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ANZ’s audited statutory profit after tax for the September 2022 financial year was $7,119 million, up 16 per cent on the previous year. Cash profit from continuing operations was $6,515 million, up 5 per cent on the previous year. The dividend was 74 cents a share.
In addition to the financial outcomes Faruqui noted the bank has made strong strategic progress, including the launch of the ANZ Plus savings and transaction proposition, the agreement to buy Suncorp Bank and the associated A$3.5 billion capital raising – the largest equity raise for an acquisition this year, globally.
ANZ Plus and the Suncorp Bank transaction remain strategic priorities for the bank in the coming financial year, he said, as the world heads into a more uncertain environment. Faruqui was confident all four ANZ divisions are performing and the bank’s credit portfolio was very strong.
Faruqui observed while no two cycles are exactly the same because they begin at different starting points, this particular cycle is unique given the external factors and rapidly rising interest rates. Of the 60 interest rate rises by central banks in Australia, New Zealand and the US over the last decade, about a third have happened in the last 12 months, he said.
“It's unique because it's coming post-COVID and in that period of time, because of government support and because of prudent financial settings by our customers, I think our customers are coming into the cycle much better positioned to deal into the crisis relative to other cycles,” Faruqui said. “Banks are much stronger. Balance sheets and capital positions are much stronger coming into the cycle, which I think is yet another positive.”
ANZ’s presence in New Zealand and its international business gave it valuable insights into the management of margins because the tightening of interest rates was quicker in those markets than in Australia, Faruqui said.