Check against delivery
Good morning everyone, thank you for joining us.
We have completed the first full year of our ANZ 2030 strategy.
In October 2025, we laid out a clear plan focused on five immediate priorities and four strategic pillars delivered in two phases.
We committed to a set of financial targets and transparently reporting on our progress with consistent disclosures.
The results we are announcing today demonstrate the significant progress we have made through the execution of ANZ 2030.
We are on track to deliver all five immediate priorities on time.
In parallel, we are also investing in strategic growth initiatives, and our business execution is improving quarter on quarter.
In short, our transformation is happening – and we have momentum.
External environment
Since announcing ANZ 2030, the external environment has become even more volatile.
Geopolitical tensions, energy price shocks and rapid technological change are affecting the markets in which we operate.
These factors have impacted capital flows, trade, and infrastructure development across the region in the past year. At the same time, the rapid evolution of artificial intelligence is transforming how societies, companies and individuals operate.
Competition for capital to fund AI, defence, energy transition projects and government deficits has intensified.
This expenditure super-cycle, combined with inflationary supply side shocks, continues to drive interest rates higher globally.
In Australia the cash rate is at its highest level since 2008, while US bond yields are the highest since 2002.
Against this backdrop, the economies across our geographic footprint remain relatively resilient. Asia continues to be the fastest-growing region in the world, while New Zealand and Australia show modest growth.
At ANZ, we have the right strategy for this complex environment. The work we have done to strengthen execution, simplify ANZ and build resilience has created a stronger bank.
Our mix of business is reflected in our high-quality portfolio, which is mostly comprised of investment grade or highly secured exposures.
Our capital levels remain strong, and we are a highly rated bank, benefitting from diverse sources of funding from both depositors and debt investors.
This strength allows us to focus on helping customers leverage opportunities and navigate risk, drawing on our deep product capabilities, the strength and scale of our two home markets and our international network across 29 markets.
For large corporate customers, this includes participation in the technology-led export boom in Asia and the energy transition.
We also helped small and medium-sized businesses as they weathered a more challenging environment, improved efficiency and built their businesses.
In Australia and New Zealand, our retail customers are largely resilient, with the majority ahead of their scheduled repayments.
However, we acknowledge that some customers are experiencing financial pressure, which has been more evident in the second half. We work closely with those customers who require assistance to identify appropriate and sustainable support.
FY26 Financial Performance
Now, turning to our financial performance, and I note I will compare numbers excluding the impact of last year’s significant items.
Our disciplined management of margins, capital, costs and business volumes underpinned a 10% increase in our cash profit over the prior year and delivered higher shareholder returns.
Our return on tangible equity was 11.56%, an improvement of 109 basis points over the prior year.
Our balance sheet and capital position remain strong, with Common Equity Tier 1 broadly stable at 11.99%. Our liquidity and funding ratios are all well above regulatory minimums.
We declared a final dividend of 83 cents per share at a franking rate of 80%, increased from 75% in the first half. This translates to an additional 1.8 cents of franking credits per share for eligible Australian shareholders. The full year dividend is 166 cents per share.
Five Immediate Priorities
Now, turning to the first phase of our ANZ 2030 strategy focused on five immediate priorities – which are all on track.
#1 Embedding my new leadership team and driving a cultural reset
Our first is embedding the new leadership team and resetting our culture.
Both are critical to establishing a winning culture and executing ANZ 2030.
Most recently, Ben Kelleher joined the Executive Committee as Group Executive and CEO of New Zealand following the retirement of Antonia Watson. I would like to take this opportunity to thank Antonia for her significant contribution during her 17 years with the bank.
We have also transformed the broader leadership team, including bringing in new talent with the experience needed to execute our strategy.
This year we embedded our new values and updated our code of conduct to give our people clarity on the behaviours, decisions and pace expected of them.
Together, these are crucial guardrails that support execution of the strategy, to ensure our people put customers’ interests first, deliver quality work at pace, are more accountable, action oriented and decisive, and balance results with risks.
#2 Accelerating the integration of Suncorp Bank
Our second immediate priority is accelerating the integration of Suncorp Bank.
By the end of September 2026, in line with our commitment, we delivered 60% of this program.
We now target 85% by March 2027 and are on track for full customer migration by June 2027.
#3 Delivering a single customer front-end
Our third priority is delivering a modern, digital single-customer front-end to 7.7 million retail customers and more than 600,000 small business customers by the end of September 2027.
At the end of September 2026, we delivered 45% of the program - again on track - and our plan is to get to 80% by March 2027.
Completing this priority and the integration of Suncorp Bank will allow us to show up to customers through one ANZ experience, under one ANZ brand, while allowing investment with confidence and efficiency.
This will unlock significant potential for the future and will mark the beginning of our second phase of ANZ 2030.
#4 Reducing duplication & simplifying the organisation
Through the year, we have made significant and sustained progress in materially simplifying the organisation.
We realised a productivity benefit of $902 million, exceeding the $875 million of gross cost savings we foreshadowed at the first half results.
This productivity benefit, combined with a significant step change in cost management and some favourability in FX translation, has allowed us to deliver a 7% reduction in our cost base.
Our cost-to-income ratio of 49.3% improved by more than 4 percentage points in FY26, demonstrating progress towards our mid-40s target by FY28.
#5 Improving non-financial risk management
We also continue to make progress on our non-financial risk management uplift and remain on track to deliver our Root Cause Remediation Plan through our PACT Program.
PACT is anchored in the bank’s strategy and is part of our broader transformation, focused on delivering better outcomes for customers.
Today we have released the second and third reports from Promontory, our independent reviewer.
The latest report acknowledges our progress, while recognising the challenges of executing a complex program such as this.
Customer First
Now I will shift from our immediate priorities to our strategic foundations, with a focus on the customer first pillar.
Our strategy is focused on improved customer service, superior propositions, strengthened proprietary origination and becoming the transactional bank of choice for our customers.
When we launched ANZ 2030 a year ago, I was clear we had two divisions which performed consistently well - Institutional and New Zealand - while Australia Retail and Business & Private Bank had underperformed.
Since then, both Australia Retail and Business & Private Bank have progressed their transformation and started to gain momentum.
Australia Retail
For Australia Retail, there was a material improvement in financial performance.
We delivered a 5% increase in revenue while resetting our cost base, down 16%, highlighting the deep structural transformation and simplification taking place.
We restored growth in home lending and customer deposits to be in line with system in the second half, while maintaining disciplined margin management. As a result, ROTE of this division is now accretive to group returns.
NPS is starting to head in the right direction while MFI clearly has more to be done.
In FY26, we started laying the foundations for our differentiated propositions, focusing on the affluent and migrant segments, launching simple and secure digital international money transfers.
We also launched our digital app in New Zealand, India, and Singapore, making it easier for people to bank with us even prior to arriving in Australia.
We also started investing in proprietary channels but we acknowledge we are at the beginning of this journey.
In FY27, alongside delivering the Single Customer Front-End, we will advance our affluent and migrant propositions, reshape our Credit Card propositions and transform our contact centre experience.
Business & Private Bank
In Business & Private Bank, we are also delivering a strong financial outcome, increasing revenues by 6% while reducing costs by 3% and driving an increase in ROTE of more than 100 basis points.
Profit increased 14% year on year as we grew both sides of the balance sheet. Deposits grew in line with the market for FY2026 and lending reached system-level growth in the second half.
While MFI has increased, strategic NPS has not followed. Reversing this trend is a clear priority.
We are making progress delivering ANZ 2030, with a focus on more bankers, who are better trained, with better tools, as well as improved platforms for our customers and a stronger Private Bank.
Our commitment to increase banker numbers by around 50% by 2030 is on track, with 50 frontline bankers added in the fourth quarter.
Our Banker Academy, run in partnership with Melbourne Business School, is now live, helping lift the capability of our existing bankers while creating a pipeline of talent. The first graduates are already in the market serving customers.
We continued to evolve our AI-enabled CRM tool for our front-line bankers, supporting more informed and personalised customer conversations.
For our mid-market business customers, we delivered the first iteration of our improved and simplified experience using Transactive Global, our market-leading Institutional payments platform.
This platform, together with the Single Customer Front End for small businesses, means over time we will go from 10 different customer-facing platforms for our business customers to just two primary platforms.
Private Bank remains strong, with deposits up 10%, investment funds under management up 11% and lending up 17%.
The business continues to demonstrate momentum, with ongoing investment in frontline capacity, while work progresses on modernising our wealth proposition.
Suncorp Bank
For Suncorp Bank, we are in the final stages pre-migration and fully focused on ensuring this is a safe and secure event for our customers.
As we prepare, we are taking all the actions you would expect ahead of a migration of this scale.
This includes, for example, discontinuing certain products and no longer accepting new lending applications. We are redirecting those customers with new lending needs to ANZ.
In the meantime, Suncorp Bank continues to provide great service to customers and we are supporting them through the migration.
Institutional
Institutional continued to deepen customer relationships, while ensuring efficient capital allocation. I will refer to the numbers on an FX-adjusted basis.
Revenue was down by 1%, reflecting lower average lending balances throughout the year and highlighting our focus on returns. Increased efficiencies reduced costs by 2%.
Our market-leading Payments and Cash Management business drove operational at-call deposits growth of $12 billion or 10% over the year, while total Institutional customer deposits grew 24%.
We exited the year with positive revenue momentum in Corporate Finance, with lending growth of 7%, weighted towards the second half where lending spreads and terms became slightly more favourable. Trade lending balances grew strongly as we helped customers transact across the region.
Markets revenue increased 1% through the year despite challenging conditions in the second half. Our Capital Markets business delivered its strongest ever half as we supported our clients in issuing a record level of funding.
We also made tangible progress on the growth initiatives under our ANZ 2030 strategy. We onboarded more than 30 significant new-to-bank FIG and multinational customers who are sector leaders and represent a material opportunity across the region.
We continued to invest in our payments and cash management platforms, including enhancements to the Transactive Global experience, delivering self-service term deposits and expanding Confirmation of Payee functionality.
We also expanded our use of capital efficiency tools, delivering approximately $2 billion of RWA efficiency to recycle into additional customer growth.
Looking to FY27, we will continue to upgrade platform capabilities, add sales capacity and enhance our customer payment solutions.
New Zealand
In New Zealand, we are shifting gears and we are determined to match our ambition with our market-leading position.
In FY26, revenues were up 2%, while costs were up 3%, excluding the impact of the New Zealand class action. Net lending and deposits had solid growth, at 5% and 4% respectively, with SME business lending a highlight.
In a highly competitive market, we grew our New Zealand customer base to more than 2.7 million. Our Personal MFI share increased by 1.5 percentage points to 33.6%, while Personal NPS rose to its strongest level since 2022.
Carrying this year’s momentum forward, we are continuing to re-platform the business for the future, having launched a faster digital term deposit journey, as well as ANZ Apply, which now provides customers with an indicative home loan decision in around five minutes.
We are refreshing our propositions for priority customer segments, including strengthening our wealth proposition through partnerships with major global institutions, while working to better serve the evolving needs of affluent customers.
And in Business Banking, we are putting more bankers into the market, supported by better data, insights and lending capabilities, particularly in the segments and locations where we see opportunities to grow.
AI approach
Today I also want to update you on our approach to AI, given the growing importance of the technology.
At ANZ, the AI journey is not new and it is not a standalone strategy. To be clear, we view it as a critical enabler of our ANZ 2030 strategy.
Our approach is deliberately targeted. We have organised our AI framework to serve our strategic pillars in three key ways:
- First, by delivering more relevant, personalised experiences to our customers and better tools for our bankers;
- Second, by simplifying work and increasing organisational productivity and capacity; and
- Third, by strengthening how we manage risk.
Rather than pursuing AI everywhere, we are prioritising opportunities which unquestionably deliver value and accelerate our strategic initiatives – with right-sized investment spend.
Our AI use cases require a clear business outcome, where the technology can be embedded into the way work gets done and where it can be scaled across the bank.
That work is supported by robust governance, which is already in place, and controls that we are continuing to strengthen. We are introducing a clear architecture and platforms strategy, common technology and data.
With a lens on customer first, in FY26 we deliberately concentrated our investment on high-value use cases supporting the strategy.
This included the evolved AI-enabled CRM tool for business bankers, and better customer service through the transformation of our contact centre experience.
These are not standalone AI tools. They are embedded into end-to-end workflows.
We’re also embedding AI into how we deliver technology. For example, AI-assisted software engineering has doubled our capacity to deliver coding for the Single Customer Front-End.
As we have seen recently, this technology carries risks - which demands a very tight control framework. Therefore, trust is central to our approach.
We have existing controls in place including multiple AI gateways and a governance council.
We are building on this by implementing an Enterprise AI Control Plane which will provide visibility, governance and technical control across users, models, agents, tools, cost and platforms, as well as traceability of decisions.
As we increasingly use AI agents, humans must remain in control. Our enterprise Control Plane will set defined limits on what agents can do and stop activity where it operates outside those limits.
To scale this work safely, we are also simplifying our architecture around common platforms, strengthening our data foundations and governance, and building AI skills and literacy across the organisation.
This includes establishing an AI Academy to improve foundational AI literacy and role-based proficiency as we scale adoption across ANZ. Our aim is to build a sustainable pipeline of AI skills and talent through immersive learning and practical labs.
We are confident this approach will support the delivery of ANZ 2030.
Finally, we acknowledge the need to ensure the right balance between people and technology - and to consider the impact of AI on society more broadly - as we embrace its adoption at ANZ.
Close
Now, to conclude, 2027 will be pivotal for ANZ.
We will deliver two major transformation projects - the integration of Suncorp Bank and the single-customer front end – as well as a significant uplift in customer outcomes through our NFR program and continued investment in growth initiatives.
With this, once we have successfully completed the first phase, we will be in a much stronger competitive position to deliver the second phase of our strategy - focused on growth and outperformance.
Today I would like to leave you with three final key messages:
- Our transformation is moving at pace and shareholders are being rewarded,
- We continue to invest for growth in line with ANZ 2030, and
- The business is gaining momentum.
With that, I will hand over to Farhan.
For media enquiries contact:
Lachlan McNaughton
Head of External Communications
Tel: +61 457 494 414
Siobhan Jordan
Senior Media Relations Manager
Tel: +61 403 988 326
For analyst enquiries contact:
Kylie Bundrock
Group General Manager, Investor Relations and M&A
Tel: +61 403 738 809
Cameron Davis
Executive Manager, Investor Relations
Tel: +61 421 613 819
Important Information
References to “ANZ” and “ANZ Group” are to ANZ Group Holdings Limited ABN 16 659 510 791 and its subsidiaries.
This document contains information about the activities of the ANZ Group current as at 6 November 2026. It is information given in summary form, does not purport to be complete and should be considered together with other information published by ANZ.
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There can be no assurance that actual outcomes will not differ materially from any forward-looking statements contained herein. To the maximum extent permitted by law, the ANZ Group makes no assurance, guarantee or warranty (express or implied) that the forward-looking statements will be realised.
The forward-looking statements only speak as at 6 November 2026 and no representation is made as to their correctness after this date. Unless required by law, no member of the ANZ Group undertakes to publicly release the result of any revisions to these statements to reflect events or circumstances after this date.
Financial information in this document is presented on a cash profit basis unless otherwise stated. Cash profit, a non-IFRS measure, represents the ANZ Group’s preferred measure of the result of its core business activities, enabling readers to assess ANZ Group and divisional performance against prior periods and against peer institutions. To calculate cash profit, the ANZ Group excludes non-core items from statutory profit. For the definition cash profit refer to page 72 of the ANZ Group Holdings Limited (ANZGHL) FY26 Consolidated Financial Report Dividend Announcement and Appendix 4E available on ANZ shareholder website.
All amounts in this document are in Australian dollars unless otherwise stated. Sum of parts within charts and commentary may not equal totals due to rounding.