ANZ celebrates ‘greatest ever’ 12 months after Suncorp acquisition listening to

ANZ celebrated its “best-ever 12 months” at its annual normal assembly, with the main financial institution reinforcing its ties to Queensland after the Suncorp Financial institution (Suncorp) acquisition tribunal listening to ended final week.

ANZ chairperson Paul O’Sullivan (pictured above left) and ANZ CEO Shayne Elliott (pictured above proper) outlined the financial institution’s love for the Sunshine State – a heavy theme all through each of their speeches to the board held in Brisbane on December 21.

The deal with, which touched on many points, ended with Elliott outlining ANZ’s priorities for 2024.

Elliott: 2023 ‘undoubtably’ ANZ’s ‘greatest ever’

Beginning with the monetary outcomes, ANZ’s full-year money revenue of $7.4 billion, up 14% on the prior 12 months, could be attributed to all 4 of its divisions – Australia retail, business, institutional, and New Zealand.

“A 12 months in the past, I described our 2022 outcomes as ‘among the best set of outcomes now we have delivered’ and 2023 is undoubtedly our best-ever,” mentioned Elliott.

“Every of them has a powerful sense of function, a transparent technique constructed on distinctive strengths, and generates returns sustainably above value of capital.”

Elliott mentioned the main financial institution had began the brand new monetary 12 months effectively regardless of “excessive ranges of competitors and considerations round a slowing of the financial system”, with the financial institution’s first quarter income in step with the second half of the 2023 monetary 12 months.

“ANZ has demonstrated a confirmed capacity over a few years to handle our bills effectively. Whereas dealing with into ongoing inflationary pressures, we proceed to execute on productiveness initiatives to partially offset these headwinds,” Elliott mentioned.

ANZ aggressive, not market-leading on pricing

Apparently, Elliott sought to determine ANZ’s place within the residence mortgage and business lending market.

Elliott mentioned lending development remained robust throughout ANZ’s retail and business franchises “specifically”.

Nevertheless, he admitted that the main target was to stay aggressive and dependable moderately than providing the sharpest charges.

“Our funding in residence mortgage processing functionality and capability and improved dealer expertise are offering ongoing advantages,” Elliott mentioned.

“We need to develop our Australian residence mortgage e book profitably by persevering with to supply dependable turnaround instances, and in step with that we’re aggressive however not market main on pricing.”

ANZ’s love letter to Queensland

Whereas each speeches touched on all the pieces from cybersecurity, ESG, and local weather change to denouncing racism and antisemitism, the purpose was clear: ANZ likes Queensland.

The contentious acquisition was rejected due to considerations it could scale back competitors in Queensland.

Nevertheless, ANZ has argued the acquisition would create a mixed financial institution that’s “higher outfitted to answer aggressive pressures to the advantage of Australian customers” and ship “vital public advantages, significantly in Queensland”.

Beginning with the latest information, each Elliott and O’Sullivan acknowledged the catastrophic flooding that that has occurred in Far-North Queensland within the wake of cyclone Jasper.

ANZ had contributed $100,000 to restoration efforts as a part of the state authorities’s fundraising efforts.

“We’re particularly grateful to our employees who labored arduous to maintain branches open and guarantee clients had entry to companies,” O’Sullivan mentioned.

“The financial institution is offering assist packages for affected clients as they recuperate – together with mortgage cost aid in addition to waiving charges for restructuring enterprise loans and accessing time period deposits early.”

Elliott and O’Sullivan then reminisced in regards to the wealthy historical past of ANZ in Queensland. O’Sullivan talked in regards to the board’s go to to Brisbane, Toowoomba, and different areas assembly small enterprise house owners, whereas Elliott touched on the various ANZ initiatives presently operating or piloted within the state.

“We now have been serving the group right here since 1851 when the Union Financial institution – a predecessor to the trendy ANZ – opened in Queen Avenue…not removed from the place we’re assembly at present,” O’Sullivan mentioned.

“At ANZ, we’re optimistic about Queensland – a state blessed with an ideal mixture of industries, proximity to Asia and a younger and fast-growing inhabitants.”

Looking forward to the ANZ-Suncorp acquisition determination

Finally, each speeches led to instantly addressing the ANZ-Suncorp acquisition.

Elliott mentioned ANZ has “thrilling plans” to assist extra clients in addition to the financial development of Queensland, which is “one of many quickest rising states”.

“We imagine younger Queenslanders ought to have the ability to entry world-class jobs similar to these, of their residence state,” Elliott mentioned.

O’Sullivan outlined the following steps for the acquisition when the Australian Competitors Tribunal makes its determination in February.

“If we’re profitable on the Tribunal, the acquisition will then want the approval of the Federal Treasurer and the passage of laws by means of the Queensland Parliament,” O’Sullivan mentioned.

“We proceed preparations to convey Suncorp Financial institution clients and folks into the ANZ Group, topic in fact to those circumstances being met and far appreciated the Queensland Authorities’s submission to the Tribunal in assist of our acquisition.”

ANZ’s priorities for 2024

Ending the speech, Elliott outlined 5 of ANZ’s prime priorities for 2024:

• Proceed to run the group prudently, utilizing power to assist clients by means of difficult instances and search alternative from our regional community,
• Additional enhance productiveness, utilizing instruments like Generative AI to construct additional capability for funding,
• Develop the variety of clients utilizing ANZ Plus and deepen their engagement,
• Proceed to speculate correctly in Industrial, Institutional and New Zealand,
• And eventually, full the acquisition of Suncorp Financial institution.

“Whereas the acquisition of Suncorp Financial institution would considerably improve the size of our retail and business financial institution, serving to us to compete much more successfully, if the transaction is blocked, we stay assured within the execution of our Australian development technique,” Elliott mentioned.

“We now have a fortress steadiness sheet, the correct portfolio, and a confirmed workforce, to make sure we are able to assist our clients whereas delivering for our shareholders by means of difficult instances.”

“Let me end by thanking our folks at ANZ for his or her arduous work and wishing you and your households a really completely happy festive season and a affluent 2024.”

What do you consider ANZ’s 12 months and its plans for 2024? Remark beneath.