The logo of Australia and New Zealand Banking Group Limited (ANZ) is prominently displayed at a branch in Sydney, Australia, on September 9, 2025. REUTERS\/Hollie Adams Summary: ANZ’s cash profit falls short of consensus estimates, projecting a 3% reduction in total costs for the 2026 financial year, with a net interest margin decline to 1.55% amid rising competition. Former CEO Shayne Elliott forfeits A$13.5 million bonus. SYDNEY, Nov 10 (Reuters) – ANZ Group (ANZ.AX) has indicated it is grappling with margin pressures following a 14% decline in annual cash earnings due to legal expenses and layoffs. The bank announced plans to cut costs this year, resulting in a 2.6% increase in its shares on Monday. As the fourth-largest lender in Australia by market capitalization, ANZ reported a cash profit of A$5.79 billion ($3.76 billion) for the year ending September 30, falling short of the Visible Alpha consensus estimate of A$6.17 billion and down from A$6.73 billion at the same time last year. The profit downturn was largely attributed to a A$1.11 billion post-tax profit decline, which included A$414 million linked to the redundancy of 3,500 employees and A$264 million in settlement penalties with the securities regulator. CEO Nuno Matos, who stepped in from HSBC (HSBA.L) in May, emphasized the need for the bank to enhance its competitive position against larger rivals. „Today’s results highlight our franchise’s strength, but we must take decisive action,“ Matos stated. He aims to drive growth and improve customer offerings. Following the announcement, ANZ shares outperformed the benchmark S&P\/ASX200 index with a notable rise. The anticipated reduction in total costs for the 2026 financial year and a stronger-than-expected core equity tier one capital bolstered investor confidence. The bank’s cash profit in the Australian retail and institutional lending sectors fell by 35% and 9%, respectively, as margins shrank despite increased lending and deposit activity. The Reserve Bank of Australia’s recent interest rate reductions have positively impacted the housing market, which is crucial for banks in the region. However, intensified competition for lower home loan rates has squeezed margins, a trend also observed in Westpac (WBC.AX) and National Australia Bank (NAB.AX). ANZ noted its net interest margin contracted by 2 basis points year-on-year to 1.55%. ANZ’s Chief Financial Officer, Farhan Faruqi, acknowledged potential challenges, including further central bank rate cuts and ongoing competitive dynamics. He assured analysts that the bank will continue to navigate margins through strategic adjustments in pricing and the loan-funding mix. As CEO Matos works to refine ANZ’s core business operations and address its risk management culture after a tumultuous year\u2014including a record regulatory fine and significant layoffs\u2014he remains focused on enhancing the bank’s stability. In September, ANZ agreed to a historic A$240 million penalty, the largest imposed on a single entity by the Australian corporate regulator, for numerous violations. This turmoil contributed to former CEO Shayne Elliott losing his A$13.5 million bonus for the past year, as outlined in the bank’s annual report. The board deemed a zero bonus was fitting in light of the group’s overall performance and Elliott’s accountability for various non-financial risk issues. ANZ announced a final dividend of 83 Australian cents per share, consistent with the previous year. ($1 = 1.5389 Australian dollars)<\/p>\n","protected":false},"excerpt":{"rendered":"
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