ANZ Group Launches $2 Billion Share Buyback Program

Published on May 8, 2024

ANZ Group revealed a new $2 billion (US$1.3 billion) share buyback, commencing part of its capital management plan and exhibiting its strong capital position in the market. The buyback comes amid a reported 7 percent year on year drop in cash profits to $3.55 billion and a 4 percent decline in statutory profit to $3.41 billion in the first six months ended March 31, reflecting a tough trading environment. The buyback, along with a proposed interim dividend of 83 cents per share, follows ANZ’s sale of its 16.5 percent stake in Malaysia’s AmBank earlier this year. The buyback news also comes a day after Westpac, one of ANZ’s biggest rivals, announced its $1.5 billion return to shareholders through a dividend surprise and extended share buyback....

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