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ANZ - ANZ Banking Group

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ANZ reported a relatively strong first quarter market update, recording a common equity Tier 1 ratio of 13.1%, an essential measure of financial stability and regulatory compliance. The bank's effective management of its assets and liabilities is supported by a decrease in credit risk-weighted assets to A$345.1 billion, down A$3.9 billion quarter-on-quarter.
Revenue for the quarter remained consistent with the first half of 2023 fiscal year quarterly average of A$5.26 billion. Notably, non-markets revenue aligned closely with the A$4.69 billion average, supported by growth in average interest-earning assets. The Institutional Division's Markets business also reported a strong start to the year, with revenues slightly exceeding the prior half-year's average of A$575 million.
Investors are reacting positively to the update today, with shares 1.34% higher reaching a 52-week high, outpacing the broader financials sector which is 0.35% higher today. As a reminder, ANZ’s inclusion in the Blue Chip portfolio is based on its dividend yield, which currently sits at 8.31% and its inclusion will depend on how the stock trades between now and the next rebalance date of March1st, 2024.
 
ANZ wins $4.9b Suncorp bank takeover on appeal

A tribunal has found there would not be a substantial lessening of competition if the bank acquired its regional rival, setting aside the ACCC’s rejection.

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not even marked as Market Sensitive !

ANZ Chief Executive Officer Shayne Elliott said: “This is a significant milestone and an important step forward in the process, however we still have further conditions to meet. We remain committed to completing the acquisition as soon as possible once all sale conditions are met.
“Suncorp Bank is a high-quality business with a strong team and excellent customer base, and we look forward to bringing them access to the best of ANZ, including our platforms and technology. We strongly believe that the acquisition presents significant opportunities for ANZ, Suncorp Bank and our customers, as well as major public benefits including for Queensland.”

Completion of the acquisition remains subject to legislative amendments by the Queensland Parliament and approval by the Federal Treasurer.
 
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Mrs Market was not impressed, down 2%.
WBC up by same margin.
perhaps some rotation out of one into the other?
Mick
 
mullokintyre said:
Mrs Market was not impressed, down 2%.
WBC up by same margin.
perhaps some rotation out of one into the other?
Mick
Click to expand...
583 days since the proposal...

There was a capital raise way back when .... If the determination went the other way, ANZ was in position for a share buyback of as much as $5 billion. The 2 per cent fall in ANZ’s share price likely reflects the potential for that capital return being removed from the market’s thinking.

It is worth noting the stock closed at a two-year high on Monday.
 
Dona Ferentes said:
It is worth noting the stock closed at a two-year high on Monday.
Click to expand...

Yes indeed @Dona Ferentes - and with that provides a particular technical setup known as a Darvas box.

The two-year high reached on Monday forms the high of the Darvas box ($28.52), whilst the low of the next day forms the low of the Darvas box ($27.39) since there are three days of trading following that 'low day' that don't trade beneath the low of the 'low day'.

The Darvas box activates when the high of the Darvas box is breached to the upside, which occurred on both Tuesday and Wednesday. This activates the stop loss beneath the Darvas box (i.e.: $27.38). Interestingly, the market appears to be noticing now with an increase in volume today as the shareprice bounces off the 10 day moving average and 9 day EMA on the daily chart.

This is also described in the latest video update (link here and below in the picture link).




 
ANZ cash profit to $3.55 billion for the six months to March. ANZ’s profit was in line with consensus expectations and was boosted by income from its market division. It will pay an interim dividend of 83¢ per share, up 2¢ on last year, and will buy back up to $2 billion of shares on-market reflecting the bank’s strong capital position, including returns from the partial sale of a share in AmBank in Malaysia. Capital ratio is set to remain above 12 per cent.

Overall, ANZ cash profit was down 7 per cent on the prior first half, and 1 per cent lower on the second half of last year. Cash profit in the retail bank fell 9 per cent over the first half to $794 million. Total income was $100 million lower at $10.3 billion, while expenses were $100 million higher at $5.3 billion.

Return on equity in retail banking of 11 per cent was much lower than the returns ANZ makes lending to companies.

The new digital offering, ANZ Plus, had grown to almost 690,000 customers, almost half of whom are using the app’s financial planning features, and approached $14 billion in deposits at the end of April – more than 8 per cent of all retail deposits. ANZ pays more to depositors in ANZ Plus
 
ANZ Plus is an entire new digital retail bank that ANZ has been building in the background. It has the promise of doing things for customers faster and smarter. Importantly for ANZ, everything ANZ Plus does, including processing mortgages online, will be at a significantly lower cost.

Since being launched 18 months ago, ANZ Plus has generated more than $14bn of deposits and now has 700,000 customers on the platform. Many of these are new to the bank.

The next big step will be to move 1.2 million Suncorp customers on to the platform, then the really big job of smoothly moving millions of ANZ customers across. Then ANZ can switch off the high-cost old platform.

CEO Shane Elliott says there’s a real need for banks to be “always on” when it comes to finding better ways of shaving costs.
“I’ve only ever worked in banks, but banks are unusual in that we don’t have any pricing power”.
“When interest rates go up, the cost of money goes up (and) we can pass it on to borrowers. But when the cost of running the bank goes up, we don’t get to pass the rate on to our home-loan customers and say: ‘I’m sorry I’ve got all these new wage or compliance costs, you need to pay more on your home loan’.
“We have to pay more for software, we have to pay more for technology, we have to pay more to comply with regulation. Fair enough. But if we don’t drive productivity, we’ll be out of business.”

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Liking the interest rate offered,
$0 - 250,000 : 4.90 per cent
> $250,000 : 3.75 per cent
I've jumped on and will keep it as another platform. New fearures make it practical - a 6-figure transaction went across straight away, after using the facial recognition authentication. There's an effort in migrating legacy arrangements but familiarity with its pathways will grow.
 
mullokintyre said:
The motley fool suggested in This epistle that ANZ was a tad more than fully priced, another contrarian reason for picking them in the comp.
Perhaps the fool was right.
mick
Click to expand...
No comments since my last month comment for the yearly comp.
Given its one of our major banks, that is a little surprising.
ANZ still in the green for me , so I should be grateful.
Mick
 
mullokintyre said:
No comments since my last month comment for the yearly comp.
Given its one of our major banks, that is a little surprising.
ANZ still in the green for me , so I should be grateful.
Mick
Click to expand...
the Suncorp merger got a tick from Treasury ... ANZ didn't move but SUN shone on the day.
 
Chief executive Shayne Elliott says he is focused on migrating Suncorp’s banking customers onto his own systems, promising the integration of the two businesses will be different to Westpac’s bungled efforts to bring in St George – which has run for more than a decade.

In an interview, Shayne Elliott said ANZ’s efforts would be different to Westpac’s because it was a “migration” – not an integration – and that the bank didn’t “want any of Suncorp’s systems” after the $4.9 billion transaction.

With analysts focusing on execution risks as ANZ seeks to bring 1.2 million Suncorp customers across, Mr Elliott said it would be easier than with St George because ANZ would not be operating parallel systems.

“We are not integrating anything. Integration is when you take the best of different systems, and wire them together. But we are taking 1.2 million customers, and moving them across onto ANZ technology."
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... being ANZ Plus. I wish them well, but there'll be be resistance from customers to move to a fully digital online experience. The 3 years allotted to keeping open all SUN branches will probably see them turn into coaching hubs, taking the reluctant and tech-shy through the steps.
 
It will be interesting to see how many remain, and are active.
I had a citibank account, NAB bought them, technically i am still a customer but i have yet to install the NAB app on my phone and i emptied my Citibank account before the take over.
People were Suncorp users for a reason, and they may not have chosen anz as an alternative, or are already customers.
The real only question the market should ask: how many real new customers/funds are acquired, and at what cost?
A good reason for me not to buy ANZ
 
Suncorp was horrible to deal with from experience, with limited branches, inexperienced and inferior customer service, I bet most of their clients were disgruntled customers or clients the big 4 rejected.
 
TimeISmoney said:
Suncorp was horrible to deal with from experience, with limited branches, inexperienced and inferior customer service, I bet most of their clients were disgruntled customers or clients the big 4 rejected.
Click to expand...
You might be right..
If Suncorp was purchased by a new entrant, an extension of regional bank: why not but i would bet each of Suncorp customer had easy access to one of the big 4 before, so i do not expect to see that takeover as a big win for anz .probably better $ value gained by this takeover by Bendigo as an alternative, or the other 3 majors who will share some of Suncorp customers.. without any of the costs
 
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