ANZ (ANZ) H1 2026 earnings summary

Executive summary

• Six months into phase 1 of the ANZ 2030 strategy, delivering on five immediate priorities: leadership/culture reset, Suncorp Bank migration, single customer front end, cost/productivity, and risk management uplift.

• Cash profit rose 14% year-over-year to $3,780m, with statutory profit at $3,650m, reflecting strong operational performance and cost discipline.

• Return on tangible equity improved to 11.6%, up 161bps from the previous half, and the cost-to-income ratio fell to 49.4%.

• Interim dividend of 83 cents per share, partially franked at 75%, with a payout ratio of ~66% on cash NPAT.

• Transformation is progressing at pace, with tangible improvements in productivity, cost discipline, and customer experience, while investing for future growth.

Financial highlights

• Return on tangible equity increased by 161 bps to 11.6% compared to the previous half.

• CET1 capital ratio rose 36 bps to 12.39% at March 2026.

• Cash profit after tax was AUD 3.8 billion; excluding significant items, cash profit rose 14% and profit before provisions up 12% half-on-half.

• Cost-to-income ratio improved to 49.4%, down from 54.6% in the previous half.

• Gross cost savings of $800m realized in FY26, with a target of $875m for the full year.

Outlook and guidance

• Expense outlook for FY 2026 updated: costs expected to be down ~5% from FY 2025 baseline, driven by productivity and FX benefits.

• ROTE target of 12% by FY28 and 13% by FY30; cost-to-income ratio expected in the mid-40s percent by FY28.

• Suncorp Bank integration on track for completion by June 2027, with $500m annual synergies expected by FY29.

• NIM ex markets expected to have an upward bias in the next half, supported by replicating portfolio tailwinds and potential rate hikes, but with headwinds from competition and deposit mix shifts.

• No material deviation expected in investment for Suncorp integration or customer front end projects.