Latest news with #SuncorpBank
Yahoo
26-06-2025
- Business
- Yahoo
Australia's Suncorp names insider Duncan West as chairman, to succeed Christine McLoughlin
(Reuters) -Australian insurer Suncorp named non-executive director Duncan West as the next chairman of its board on Friday, succeeding current chairman Christine McLoughlin upon her retirement. McLoughlin, who has served on the board for ten years, including seven as chairman, oversaw the finalisation of the sale of Suncorp Bank and the return of capital to shareholders during her tenure. West, who brings more than 40 years of experience in the insurance and financial services sector, is currently chairman of Challenger and has held executive roles such as executive general manager of insurance for NAB Wealth and MLC. He has been on Suncorp's board for nearly four years, serving as chair of the risk committee and a member of the audit committee. McLoughlin will retire from Suncorp's board following the annual general meeting on September 25, after which West will assume the role of chairman. Sign in to access your portfolio
Yahoo
08-05-2025
- Business
- Yahoo
Big bank reveals record $11bn revenue haul
Big four bank ANZ reported record revenues on Thursday morning. Picture: NewsWire / Gaye Gerard One of Australia's biggest banks has delivered record revenues in its latest half-year earnings report. ANZ, the ASX-listed $89bn financial giant, reported $10.99bn in revenues for the six months ending on March 31, 2025, a record high and a 5 per cent lift from the prior six months. It also delivered a 16 per cent jump in net profits to $3.64bn. The market had expected profits to hit $3.44bn. ANZ acquired Suncorp Bank for $4.9bn in the middle of 2024 and Thursday's results reflected the first full inclusion of Suncorp's earnings. Return on equity, which measures how effectively a bank squeezes profits from money invested by shareholders, lifted 0.94 points to 10.2 per cent. But net interest margin, a key measure of bank profitability, dipped from 2.44 per cent to 1.56 per cent. The bank announced a dividend of 83 cents per share. Banking giant ANZ reported record revenues and profits on Thursday morning. Picture: NewsWire / Gaye Gerard Outgoing ANZ CEO Shayne Elliott celebrated the results and said the bank was 'well placed to navigate ongoing volatility'. 'We have delivered record half year revenues,' he said. 'This highlights both the strength of our franchise and the step change in our earnings from the inclusion of the first full half of Suncorp Bank's earnings. 'As I hand over to our incoming CEO Nuno Matos, the bank is well placed for the future. 'Our strong balance sheet, along with our diversified portfolio, leave the bank well placed to navigate ongoing volatility.' Mr Elliott ran the bank for nine years and Mr Matos, formerly the CEO of HSBC's the wealth and personal banking division, will take control of ANZ this week. Loans and deposits also advanced over the period. Gross loans were $824bn at the end of March, a 2 per cent lift from the prior six months, while customer deposits increases 6 per cent to $756.6bn. Australian households have remained 'remarkably robust and resilient', Mr Elliott said, despite cost-of-living pressures. Outgoing ANZ CEO Shayne Elliott said Australian households remained 'remarkably robust' on Thursday. Picture: NewsWire / Arsineh Houspian 'While initial interest rate relief was welcomed by retail and commercial customers, we know many continue to face challenges,' he said. 'Generally households remain remarkably robust and resilient, with strong balance sheets the norm for our customers in both Australia and New Zealand. 'For those who need assistance, our teams ready to help with tailored support.' Average Australian home loan sizes were $354,000 for the half-year, an increase from $331,000 recorded in first-half of the 2024 financial year and $302,000 in 2023. First home buyers accounted for 9 per cent of loans, compared to 8 per cent in 2024 and 7 per cent in 2023. Borrowers 90 days in arrears accounted for less than 1 per cent of the bank's loan book.
Sky News AU
08-05-2025
- Business
- Sky News AU
ANZ releases half-year FY25 earnings report, reveals $3.64bn profit
One of Australia's biggest banks has delivered record revenues in its latest half-year earnings report. ANZ, the ASX-listed $89bn financial giant, reported $10.99bn in revenues for the six months ending on March 31, 2025, a record high and a 5 per cent lift from the prior six months. It also delivered a 16 per cent jump in net profits to $3.64bn. The market had expected profits to hit $3.44bn. ANZ acquired Suncorp Bank for $4.9bn in the middle of 2024 and Thursday's results reflected the first full inclusion of Suncorp's earnings. Return on equity, which measures how effectively a bank squeezes profits from money invested by shareholders, lifted 0.94 points to 10.2 per cent. But net interest margin, a key measure of bank profitability, dipped from 2.44 per cent to 1.56 per cent. The bank announced a dividend of 83 cents per share. Outgoing ANZ CEO Shayne Elliott celebrated the results and said the bank was 'well placed to navigate ongoing volatility'. 'We have delivered record half year revenues,' he said. 'This highlights both the strength of our franchise and the step change in our earnings from the inclusion of the first full half of Suncorp Bank's earnings. 'As I hand over to our incoming CEO Nuno Matos, the bank is well placed for the future. 'Our strong balance sheet, along with our diversified portfolio, leave the bank well placed to navigate ongoing volatility.' Mr Elliott ran the bank for nine years and Mr Matos, formerly the CEO of HSBC's the wealth and personal banking division, will take control of ANZ from today. Loans and deposits also advanced over the period. Gross loans were $824bn at the end of March, a 2 per cent lift from the prior six months, while customer deposits increases 6 per cent to $756.6bn. Australian households have remained 'remarkably robust and resilient', Mr Elliott said, and were well positioned to navigate uncertainty. 'While initial interest rate relief was welcomed by retail and commercial customers, we know many continue to face challenges,' he said. 'Generally households remain remarkably robust and resilient, with strong balance sheets the norm for our customers in both Australia and New Zealand. 'For those who need assistance, our teams ready to help with tailored support.' Average Australian home loan sizes were $354,000 for the half-year, an increase from $331,000 recorded in first-half of the 2024 financial year and $302,000 in 2023. First home buyers accounted for 9 per cent of loans, compared to 8 per cent in 2024 and 7 per cent in 2023. Borrowers 90 days in arrears was less than 1 per cent. The 197-year-old bank, which operates in Australia, New Zealand and internationally, counts some 11 million customers across the retail, business and institutional sectors. It employs more than 43,000 people, with 21,500 of them in Australia. Personnel expenses accounted for $3.3bn from its total $5.7bn expense bill over the period. Originally published as ANZ delivers record $11bn in revenues in half-year earnings report
The Australian
08-05-2025
- Business
- The Australian
ANZ (ASX: ANZ) avoids profit drop with Suncorp as CEO Shayne Elliott readies to depart
The bolt-on of Suncorp Bank has rescued ANZ from a first-half slump, with the financial giant reporting flat $3.56bn cash profit, edging out analyst expectations. The industry had dialled in expectations the banking major would deliver earnings in the region of $3.4bn, but ANZ held cash profits stable, meeting results posted by the bank at the same time last year. ANZ's flat profit comes in the wake of a mixed week from the sector after Westpac and NAB both revealed their earnings update earlier in the week. However, cash earnings were up 12 per cent on the second half earnings posted by the bank last year, with ANZ chief executive Shayne Elliott noting the bank had been again 'driven by our continued momentum across each of our divisions'. Mr Elliott, who marks his last ANZ earnings on Thursday ahead of his exit from the bank on May 11, said the bank had delivered record revenues. This came after ANZ's $4.9bn acquisition of Suncorp Bank, which bolstered earnings. ANZ warned without Suncorp Bank, it would have faced an 8 per cent cash profit slump to $3.28bn. 'This highlights both the strength of our franchise and the step change in our earnings from the inclusion of the first half of Suncorp Bank's earnings,' Mr Elliott said. Mr Elliott said ANZ was 'well-placed for the future' as he prepared to hand control of the financial giant to HSBC banker Nuno Matos, who marks his first day on May 12. 'Our strong balance sheet, along with our diversified portfolio, leave the bank well-placed to navigate ongoing volatility,' he said. ANZ CEO Shayne Elliott will hand over to Nuno Matos on May 12. Picture: Arsineh Houspian. Mr Elliott leaves ANZ as the bank struggles under the weight of a further $250m capital overlay imposed by the Australian Prudential Regulation Authority, now topping $1bn. APRA smacked ANZ with the $1bn bill, warning the bank had failed to manage non-financial risks. Mr Elliott said work was underway to risk the non-financial risk issues, but ANZ is also staring down a potential enforcement action from the Australian Securities & Investments Commission later this year over allegations its markets business rigged government bond rates in a 2023 $14bn deal. The markets business delivered $342m in cash earnings for the period, down from the $442m posted last year. Overall, the institutional bank delivered $1.3bn in earnings, down 9 per cent on last year's first half result. The Institutional Bank also saw deposits and lending up 4 per cent over the half. The retail business saw its earnings slump 11 per cent, sliding to $705m. This is despite home lending lifting 3 per cent in the period, while customer deposits lifted 4 per cent over the half. ANZ Plus, the bank's flagship technology transformation, also hit 1 million customers in the period, with $20bn in deposits now on the banking platform. Suncorp Bank saw a more muted result, with loans up only 1 per cent and deposits rising just 2 per cent in the half. The bolt-on banking business reported $286m in earnings for the half. ANZ bought Suncorp Bank for $4.9bn. Picture: William West/AFP ANZ also reported growth in both lending and deposits for its commercial bank, which delivered $655m in earnings. Its New Zealand operation saw moderate growth in deposits and lending, with profits flat on last year's first half result. Mr Elliott said Australia's households remained 'robust and resilient' noting while interest rate relief was welcomed, many of the bank's customers already had 'strong balance sheets'. Looking back on his time at the top, Mr Elliott said ANZ was now a 'simpler, stronger and better bank', than the financial institution he inherited almost 10 years ago. 'Over this time we have focused our strategy, strengthened the balance sheet, tightened customer selection, delivered significant productivity benefits, improved capital efficiency, reduced risk intensity, and made a material shift in our culture,' Mr Elliott said. ANZ declared a 83c dividend, meeting expectations, with 70 per cent franked, in no change on the bank's last result. The bank also moved to extend a $2bn buyback for a further 12 months, after snapping up just $1.2bn of its total budget. However, the bank warned it would 'adopt slightly more conservative capital settings' ahead, warning this would influence 'the pace of the remaining buyback'. Shares in ANZ last traded at $29.98. Read related topics: Anz BankSuncorp David Ross Journalist David Ross is a Sydney-based journalist at The Australian. He previously worked at the European Parliament and as a freelance journalist, writing for many publications including Myanmar Business Today where he was an Australian correspondent. He has a Masters in Journalism from The University of Melbourne.
The Australian
07-05-2025
- Business
- The Australian
ANZ releases half-year FY25 earnings report, reveals $3.64bn profit
One of Australia's biggest banks has delivered record revenues in its latest half-year earnings report. ANZ, the ASX-listed $89bn financial giant, reported $10.99bn in revenues for the six months ending on March 31, 2025, a record high and a 5 per cent lift from the prior six months. It also delivered a 16 per cent jump in net profits to $3.64bn. The market had expected profits reaching $3.44bn. ANZ acquired Suncorp Bank in the middle of 2024 and Thursday's results reflected the first full inclusion of Suncorp's earnings. Return on equity, which measures how effectively a bank squeezes profits from money invested by shareholders, lifted 0.94 points to 10.2 per cent. But net interest margin, a key measure of bank profitability, dipped from 2.44 per cent to 1.56 per cent. The bank announced a dividend of 83 cents per share. Banking giant ANZ reported record revenues and profits on Thursday morning. Picture: NewsWire / Gaye Gerard Outgoing ANZ CEO Shayne Elliott celebrated the results and said the bank was 'well placed to navigate ongoing volatility'. 'We have delivered record half year revenues,' he said. 'This highlights both the strength of our franchise and the step change in our earnings from the inclusion of the first full half of Suncorp Bank's earnings. 'As I hand over to our incoming CEO Nuno Matos, the bank is well placed for the future. 'Our strong balance sheet, along with our diversified portfolio, leave the bank well placed to navigate ongoing volatility.' Mr Elliott ran the bank for nine years and Mr Matos, formerly the CEO of HSBC's the wealth and personal banking division, will take control of ANZ from Today. Outgoing ANZ CEO Shayne Elliott said Australian households remained 'remarkably robust' on Thursday. Picture: NewsWire / Arsineh Houspian Loans and deposits also advanced over the period. Gross loans were $824bn at the end of March, a 2 per cent lift from the prior six months, while customer deposits increases 6 per cent to $756.6bn. Australian households have remained 'remarkably robust and resilient', Mr Elliott said, and were well positioned to navigate uncertainty. 'While initial interest rate relief was welcomed by retail and commercial customers, we know many continue to face challenges,' he said. 'Generally households remain remarkably robust and resilient, with strong balance sheets the norm for our customers in both Australia and New Zealand. 'For those who need assistance, our teams ready to help with tailored support.' More to come. Read related topics: Anz Bank Duncan Evans Reporter Duncan Evans is a reporter for News Corp's NewsWire service, based in Adelaide. Before NewsWire, he worked as a resources and politics reporter for The Daily Mercury in Mackay, Queensland and as a reporter at CQ Today, an independent newspaper based in Rockhampton. He was raised in Emerald and Brisbane and studied English Literature and American Studies at the University of Sydney. He began his career in journalism working for the Jakarta Post in Indonesia for over two years as an editor, translator and writer. He is fluent in Indonesian. @Duncanevans01 Duncan Evans
