ANZ Group Holdings reported statutory profit after tax of A$6.535 billion for the financial year ended 30 September 2024, an 8% decline on the prior year, as the bank released its full-year results on 8 November 2024. The result reflected a number of one-off events related to the acquisition of Suncorp Bank, which was completed on 31 July 2024.
Cash profit for the year came in at A$6.725 billion, or A$6.921 billion excluding A$196 million of one-off Suncorp Bank acquisition accounting adjustments. ANZ's management described the result as a strong performance in an intensely competitive lending environment, while noting that competition and inflation had impacted profits and that the result included A$196 million of one-off Suncorp Bank acquisition accounting adjustments.
SUNCORP ACQUISITION RESHAPES BALANCE SHEET
The acquisition of Suncorp Bank added approximately A$70 billion in net loans to ANZ's portfolio. The transaction, which was subject to an extended regulatory review and was blocked by the Australian Competition and Consumer Commission before being approved by the Australian Competition Tribunal and the Treasurer, had been announced in July 2022.
Total customer deposits across the combined group reached A$715.2 billion.
The group operates across retail banking, commercial banking, institutional banking, and wealth management, with operations in New Zealand and a number of Asian markets.
STRATEGIC PRIORITIES AND CAPITAL
Chief Executive Shayne Elliott said ANZ would stay focused on customer outcomes, stronger risk management and consistent returns, would keep simplifying around two key platforms, ANZ Plus and Transactive Global, and was expediting work to improve its non-financial risk practices. ANZ's Common Equity Tier 1 ratio was 12.2%, above the regulatory minimums set by the Australian Prudential Regulation Authority, and the board proposed a final dividend of 83 cents per share, partially franked at 70%.