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ANZ joins this banking season’s $7b earnings club

ANZ CEO Shayne Elliott says the banks's strong annual result follows years of transformation.

ANZ CEO Shayne Elliott says the banks's strong annual result follows years of transformation. Photo: AAP

Another Big Four bank has reported a rise in full-year earnings to more than $7 billion.

ANZ posted a cash profit of $7.4 billion for fiscal 2023, up 14 per cent on the previous year. Its statutory net profit was flat at $7.1 billion.

“This is a strong annual result, with record revenue and cash profit following several years of transformation,” CEO Shayne Elliott said in a statement on Monday.

ANZ has strengthened its balance sheet and now has provisions for potential credit losses at higher than prior to the COVID-19 pandemic.

“This is critical as we enter a period of continued high interest rates, rising costs and geopolitical tensions,” Mr Elliott said.

The CEO said while the full impact of interest rate rises was still flowing through the economy, the effects are being seen in household and business budgets.

“Our customers have so far proven resilient, with a relatively low level of (loan) delinquencies, despite the current interest rate tightening cycle,” he added.

“We will continue to focus on supporting customers through what will likely be another year of cost of living pressures.”

Last week, National Australia Bank reported a rise in cash earnings of $7.7 billion and a net profit of $7.4 billion for fiscal 2023, while Westpac grew its net profit by 26 per cent to $7.2 billion.

ANZ announced a final dividend per share of 94 cents, taking the total for the year to $1.75.

– AAP

Topics: ANZ
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