Australia and New Zealand Banking Group (ANZ) is set to reveal its full-year results on November 10, which will reflect substantial changes under the leadership of Nuno Matos. The bank anticipates a significant after-tax impact of $1.109 billion due to several notable items. Simultaneously, the acquisition of Suncorp Bank is expected to increase goodwill by $141 million. ANZ is one of Australia’s ‘big four’ banks and provides a range of banking and financial products and services to retail, commercial, and institutional customers. The company operates in Australia, New Zealand, and the Asia Pacific region.
The significant items contributing to this adjustment include costs associated with the planned reduction of 3,500 jobs by October of the following year. These changes will result in a pre-tax charge of $585 million. Additionally, a record $240 million settlement with the Australian Securities and Investments Commission (ASIC) has incurred an extra $31 million in associated expenses, culminating in a total pre-tax charge of $271 million.
Furthermore, ANZ recognised a pre-tax charge of $97 million related to costs tied to existing contracts extending beyond the revised migration date announced at its October 2023 Strategy Day, where it was revealed the integration of Suncorp Bank would be brought forward to June 2027. The closure of Cashrewards, announced in September, has led to a pre-tax charge of $78 million from writing off the goodwill recognised upon acquisition. There was also an impairment to the bank’s equity accounted investment in Indonesia’s Panin Bank.
