ANZ Boss Says Households Remain Robust, Posts Record $7.4 Billion Cash Profit

Major Australian bank ANZ has reported a $7.4 billion (US$4.7 billion) cash profit in full-year results up to the end of September 2023. The company’s cash profit (pdf) grew by 14 percent compared to the previous year, while statutory profit after tax was flat at $7.1 billion. ANZ was able to deliver a dividend per share of $1.75 for 2023, 20 percent higher than in 2022. Revenue also lifted 13 percent on the 2022 results to $20.9 billion. Net interest income rose to nearly $16.6 billion, up 11 percent from the previous year. The net interest margin rose 7 basis points to 1.7 percent in 2023, up from 1.63 percent in 2022. Average net loans and advances rose 6 percent as a result of “lending growth across all divisions” and the impact of foreign currency conversion. Cash and liquid assets also grew by 14 percent, due to greater reverse repurchase agreements, higher central bank balances, and bigger settlement balances owed to ANZ....