Elliott: transformation drives strength now and into future

"(This) is a really strong first half. Obviously for me, as my last result as CEO, I think it's a great way to finish. This is not just record first half revenue but actually record revenue for any half in our history - which is really pleasing to see.” - Shayne Elliott

Speaking with bluenotes on video, Elliott said ANZ’s total revenue in the half of A$10,995 million, was up five percent from the previous half, and was the highest [first] half on record. 

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Click here to read the transcript

He said the result was crucial as it showed the bank’s long term dual platform strategy was building competitive advantage and solidified an already robust institution for incoming CEO Nuno Matos.

“On Monday we welcome our new Chief Executive Nuno Matos, who joins us here literally in a few days. He will be the next custodian of the bank and it will be my great pleasure to hand over the keys to him,” Elliott said.

“It's a big change for ANZ.”

He said the results meant Matos would be well equipped to deal with the “risks and opportunities” created by the “profound” changes on the geopolitical landscape which include tariffs and trade disruption.

“(This) is a really strong first half. Obviously for me, as my last result as CEO, I think it's a great way to finish. This is not just record first half revenue but actually record revenue for any half in our history - which is really pleasing to see.”

ANZ released an audited Statutory Profit after tax for the six months to March 31 of of $3,642 million, up 16 per cent on the previous half. Cash Profit was $3,568 million, up 12 per cent on the previous half. The proposed Interim Dividend is 83 cents per share, partially franked at 70%.

Elliott said that one of the biggest changes since the full year result was the court enforceable undertaking, previously announced to the market, that it had entered into with the Australian Prudential Regulation Authority (APRA) for matters relating to non-financial risk management practices and risk culture.

“We've got a lot of work to do there on non-financial risk management. I'm very confident that we have the right team and the right pathway to get there,” Elliott said.

Delivering growth and stability

He said the results showed how ANZ’s dual platform strategy – ANZ Plus for consumers and Transactive Global for corporate clients – ensured the bank was set up to thrive.

“We need to make sure that we have the very, very best technology in the hands of our customers (and ensure) that it is lower cost to operate.”

“That really gives the tools to help people live their lives better, improve their financial wellbeing, or run their businesses better.”

Elliott said Transactive Global – which has been running in Australia and New Zealand since 2020 – was going from “strength to strength” and increasing numbers of customers were using it. He said the bank was seeing “really great” advantages in that business “right around the region”.

Elliott said the big highlight for ANZ Plus in the half was crossing over the million-customer threshold.

“What's pleasing is, we've just crossed through $21 billion in deposits that people are bringing real money there, and about 40 per cent of them are engaging with our financial wellbeing offerings.”

A privilege to serve

In rounding out his time as CEO, Elliott said he reflected upon how “very privileged” he was to serve in the role for for nine and a half years.

“It's been a great honor. I did not get everything right,” he said. “But I'm confident that the bank I leave and the bank that I hand over to Nuno on Monday is a simpler bank than when I started, it's a stronger bank than when I started, and I fundamentally believe it's a better bank now.”

“What I've loved the most has been the people, you would expect me to say that - but it's true.”

“I really loved all the support I've got from my colleagues and all the customers I've got to meet.”

“Every time I meet a customer […], I learn something. And I hope that I'll have the opportunity to continue to learn, in the future.”

“I wish everybody at ANZ, including Nuno, the very, very best for what I know will be a thriving great, future for ANZ and all of its customers.”

Elizabeth Rudall is Head of Strategic Communications at ANZ