ANZ -3.29%: the first of the banks to report full-year results this period, ANZ produced a mixed set of numbers with the market focusing on the negatives. Cash NPAT was a slight beat to expectations at $3.4b, as was the final dividend of 74cps however EPS was a miss at $1.09/sh. Margins have been in focus for the banks with IM climbing 10bps to 1.68%, while the exit run rate at the end of the period was a strong 180bps. Costs were the key issue today though with expenses up 1% in the second half while banks have largely been expected to cut costs. The near-term commentary also weighed on the stock today with CEO Shayne Elliot downplaying the first half of FY23. Overall though, the result was solid without shooting the lights out, and recent strength in banks likely played into the weakness seen today.
MM is bullish on ANZ
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