ANZ’s full-year statutory profit was down 10 per cent to $5.89 billion, the big four bank says.
The company’s bottom line for the year to September 30 was hit by $1.1 billion in significant items it had flagged recently, including a $240 million fine from the market regulator and a $414 million charge related to 3,500 staff redundancies.
Excluding those items, ANZ’s cash profit was flat at $6.89 billion.
Chief executive Nuno Matos said the bank’s performance as a business reinforced the importance of his ANZ 2030 strategy to reset the bank.
He said ANZ’s institutional and New Zealand divisions had performed consistently 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 impacted margins,” he said.
The percentage of Australians who consider ANZ their main financial institution ticked lower during the year, falling 0.1 percentage points to 11.7 per cent.
ANZ announced a final dividend of 83 cents per share, taking its total dividends for 2024/25 to $1.66, up from $1.64 last year.