ANZ -0.93%: 3Q update today was largely as expected and in line with NAB’s earlier in the week, though ANZ didn’t hand investors a large buyback as they wait for the Competition Tribunal to have a look at their planned takeover of Suncorp’s bank. The Capital Ratio is at 13.51%, though 13.31% when adjusted for the potential acquisition while credit provisions came in below the prior quarter at $77m likely supporting earnings. Loan growth in Australia was solid, up 2% on the prior quarter, growing above system. They did note a continuation of the uptick in 90-day past due loans as was seen in 2Q, though this was expected.
MM is long & bullish ANZ
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