ANZ FY profit jumps 31% amid CEO Matos’ turnaround plan
ANZ Group, Australia's largest bank, reported a 31% increase in its annual cash profit for the year ending September 30, reaching A$7.59 billion ($5.2 billion). This growth was primarily driven by reduced costs and enhanced growth under the leadership of new CEO Nuno Matos. Operating income remained flat at A$22.14 billion, while net interest income stayed steady around A$17.89 billion.
However, operating expenses decreased by 14% to A$11.19 billion, a direct result of Matos' cost-cutting initiatives since his appointment last year. These measures included 3,500 staff redundancies and further investments in ANZ's digital customer interfaces. Matos unveiled ANZ 2030, a strategic plan in late 2025, aimed at streamlining the bank's operations and focusing more on core banking.
This plan involved accelerating the integration of Suncorp Bank, acquired by ANZ in 2024, and addressing regulatory overhangs, for which ANZ had paid a record A$250 million in penalties in the previous year. The bank declared a final dividend of 83 Australian cents per share, maintaining the same amount as the previous year. ANZ's shares experienced a slight decline of 0.5% in early Australian trade.
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