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2015 Annual Report ANZ ANNUAL REPORT 2015 2015 ANNUAL REPORT For personal use only ANZ IS EXECUTING A FOCUSED STRATEGY TO BUILD THE BEST CONNECTED, MOST RESPECTED BANK ACROSS THE ASIA PACIFIC REGION For personal use only This Annual Report (Report) has been prepared for Australia and New Zealand Banking Group Limited (“the Company”) together with its subsidiaries which are variously described as: ”ANZ”, “Group”, “ANZ Group”, “the Bank”, “us”, “we” or “our”. Thanks to the ANZ staff who volunteered for the cover photoshoot. They were: Ying Ho, Kate Hu, Natasha Nash, Shehani Noakes, Didar Singh, Chris Slade, Toby Warren. Australia and New Zealand Banking Group Limited ABN 11 005 357 522. II ANZ ANNUAL REPORT 2015 WHO WE ARE AND HOW WE OPERATE ANZ’s history of expansion and growth stretches over 180 years. We have a strong franchise in Retail, Commercial and Institutional banking in our home markets of Australia and New Zealand and we have been operating in Asia Pacific for more than 30 years. Today, ANZ operates in 34 countries globally. We are the fourth largest bank in Australia, the largest banking group in New Zealand and the Pacific, and among the top 20 banks in the world. ANZ is building the best connected, most respected bank } ANZ’s in-house regional delivery network is a source across the Asia Pacific region, to help deliver prosperity of ongoing competitive advantage for ANZ. The network for our customers and the communities in which they live, is enabling the transformation of key business activities and develop our people, and to provide shareholders sustainable delivery of productivity improvements while driving a more earnings growth. consistent, higher quality experience for our customers. The strategy has three key elements – strengthening } We strengthened our risk profile during the year with higher our core franchises in Australia and New Zealand, growing levels of liquidity and capital. Credit provision charges profitably in Asia focused on corporate and institutional increased during the year but remain well under the long clients, and taking an enterprise approach to operations term average having risen from historically low levels. and technology to deliver better control and lower unit ANZ’s view is that the constrained market conditions are costs. ANZ is focused on the organic growth opportunities unlikely to change in the near term and so the banking sector which exist in Australia, New Zealand and Asia Pacific and must remain focused on selective growth opportunities, our distinctive footprint sees us uniquely positioned to productivity and capital management. A number of initiatives meet the needs of customers who are dependent on regional have been put in place to drive improvements in order trade and capital flows. The strategy is underpinned to deliver steady improvement in both our cost and capital by rigorous liquidity, capital and portfolio management position over time. and by the quality of our people. Achievements and progress during 2015 CEO succession On 1 October the Board of ANZ announced that Shayne Elliott ANZ’s strategy has driven growth in our core customer will succeed Mike Smith as Chief Executive Officer and join the franchises in Australia, in New Zealand and in key Board on 1 January 2016. Asian markets. Over the past 8 years, ANZ has been transformed and is today } We have continued to strengthen our businesses in our a stronger, more diverse, more profitable bank. Importantly, home markets of Australia and New Zealand, with further we have created a better bank for our customers with a stronger gains in productivity and market share, and further brand, growing market share and more retail, commercial penetration of Wealth products into our existing customer and institutional customers choosing to bank with ANZ. base in these markets. We have increased our investment in our digital platforms and this has driven improved customer The bank’s presence in Asia, which was often small in scale experience and increased sales through digital channels. and based on limited licences, has been grown into a large and growing business that connects our Australian and } Despite challenging macro economic conditions impacting New Zealand customers with opportunities in the fastest our International and Institutional (IIB) business during growing region in the world economy. And it connects the year, we continued to develop the customer franchise, customers in Asia with opportunities in the region and increased our focus on higher returning products and in Australia and New Zealand. invested in the digital transformation of the business. We have retained our position as the leading Institutional bank While there is still much to do, ANZ is now Australia’s only in Australia and New Zealand (Source: Peter Lee) and as the truly international bank and is a better bank for our For personal use only number four Corporate bank in Asia (Source: Greenwich 8 million customers in Australia, in New Zealand and Associates). APEA now represents 20% of Group Revenue in Asia Pacific. We are continuing to evolve our strategy and APEA network represents 25% of Group revenue.1 and to accelerate its execution to maximize value for our customers and for our shareholders. 1 Asia Pacific, Europe and America (APEA) network revenue includes income generated in Australia and New Zealand as a result of referral from ANZ’s APEA network. ANNUAL REPORT 2015 1 For personal use only 2 ANZ ANNUAL REPORT 2015 CONTENTS SECTION 1 SECTION 3 Financial Highlights 5 Five Year Summary 174 Chairman’s Report 6 Principal Risks and Uncertainties 175 Chief Executive Officer’s Report 7 Supplementary Information 184 Directors’ Report 8 Shareholder Information 186 – Operating and Financial Review 15 Glossary of Financial Terms 193 – Remuneration Report 31 Alphabetical Index 196 SECTION 2 Financial Statements 60 Notes to the Financial Statements 66 Directors’ Declaration and Responsibility Statement 170 Independent Auditor’s Report 171 For personal use only CONTENTS 3 SECTION 01 Financial Highlights 5 Chairman’s Report 6 Chief Executive Officer’s Report 7 Directors’ Report 8 – Operating and Financial Review 15 – Remuneration Report 31 For personal use only 4 ANZ ANNUAL REPORT 2015 FINANCIAL HIGHLIGHTS 2015 2014 Profitability Profit attributable to shareholders of the Company ($m) 7,493 7,271 Cash profit ($m)1 7,216 7,117 Return on: Average ordinary shareholders’ equity2 14.5% 15.8% Average ordinary shareholders’ equity (cash basis)1,2 14.0% 15.4% Average assets 0.88% 0.97% Net interest margin 2.04% 2.13% Cash profit per average FTE ($)1 141,621 142,064 Efficiency Operating expenses to operating income 44.4% 43.7% Operating expenses to average assets 1.10% 1.17% Operating expenses to operating income (cash basis)1 45.6% 44.7% Operating expenses to average assets (cash basis)1 1.10% 1.17% Balance Sheet Gross loans and advances ($b)3 574.3 525.7 Customer deposits ($b) 444.6 403.7 Total equity ($b) 57.4 49.3 Gross impaired assets ($b) 2.7 2.9 Capital and Liquidity Common Equity Tier 1 – APRA Basel 3 9.6% 8.8% Common Equity Tier 1 – Internationally Comparable Basel 34 13.2% 12.5% Liquidity Coverage Ratio 122% 111% Credit impairment provisioning Individual credit impairment charge ($m) 1,084 1,141 Collective credit impairment charge/(release) ($m) 95 (155) Total credit impairment charge ($m) 1,179 986 Individual credit impairment charge as a % of average gross loans and advances 0.19% 0.22% Total credit impairment charge as a % of average gross loans and advances 0.21% 0.19% Ordinary share dividends Interim – 100% franked (cents) 86 83 Final – 100% franked (cents) 95 95 Total dividend (cents) 181 178 Ordinary share dividend payout ratio5 68.6% 67.4% Cash ordinary share dividend payout ratio1,5 71.2% 68.9% Preference share dividend ($m) 6 DividendFor personal use only paid 1 6 1 Statutory profit has been adjusted to exclude non-core items to arrive at cash profit, and has been provided to assist readers to understand the results for the ongoing business activities of the Group. The adjustments made in arriving at cash profit are included in statutory profit which is subject to audit within the context of the Group statutory audit opinion. Cash profit is not audited by the external auditor, however the external auditor has informed the Audit Committee that the adjustments have been determined on a consistent basis across each year. Refer to page 18 and pages 184 to 185 for analysis of the adjustments between statutory profit and cash profit. 2 Average ordinary shareholders’ equity excludes non-controlling interests and preference shares. 3 Loans and advances as at 30 September 2015 include assets classified as held for sale. 4 ANZ’s interpretation of the regulations documented in the Basel Committee publications; “Basel 3: A global regulatory framework for more resilient banks and banking systems” (June 2011) and “International Convergence of Capital Measurement and Capital Standards” (June 2006). Also includes differences identified in APRA’s information paper entitled International Capital Comparison Study (13 July 2015). 5 Dividend payout ratio is calculated using the proposed 2015 final, 2015 interim, 2014 final and 2014 interim dividends. 6 Represents dividends paid on Euro Trust Securities (preference shares) issued on 13 December 2004. The Euro Trust Securities were bought back by ANZ for cash at face value and cancelled on 15 December 2014. FINANCIAL HIGHLIGHTS 5 CHAIRMAN’S REPORT A MESSAGE FROM DAVID GONSKI, AC I am pleased to report that ANZ’s statutory profit after tax for the 2015 financial year was $7.5 billion, up 3%. The cash profit (which excludes non-core items from the statutory profit) was $7.2 billion, up 1%. The final dividend of 95 cents brought the total dividend to 181 cents Mike has successfully guided ANZ through the global financial per share fully franked, an increase of 2%.
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