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• Annual Report 2023

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FULL COVERAGE: ANZ’s 2023 Half year result

In a year in which each division made a positive contribution, ANZ has posted a statutory profit after tax for the six months to March 31 2023 of $3.5 billion, flat on the prior comparable period.

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The bank’s capital strength and underlying profitability delivered a Common Equity Tier 1 ratio of 13.2 per cent. The proposed half year dividend is 81 cents per share, fully franked.

You can read and watch all the details below.

Elliott: a stellar result with all businesses performing strongly

ANZ CEO Shayne Elliott says the “great” interim result is testimony to seven years of work on balancing and de-risking the bank by an experienced team in a time of global financial ructions.

Half year 2023 in pictures

All the details of ANZ’s 2023 half year result in one easy-to-read infographic.

Faruqui: balance and focus as a platform for growth

ANZ CFO Farhan Faruqui outlines what drove the financials and how diversification and consistency are now hallmarks of the bank’s performance and focus for the second half of the financial year.

BEHIND THE NUMBERS: Balance and diversification lead the way

After years of simplification, ANZ’s Institutional business delivered a record results while providing crucial diversification.

BEHIND THE NUMBERS: Natural disasters and huge transformation but earnings remain solid

As New Zealand’s biggest lender ANZ is also focused on being its most secure. ANZ ensures it is a financial bedrock for the Kiwi economy while completing a major regulatory project.

BEHIND THE NUMBERS: Risk off

A concerted seven-year program to simplify and re-focus ANZ has dramatically reduced its exposure to risky sectors and borrowers, setting it up to be a lower risk bank into the future with a more select customer base.

Elliott: understanding the new turmoil

Global banking turmoil is not new, have we learned the lessons of the past? Andrew Cornell speaks with ANZ Chief Executive Shayne Elliott.

You’ve got mail: Billions lost @bank #bankrun

Trying to navigate any crisis is hard, but how do you keep your head when it happens at lightning speed on your smartphone?

Solid first half year result for ANZ New Zealand 

ANZ New Zealand reports a solid a first half year result.

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• Transcripts

2023 Half Year Result & Proposed Dividend

ANZ [1] today announced a Cash Profit [2] from continuing operations of $3,821 million, up 12% when compared with the prior half.

Statutory Profit after tax for the half year ended 31 March 2023 was $3,547 million.

ANZ’s Common Equity Tier 1 Ratio increased to 13.2% and Cash Return on Equity rose to 11.4%. The proposed Interim Dividend is 81 cents per share, fully franked.

GROUP FINANCIAL INFORMATION

CEO COMMENTARY

ANZ Chief Executive Officer, Shayne Elliott, said: “This was a strong financial performance in which all four divisions made a material contribution. The record result was driven by solid revenue growth across the board and the benefits of having a well-diversified business. 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 disposal of non-core assets.

“Achievements this half included establishing a new Non-Operating Holding Company, completing the single largest regulatory program in our history (BS11), making further progress with our application to acquire Suncorp Bank, migrating our entire HR platform to the cloud and taking further steps to strengthen our ecosystem strategy, including by growing Cashrewards and investing in View Media Group.

“Australia Retail grew home loans faster than the market, while also driving good growth in deposits. We continued the rollout of ANZ Plus, which had $6 billion of deposits at end-April from over 250,000 customers, 30% of which were new to bank, with 39% new to bank in March.

“Institutional posted a record half-year result, producing returns well above the cost of capital in each region and strong revenue growth across all products. The division saw ongoing rapid growth in payments and currency processing and benefitted from servicing other financial institutions where we have a competitive advantage and significant market leadership. The international business performed strongly, contributing to more than 60% of the Division’s revenue growth compared with the prior comparable period.

“In New Zealand, revenue and returns were both up strongly compared with the first half of 2022 and we continue to lead the market in all of our target segments. The BS11 regulatory program, the single largest project in the Group’s history, is now complete. We are well positioned to continue growing the business while also supporting customers through an uncertain environment.

“Australia Commercial was a strong contributor to Group revenue, generating the highest return on equity of our divisions and delivering revenue growth of 30% [1] compared with the prior comparable period. During the half we performed particularly well supporting customers in agriculture, trade and manufacturing.

“We continued to tightly manage costs at a time of significant inflation and from a balance sheet perspective remain one of the best capitalised banks in the world. We were among the first banks in the world to successfully access global funding markets after a period of market instability, demonstrating the strength of our franchise and confidence in the Australian banking system. We have a well-diversified portfolio and the ability to allocate capital dynamically to maximise shareholder returns.”

DIVISIONAL HIGHLIGHTS

Australia Retail

• Revenue up 4% vs 2H22 or 11% vs 1H22, driven by restored home lending momentum from the previous half and deposit margin management in a highly competitive environment.
• Strong home loan momentum in the first half, supported by restored capability and capacity and an improved broker support model.
• Increased customer engagement in ANZ Plus, with deposits reaching $5.3 billion in 1H23 ($6 billion by the end of April). The average balance per customer increased 51% vs 2H22 and the onboarding process achieved a net promoter score (NPS) of +52.

Australia Commercial

• Revenue up 13% vs 2H22 or 11% vs 1H22, driven by disciplined margin management and a strong deposit franchise.
• Net Loans and Advances expanded by 4% vs 1H22 by maintaining strong momentum in priority sectors.
• Finalised the sale of the investment lending business in April 2023 and continued to build on strategic partnerships, including ANZ Worldline platform which is now live.

Institutional

• Revenue up 23% vs 2H22 or 35% vs 1H22 as the division continued to focus on payments processing and servicing of other financial institutions.
• Rapid growth in payments processing, with New Payments Platform agency payments increasing 31% vs 1H22 while platform cash management accounts grew 32% vs 1H22.
• Participated in 56 sustainable finance deals worth $75 billion, broadly comparable to prior half against the backdrop of volatile macroeconomic conditions.

New Zealand (NZD)

• Revenue up 1% vs 2H22 or 14% vs 1H22, with margin expansion against a challenging competitive backdrop .
• Net Loans and Advances grew 3% vs 1H22 driven by home and business lending, despite a more challenging economic environment.
• Supported customers impacted by the floods and cyclone with emergency access to over $11 million of interest-free funds , as well as waiving ~$1.3 million in fees across February and March for our business and personal customers.

CREDIT QUALITY 

The total credit impairment charge for the first half was $133 million, comprising:

• a collectively assessed provision (CP) charge of $163 million.
• an individually assessed provision (IP) release of $30 million.

The additional CP charge takes our total CP balance at 31 March 2023 to $4,040 million. Individual provisions remain at low levels, with writebacks and recoveries more than offsetting new provisions in the half.

DIVIDEND & CAPITAL

ANZ Banking Group’s Common Equity Tier 1 Ratio is 13.2%, an increase of 89bps since September 2022. This increase included the impacts of APRA’s capital reforms, the majority of which were effective from January 2023. On a pro-forma basis, inclusive of the proposed Suncorp Bank acquisition and adjusted for the surplus capital in the Non-Operating Holding Company, the Banking Group’s capital ratio is 12.1%. This is above APRA’s revised expectations for major banks of between 11.0% and 11.5%.

The Board considers an Interim Dividend of 81 cents per share is appropriate for the current operating conditions. ANZ also stated the Dividend Reinvestment Plan will continue to apply for the Interim 2023 Dividend at no discount and the impact will be neutralised via the purchase of shares on market.

Mr Elliott said: “The next six months will be more difficult than the last. 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. While the number of ANZ customers in difficulty remains low, we stand ready to help in these potentially challenging times.

“We enter the next half with a business structure that brings the benefits of geographic and product diversification. We have a robust capital position, credit loss provisions higher than any other time pre-COVID, a strong and diverse deposit base and a track-record of execution. We are seeing continued momentum and high employee engagement across all four divisions, each with a clear strategy and a funded roadmap for growth.

“As the world is changing rapidly, ANZ is well placed to deploy our people and capital to help those facing challenges, but also support those looking for opportunities.”

Interviews with relevant executives, including Shayne Elliott, can be found at bluenotes.anz.com .

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Approved for distribution by ANZ’s Continuous Disclosure Committee

[1] Following the establishment of the Non-Operating Holding Company in January 2023 ANZ Group Holdings limited replaced ANZ Banking Group Limited as the listed entity for the ANZ Group.  The results represent the continuation of the ANZ Group.

[2] Cash Profit excludes non-core items included in Statutory Profit with the net after tax adjustment an increase from Statutory Profit of $274m.

[3] March 2023 RWA based on APRA revisions to capital adequacy requirements (APRA Capital Reform) effective 1 January 2023.

[4] ANZ Banking Group Level 2

[5] Adjusted for the net gain on sale from divested businesses recognised in the Australia Commercial division in the March 2022 half.

For media enquiries contact

Elizabeth Rudall

+61 403 130 207

Amanda Schultz

+61 401 532 325

Related Articles

May 05, 2023

Elliott: a stellar result with all businesses performing strongly

Faruqui: balance and focus as a platform for growth, infographic: anz’s 2023 half year result, behind the numbers: balance and diversification lead the way, behind the numbers: natural disasters and huge transformation but earnings remain solid, behind the numbers: risk off – transforming for a safer bank.

2023 half-year result

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Macquarie (MGL and its subsidiaries, the Consolidated Entity) is a global diversified financial group with offices in 34 markets.

Financial highlights.

1. Includes MAM and BFS AUM. 31 Mar 20 AUM has been restated to reflect an immaterial misstatement in total MAM AUM reported on 8 May 20.

1H23 Net Profit Contribution 1 by activity

50% annuity-style activities, 50% markets-facing activities.

1. Net profit contribution is management accounting profit before unallocated corporate costs, profit share and income tax.

1H23 Net Operating Income by geography 2

2.  International income is net operating income excluding earnings on capital and other corporate items.

Operating and Financial Review

Our businesses.

Macquarie is a diversified financial group providing clients with asset management and finance, banking, advisory and risk and capital solutions across debt, equity and commodities.

Macquarie Asset Management (MAM)

A leading specialist global asset manager, investing to deliver positive impact for everyone. Provides investment solutions to clients across a range of capabilities in Private Markets and Public Investments, including infrastructure, green investments, agriculture and natural assets, real estate, private credit, asset finance, equities, fixed income and multi-asset solutions.

Banking and Financial Services (BFS)

A retail banking and financial services business serving the Australian market. Provides a diverse range of personal banking, wealth management, and business banking products and services to retail clients, advisers, brokers and business clients.

Commodities and Global Markets (CGM)

A global business offering capital and financing, risk management, market access, physical execution and logistics solutions to its diverse client base, across commodities, financial markets and asset finance.

Macquarie Capital

Global capability in advisory and capital raising services, investing alongside partners and clients across the capital structure, providing specialist expertise, advice and flexible capital solutions across a range of sectors. Develops and invests in infrastructure and energy projects, and provides clients with access to equity research, sales, execution capabilities and corporate access.

Central service groups

The Central Service Groups provide a range of functions supporting Macquarie’s Operating Groups, ensuring they have the appropriate workplace support and systems to operate effectively and the necessary resources to meet their regulatory, compliance, financial reporting, legal and risk management requirements.

Risk Management Group (RMG)

An independent and centralised function responsible for independent and objective review and challenge, oversight, monitoring and reporting in relation to Macquarie’s material risks. RMG designs and oversees the implementation of the risk management framework. The Head of Internal Audit reports functionally to the Board Audit Committee and operationally to the Head of RMG for day-to-day management.

Legal and Governance Group (LGG)

Provides a full range of legal and corporate governance services, including strategic legal and governance advice and risk assessment on corporate transactions, treasury and funding, insurance, regulatory enquiries and litigation.

Financial Management Group (FMG)

Responsible for capital, funding, liquidity, tax and provides strategic analysis and advice in relation to financial performance to support the growth of the Macquarie business. It ensures Macquarie continues to meet its financial, regulatory and tax reporting compliance obligations, as well as maintain significant relationships with a range of external stakeholders on behalf of the Group.

Corporate Operations Group (COG)

Provides specialist support services through technology, operations, human resources, workplace, strategy, operational risk management, data and transformation, resilience and global security, and also includes the Macquarie Group Foundation.

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ANZ 1H 2023 Results Presentation & Investor Discussion Pack

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