ANZ Banking Group


November 1, 2022 FAT-AUS-1021

Strong Performance

Shares in ANZ have staged a strong recovery in the past weeks, we review another strong result from the bank with profit before credit impairment and tax up 7% for FY-22 with a strong 16% in the 2H. Cash Profit from continuing operations finalized at $6,515 million, some 5% higher.

The daily chart for ANZ indicates a strong movement higher from the Q2 2022 $21.0 low with the price moving higher over the $24.40 level. The recent retest of this level has seen a strong price reaction higher above the 20 day and 200 day moving averages.

ANZ has announced an audited Statutory Profit after tax for the full year ended 30 September 2022 of $7,119 million, up 16% on the previous year and the first double-digit revenue growth for a HY since 2009.

Source ANZ

Looking at the retail division, ANZ management has spent the year focusing on organic growth for the business with a changing business model moving across to a digital platform for transactions and applications from customers. To this end, ANZ has merged Australian Retail and Digital as a single division, from this initial new model some good momentum is being created with the division showing an increasing profit to 6% 2H vs 1H. Strong customer up-take of the ANZ Plus fee free account model with deposits reaching $1.2 billion, growing at a faster pace than any peer digital bank platform in Australia. The popularity stems from the no minimum account balance and the compatibility with third-party payment application platforms of Apple pay and Google pay, this is certainly the growing trend with the older portion of Generation Z ( 10 – 25 years) and Generation Y ( 25- 40 years) customers.

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