ANZ Group (ANZ) H2 2024 earnings summary

Executive summary

• Completed Suncorp Bank acquisition, accelerating scale in Australian Retail & Commercial and delivering early synergy realization; integration contributed two months of earnings and several one-off items.

• Institutional division delivered record results, with 14% ROE and growth driven by Transactive and Plus platforms.

• ANZ Plus achieved 1% of all Australian retail deposits, 848,000 customers, and high digital engagement, with deposits up $7 billion year-over-year.

• Sale of AmBank shares enabled a major share buyback, reducing share count by over 30 million and releasing AUD 900 million of capital.

• Total shareholder return reached 27% for FY24, with a final dividend of AUD 0.83 per share franked at 70%.

Financial highlights

• Group revenue for FY24 was $20,809 million, broadly flat or down 2% year-over-year, following a record FY23.

• Cash profit excluding Suncorp acquisition adjustments was AUD 6.92 billion; statutory profit after tax was $6,535 million, down 8% year-over-year.

• Customer deposits increased 11% year-over-year, now the second largest among Australian banks, reaching $715.2 billion.

• Gross lending assets rose by AUD 102 billion, up 15% year-over-year, with net loans and advances at $807.1 billion.

• FX-adjusted credit losses remained low, with an impairment loss rate of 2 basis points, well below peers.

Outlook and guidance

• Cost to serve is expected to decline further as migration to Plus and Transactive accelerates, with material cost reductions from 2027.

• FY25 costs are expected to rise modestly due to Suncorp integration and migration, with synergy benefits ramping up in subsequent years.

• Scaled migration of 6 million ANZ and 1 million Suncorp customers to Plus will begin in the next 6–9 months, targeting completion by end of 2028.

• Regulatory capital changes expected from APRA, including AT1 phase-out by 2027; ongoing focus on capital and liquidity management.

• Focus remains on delivering customer outcomes, strengthening risk management, and leveraging generative AI for productivity.