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ANZ Group's Earnings Impacted by Rising Costs and Competitive Pressure
ANZ Group announced a lower-than-expected annual cash profit of A$6.73 billion ($4.49 billion) for the fiscal year ending September 30, missing the A$6.82 billion market estimate and marking a decline from last year’s A$7.41 billion. CEO Shayne Elliott highlighted ongoing challenges in core banking, with fierce competition in home lending and deposits driving down margins.
The intense competition among Australian banks is exerting pressure on profits, as customers search for favorable lending and deposit rates. Net interest margin, a key profitability indicator, dropped by 13 basis points to 1.57%. Additionally, the common equity tier 1 (CET1) ratio, reflecting the bank’s available cash, declined to 12.2%.
Dividend and Loan Performance Updates
ANZ declared a final dividend of 83 Australian cents per share, down from last year’s 94 cents but consistent with market expectations. Meanwhile, overdue loan payments rose by 47% to A$4.17 billion, as higher interest rates place financial strain on some customers. ANZ noted an 11% increase in total customer deposits to A$715.21 billion, though its Institutional division experienced a minor dip.
Rival banks Westpac and National Australia Bank also faced profit declines this year due to competitive pressures and slight increases in overdue loan payments.
