ANZ -1.93%: 1H25 result out this morning for ANZ that were mildly ahead in terms of cash profit, though like NAB, margins were lower than hoped.
- Cash profit $3.57 billion, up +0.5% y/y and ahead of consensus for$3.49 billion
- Interim dividend per share $0.83, flat for the year and inline with expectations.
- Operating expenses to income ratio on cash basis of 52.2% vs. 50.4% y/y
- Group margin fell 2 bps versus estimates of 1bps, while the ‘banking margin’ fell 3bps on an underlying basis and by 6% after including the impact of Suncorp
- Loan growth missed estimates by about 1-2% mainly due to Institutional lending, which slowed in 2Q25
- ANZ has completed $1.2b of $2b buyback; Plans to extend buyback period an extra 12 months.
Overall an in-line result versus market expectations at the bottom line though there was areas of weakness that took some off the shine, with better cost management and asset quality offsetting a slight miss in terms of revenue.
MM remains long & bullish ANZ
Add To Hit List
