Fines and staff redundancies hurt ANZ’s bottom line
The big four banks say ANZ’s full-year statutory profit fell 10 per cent to $5.89 billion.
The company’s annual profits to September 30 were hit by $1.1 billion from key items it recently flagged; These include a $240 million fine from the market regulator and a $414 million charge related to the dismissal of 3,500 staff.
Excluding these items, ANZ’s cash profit remained flat at $6.89 billion.
Chief executive Nuno Matos said the bank’s performance as a business reinforced the importance of the ANZ 2030 strategy to reset the bank.
He said ANZ’s corporate and New Zealand divisions had consistently performed well, but its Australian retail and business banking divisions had underperformed.
“Despite growth in both assets and deposits, intense competition and a falling interest rate environment have impacted margins,” he said.
The percentage of Australians who see ANZ as their main financial institution fell over the year, falling by 0.1 percentage points to 11.7 per cent.
ANZ announced a final dividend of 83 cents per share, taking its 2024/25 total dividend to $1.66 from $1.64 last year.
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