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Australia and New Zealand Banking Group Ltd ANZ

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Morningstar’s Analysis

Valuation
Currency in AUD
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Déjà vu on ANZ Cost Ambitions as Loan Provisions Underpin Rebound in Profit

Nathan Zaia Equity Analyst

Analyst Note

| Nathan Zaia |

ANZ’s cash profit of AUD 3 billion puts the bank on-track to meet our full-year expectations. The AUD 678 million release of loan loss provisions (a benefit to profit) was better than expected, but was largely offset by volatile global markets income softening.

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Company Profile

Business Description

ANZ Bank is Australia's third-largest bank by market value and provides retail, business, and institutional banking services to customers in Australia, New Zealand, and Asia-Pacific. The super-regional Asian strategy is being de-emphasised, with management focusing on the higher-returning businesses in Australia and New Zealand. Fine-tuning strategy and bank-wide restructuring results in a differentiated bank compared with domestic peers. ANZ Bank still retains a tilt to its Asia-centric strategy, but is now more balanced, better capitalised and a simpler bank.

Contact
833 Collins Street, Level 9, ANZ Centre
Melbourne, VIC, 3008, Australia
T +61 392735555
Sector Financial Services
Industry Banks - Diversified
Most Recent Earnings
Fiscal Year End Sep 30, 2021
Stock Type
Employees 38,579

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