2025 underlying profit of AUD 6.9 billion was flat on last year, but profit dived 14%, including significant items such as penalties and redundancies. Softer net interest margins weighed on 3% loan growth. Final dividend is steady at AUD 0.83 per share, 70% franked.

ANZ's five-year strategic plan is focused on better customer experience, lower operating costs, and improved management of nonfinancial risks. Capital will be bolstered by ceasing a share buyback and offering discounted dividend reinvestment plans. The plan is to keep the final dividend steady.

ANZ Group is the owner of ANZ Bank, the smallest of Australia's four major banks by market value and the largest bank in New Zealand and the Pacific, offering a full range of banking and financial services to the consumer, small business, and corporate sectors. Like the other major banks, ANZ Bank has a well-recognized and trusted bank brand, large advertising and marketing budget, and customer fulfilment capacity (branches, systems, funding capacity) to capitalize on this brand equity. We see the firm’s strategy to simplify and focus on its highly profitable core banking operations as logical. The acquisition of Suncorp Bank provides an avenue to leverage benefits of recent investment in its retail banking platform. Integration risk can not be ignored, but overall we believe the acquisition is strategically sound.

ANZ has agreed to pay AUD 240 million in penalties to resolve five Australian Securities and Investments Commission, or ASIC, investigations within its Australian markets and retail banking businesses. The bank admits it made mistakes that had a significant impact on customers.

With new management reviewing priorities, ANZ Group is set to axe around 3,500 employees by September next year and reduce its use of external consultants. A restructuring charge of AUD 560 million is expected in the full-year results.

ANZ Group is the owner of ANZ Bank, the smallest of Australia's four major banks by market value and the largest bank in New Zealand and the Pacific, offering a full range of banking and financial services to the consumer, small business, and corporate sectors. Like the other major banks, ANZ Bank has a well-recognized and trusted bank brand, large advertising and marketing budget, and customer fulfilment capacity (branches, systems, funding capacity) to capitalize on this brand equity. We see the firm’s strategy to simplify and focus on its highly profitable core banking operations as logical. The acquisition of Suncorp Bank provides an avenue to leverage benefits of recent investment in its retail banking platform. Integration risk can not be ignored, but overall we believe the acquisition is strategically sound.

Among the key insights from ANZ Group's third-quarter 2025 update are low-single-digit loan and deposit growth across most segments, very low loan impairments, and capital surplus to regulatory requirements.

On average, Australian major banks rallied around 11% in the three months to June 30, 2025. Credit growth has continued to trend higher, supported by population and wages growth, while credit stress has been low. Banks reported softening net interest margins in the March 2025 quarter.

ANZ Group is the owner of ANZ Bank, the smallest of Australia's four major banks by market value and the largest bank in New Zealand and the Pacific, offering a full range of banking and financial services to the consumer, small business, and corporate sectors. Like the other major banks, ANZ Bank has a well-recognized and trusted bank brand, large advertising and marketing budget, and customer fulfilment capacity (branches, systems, funding capacity) to capitalize on this brand equity. We see the firm’s strategy to simplify and focus on its highly profitable core banking operations as logical. The acquisition of Suncorp Bank came as a surprise but provides an avenue to leverage benefits of recent investment in its retail banking platform. Integration risk can not be ignored, but overall we believe the acquisition makes strategic sense.

ANZ Group's first-half fiscal 2025 profit increased 12% on the second half of last year to AUD 3.6 billion. Excluding Suncorp Bank, profit was flat. Softer net interest margins weighed on 2% loan growth. Loan impairment expenses/loans remain well below historical averages at just 0.04%.

Australian major banks were not immune from the market sell-off following US tariff announcements, with a potential hit to GDP growth clouding the earnings outlook. But so far in fiscal 2025, credit growth is ticking up on population and wages growth, while credit stress has been low.