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For Personal Use Only Use Personal For Australia and New Zealand Banking Group Limited ABN 11 005 357 522 Full Year 30 September 2016 Consolidated Financial Report Dividend Announcement and Appendix 4E The Consolidated Financial Report and Dividend Announcement contains information required by Appendix 4E of the Australian Securities Exchange (ASX) Listing Rules. It should be read in conjunction with ANZ’s 2016 Annual Report, and is lodged with the ASX under listing rule 4.3A. For personal use only RESULTS FOR ANNOUNCEMENT TO THE MARKET APPENDIX 4E Name of Company: Australia and New Zealand Banking Group Limited ABN 11 005 357 522 Report for the year ended 30 September 2016 1 Operating Results AUD million Operating income -3% to 20,529 Net statutory profit attributable to shareholders -24% to 5,709 Cash profit2 -18% to 5,889 3 Dividends Cents Franked 4 per amount share per share Proposed final dividend 80 100% Interim dividend 80 100% Record date for determining entitlements to the proposed 2016 final dividend 15 November 2016 Payment date for the proposed 2016 final dividend 16 December 2016 Dividend Reinvestment Plan and Bonus Option Plan Australia and New Zealand Banking Group Limited (ANZ) has a Dividend Reinvestment Plan (DRP) and a Bonus Option Plan (BOP) that will operate in respect of the 2016 final dividend. For the 2016 final dividend, ANZ intends to provide shares under the DRP and BOP through the issue of new shares. The 'Acquisition Price' to be used in determining the number of shares to be provided under the DRP and BOP will be calculated by reference to the arithmetic average of the daily volume weighted average sale price of all fully paid ANZ ordinary shares sold in the ordinary course of trading on the ASX during the ten trading days commencing on 18 November 2016, and then rounded to the nearest whole cent. Shares provided under the DRP and BOP will rank equally in all respects with existing fully paid ANZ ordinary shares. Election notices from shareholders wanting to commence, cease or vary their participation in the DRP or BOP for the 2016 final dividend must be received by ANZ's Share Registrar by 5.00pm (Australian Eastern Daylight Time) on 16 November 2016. Subject to receiving effective contrary instructions from the shareholder, dividends payable to shareholders with a registered address in the United Kingdom (including the Channel Islands and the Isle of Man) or New Zealand will be converted to Pounds Sterling or New Zealand Dollars respectively at an exchange rate calculated on 18 November 2016. For personal use only 1 Unless otherwise noted, all comparisons are to the year ended 30 September 2015. 2 Cash profit excludes non-core items included in statutory profit and is provided to assist readers in understanding the result of the ongoing business activities of the Group. The non-core items are calculated consistently period on period so as not to discriminate between positive and negative adjustments and fall into one of the three categories: gains or losses included in earnings arising from changes in tax, legal or accounting legislation or other non-core items not associated with the ongoing operations of the Group; treasury shares, revaluation of policy liabilities, economic hedging and similar accounting items that represent timing differences that will reverse through earnings in the future; and accounting reclassifications between individual line items that do not impact reported results, such as policyholders tax gross up. Cash profit is not a measure of cash flow or profit determined on a cash basis. The net after tax adjustment was an addition to statutory profit of $180 million made up of several items. Refer pages 83 to 88 for further details. 3 There is no foreign conduit income attributed to the dividends. 4 It is proposed that the final dividend will be fully franked for Australian tax purposes (30% tax rate) and carry New Zealand imputation credits of NZD 9 cents per ordinary share. 2 RESULTS FOR ANNOUNCEMENT TO THE MARKET APPENDIX 4E KPMG has audited the financial statements contained within the Australia and New Zealand Banking Group Limited Annual Report and has issued an unmodified audit opinion. The Annual Report will be available on 7 November 2016, and will include a copy of the KPMG audit report. The financial information contained in the financial statements section of this preliminary final report includes financial information extracted from the audited financial statements together with financial information that has not been audited. The cash profit results disclosed as part of this full year results announcement have not been separately audited, however KPMG has informed the Audit Committee that the adjustments have been determined on a consistent basis across each period. David M Gonski, AC Shayne C Elliott Chairman Director 2 November 2016 For personal use only 3 RESULTS FOR ANNOUNCEMENT TO THE MARKET APPENDIX 4E This page has been left blank intentionally For personal use only 4 AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED ABN 11 005 357 522 CONSOLIDATED FINANCIAL REPORT, DIVIDEND ANNOUNCEMENT AND APPENDIX 4E Year ended 30 September 2016 CONTENTS PAGE News Release 7 Summary 11 Strategic Review 21 Group Results 25 Divisional Results 53 Profit Reconciliation 83 Condensed Consolidated Financial Statements 89 Supplementary Information 109 Definitions 123 ASX Appendix 4E Cross Reference Index 126 Alphabetical Index 127 This Consolidated Financial Report, Dividend Announcement and Appendix 4E has been prepared for Australia and New Zealand Banking Group Limited (the “Company” or “Parent Entity”) together with its subsidiaries which are variously described as “ANZ”, “Group”, “ANZ Group”, “the consolidated entity”, “the Bank”, “us”, “we” or “our”. All amounts are in Australian dollars unless otherwise stated. The Company has a formally constituted Audit Committee of the Board of Directors. The signing of the Condensed Consolidated Financial Statements was approved by resolution of a Committee of the Board of Directors on 2 November 2016. When used in this Results Announcement the words “estimate”, “project”, “intend”, “anticipate”, “believe”, “expect”, “should” and similar expressions, as they relate to ANZ and its management, are intended to identify forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. ANZ does not undertake any obligation to publicly release the result of any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. For personal use only 5 AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED ABN 11 005 357 522 This page has been left blank intentionally For personal use only 6 AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED ABN 11 005 357 522 News Release ANZ reports 2016 Full Year Result ANZ today announced a Statutory Profit after tax for the Financial Year ended 30 September 2016 of $5.7 billion down 24% and a Cash Profit1 of $5.9 billion down 18%. The FY16 result reflects a good performance in ANZ’s core domestic franchises and significant reshaping of the business driven by ANZ’s strategic focus to create a simpler, better capitalised and more balanced bank that produces better outcomes for customers and shareholders. The result reflects an emphasis on delivering strong capital and cost management outcomes together with $1,077 million of charges (after tax) for Specified Items primarily related to reshaping the Group to position it for improved performance in future years. Adjusted Pro-Forma Cash Profit2 was $7.0 billion down 3%, while Profit before Provisions increased 6% as the benefits of simplification and rebalancing initiatives began to emerge. Return on equity was stable in the second half of the financial year at 12.2% (adjusted Pro-forma Cash Profit basis). The Final Dividend of 80 cents per share is consistent with guidance provided at the Interim Profit announcement. The Total Dividend for FY16 is 160 cents per share fully franked down 12%. Selected Group Financial Information Half Year Full Year Earnings ($m) 2H16 1H16 FY16 FY15 Statutory Profit basis Profit before credit impairment and tax 5,321 4,786 10,107 11,712 Statutory Profit 2,971 2,738 5,709 7,493 Cash Profit basis1 Profit before credit impairment and tax 5,318 4,837 10,155 11,159 Cash Profit 3,107 2,782 5,889 7,216 Earnings Per Share (cents) 106.7 95.9 202.6 260.3 Return on Equity (%) 10.9 9.7 10.3 14.0 Net Interest Margin (%) 2.00 2.01 2.00 2.04 Total Credit Impairment Charge as a % of avg GLAs (%) 0.36% 0.32% 0.34% 0.22% Adjusted Pro-forma Cash Profit basis2 Profit before credit impairment and tax 5,815 5,737 11,552 10,927 Adjusted Pro-forma Cash Profit 3,467 3,499 6,966 7,145 Operating expenses to income (CTI, %) 44.6% 45.0% 44.8% 46.0% Earnings Per Share (cents) 119.1 120.6 239.7 257.8 Return on Equity (%) 12.2% 12.2% 12.2% 13.8% Selected Group Financial Information Credit Quality Sep-16 Mar-16 Sep-15 Collective Provision as a % of Credit RWA (%) 0.82% 0.86% 0.85% Gross impaired assets as a % of GLAs (%) 0.55% 0.51% 0.47% Balance sheet ($b) Sep-16 Mar-16 Sep-15 Gross Loans and Advances (GLAs) 580.0 565.9 574.3 Total Risk Weighted Assets (RWAs) 408.6 388.3 401.9 Customer Deposits 449.6 446.8 444.6 For personal use only Leverage Ratio (%) 5.3% 5.1% 5.1% Common Equity Tier 1 Ratio (%) 9.6% 9.8% 9.6% Common Equity Tier 1 Ratio Internationally Comparable 14.5% 14.0% 13.2% Basel 3 (%) Other Sep-16 Mar-16 Sep-15 Full time equivalent staff (FTE) 46,554 48,896 50,152 7 AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED ABN 11 005 357 522 ANZ Chief Executive Officer Shayne Elliott said: “This year we delivered another good performance in Australia and New Zealand with our consumer and small business franchises producing strong results based on a disciplined approach to market share and tight cost management.
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