ANZ Banking Group: Capital looks solid. Institutional a differentiator

About the author:

Nathan Lead
Author name:
By Nathan Lead
Job title:
Senior Analyst
Date posted:
08 May 2023, 7:00 AM
Sectors Covered:
Infrastructure, Utilities, Banks

  • ANZ Banking Group's 1H23 result was a mixed bag  – pre-provision profit beat our forecast but was below consensus, while the interim dividend and capital was better than expected.
  • Mgmt. focus was on the benefit of the Institutional division, portfolio de-risking, and improving risk-adjusted returns.
  • HOLD retained, with M&A the key caution. Target price dropped to (login to view).

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