ANZ posts flat NPAT and predicts challenges

Mike Taylor

Managing Editor/Publisher, Financial Newswire

5 May 2023

Big banking group, ANZ has pointed to a “strong financial performance” which led to a 12% increase in cash profit of $3,821 million for the half year to 31 March but a 1% decline in statutory profit after tax of $3,547.

The company has proposed an interim dividend of 81 cents per share, fully franked.

Commenting on the result, ANZ chief executive, Shayne Elliott said it was “a strong financial performance in which all four divisions made a material contribution”.

“The record result was driven by solid revenue across the board and the benefits of having a well-diversified business,” his commentary said. “It was also a direct outcome of our deliberate strategy to simplify, reshape and de-risk the bank which has allowed us to replace revenue following the dispose of non-core assets.”

However Elliott said that the next six months would be more difficult than the last, stating that competition in retail banking is as intense as it has ever been both in Australia and New Zealand.

“We understand that sustained higher inflation and interest rates create further challenges for some households and businesses across the economy,” he said. “While the number of ANZ customers in difficulty remains low, we stand ready to help in these potentially challenging times.”