AAP Finance

ANZ profits hit $6.5b on better home loans

By AAP Newswire

Oct 27, 2022

Image of ANZ Bank — All divisions in the ANZ group had made a contribution to its strong result, says Shayne Elliott. -AAP Image

ANZ's annual profit has bounced to $6.5 billion as higher interest rates feed through to the big four lender's key mortgage business.

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The bank on Thursday announced its full-year cash profit had increased 5 per cent on the previous year's figure as it fixed problems with slow loan processing times that had hamstrung its performance during the COVID-19 pandemic.

ANZ chief executive Shayne Elliott said it was a strong financial result and all divisions of the company had made a contribution.

"We restored momentum in Australian home loans with application approval times back in line with industry peers," he said.

The company will pay a dividend of $1.46 per share, up 3 per cent from its dividend for the previous financial year.

But Mr Elliott warned of looming uncertainty as central banks struggled to control inflation and events like the war in Ukraine weighed on markets.

"There is uncertainty ahead, however we have the business in good shape to withstand volatility," he said.

ANZ agreed in July to buy Suncorp's banking business for $4.9 billion in the industry's biggest deal in a decade, although the agreement is yet to get regulatory approval.

Mr Elliott said Suncorp was a well-run business that would provide important growth for ANZ through its exposure to the fast-growing Queensland economy.

By AAP Newswire

Australian Associated Press