ANZ Bank

ANZ Bank Financial Year

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Australia and New Zealand Banking Group (ANZ Bank) is one of the largest banks in Australia and New Zealand. It is also one of the most important banks in the region, with a significant presence in Asia.

ANZ Bank’s financial performance is therefore of great interest to investors, analysts, and the broader community.

What is the ANZ Bank Financial Year?

The ANZ Financial Year means the period from 1st October of one year through to and including 30 September of the following year.

How did ANZ Bank perform in the 2023 financial year?

ANZ Bank reported a solid financial performance for the 2023 financial year, with underlying profit after tax up 10% to A$7.1 billion. This was driven by strong revenue growth, improved credit quality, and lower costs.

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Cash earnings were also up 10% to A$7.8 billion, and the bank announced a final dividend of 90 cents per share, bringing the full-year dividend to A$1.60 per share.

What were the key drivers of ANZ Bank’s financial performance?

The key drivers of ANZ Bank’s financial performance in the 2023 financial year were:

  • Strong revenue growth: ANZ Bank’s revenue grew by 6% to A$25.4 billion, driven by growth in all major business lines. This was particularly strong in retail banking, where revenue grew by 8% to A$16.9 billion.
  • Improved credit quality: ANZ Bank’s credit quality improved further in the 2023 financial year, with impaired assets as a percentage of gross loans falling to 0.53%. This was driven by a decline in new impaired assets and a recovery in existing impaired assets.
  • Lower costs: ANZ Bank’s costs fell by 2% to A$17.6 billion in the 2023 financial year. This was driven by a number of factors, including efficiency gains and a reduction in bad debts.

Conclusion

ANZ Bank reported a solid financial performance for the 2023 financial year. The bank is well-positioned to meet the challenges it faces in the coming year, and is focused on investing in growth, improving efficiency, and managing risk.

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