The Australia and New Zealand Banking Group (ANZ) has reported a flat cash profit for the first half of the 2025 financial year (H1 FY25).
ANZ said its cash profit in the six months ended 31 March, which strips out non-core items, was unchanged from the previous corresponding period at $3.568 billion (US$2.28 billion).
The bank said statutory profit after tax rose 7% to $3.642 billion on operating income which gained 10% to $11.179 billion but the net interest margin was also unchanged at 1.56%.
Directors proposed a 70% franked interim dividend of 83 cents per share to be paid on 1 July to shareholders registered on 14 May, unchanged from the payment a year earlier.
“Our strong performance has again been driven by our continued momentum across each of our divisions, demonstrating the benefits of a stable, consistent strategy combined with sensible, targeted investment,” retiring Chief Executive Officer Shayne Elliott said in a news release.
He said the record half year revenue highlighted the strength of the ANZ franchise and the “step change” from the inclusion of the first full half of earnings from Suncorp Bank, which ANZ acquired for $4.9 billion.
ANZ was well placed for the future as he handed over to incoming CEO Nuno Matos, with its strong balance sheet and diversified portfolio leaving the bank well placed to navigate ongoing volatility.
He said the future was uncertain but the bank’s balance sheet, including capital, provisions and liquidity, was critical during periods of increased volatility. It was well positioned for opportunities arising from these periods.
“The portfolio de-risking over several years adds further to our balance sheet strength, and we have experienced another half of extremely low credit losses of only 4 basis points,” Elliott said.
“This strength will allow us to navigate the uncertainty – and importantly continue to support our customers.”
This completes the half-year reporting season for three of Australia’s four largest banks following results from National Australia Bank (ASX: NAB) and Westpac Banking Corp (ASX: WBC) over the last week.
NAB reported falls of 2.5% and 1% respectively in profit for the six months ended 31 March while Commonwealth Bank of Australia (ASX: CBA), which has a different balance date, reported a 6% lift in interim earnings in February.
ANZ shares closed 14 cents (0.47%) higher at $29.98 on Wednesday, capitalising the bank at $89.08 billion.
