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ANZ Group holds steady with $7.1 billion NPAT; UBS sets neutral outlook

Published Nov 20, 2023 18:10
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ANZ Group Holdings Ltd has maintained a solid financial performance throughout the year, ending with a statutory net profit after tax (NPAT) of $7.1 billion. Despite encountering a 6.7% decline in share value since November 9, attributed to the broader volatility within the financial sector of ASX, ANZ's shares have overall appreciated by 4.6% since January.

The bank's full-year results, which were released last week, showcased robust gains in cash profits from continuing operations, which amounted to $7.4 billion. This is alongside an operating cash profit before credit impairments and tax that surged to $10.75 billion. ANZ's success this fiscal year was further highlighted by an increased dividend payout to shareholders, which reached $1.75 per share.

A significant contributor to ANZ's financial growth has been the launch and performance of ANZ Plus, the bank's digital banking platform. The service has attracted over half a million users and has shown to reduce operational costs below those of traditional retail banking services. This innovation has resonated positively with customers and reflects ANZ's strategic shift towards more cost-efficient digital solutions.

The bank also reported growth in its loan portfolio, which expanded by 5%, reaching a total of $710.6 billion. The commercial segment in Australia was particularly strong, with revenues increasing by 11%, driving lending expansion up to $62 billion.

In light of this cautious stance and mixed market conditions, UBS has revised its outlook on ANZ to neutral and set a price target at $25 for the upcoming year. This adjustment suggests more modest growth prospects when compared to earlier expectations of reaching a $28 threshold. Nonetheless, UBS still anticipates an attractive dividend yield exceeding 8% for the next fiscal period, providing a silver lining for investors amidst the current economic uncertainties.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

ANZ Group holds steady with $7.1 billion NPAT; UBS sets neutral outlook
 

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