ANZ Banking Group: Earnings decline larger than expected, lower franking

About the author:

Nathan Lead
Author name:
By Nathan Lead
Job title:
Senior Analyst
Date posted:
14 November 2023, 8:00 AM
Sectors Covered:
Infrastructure, Utilities, Banks

  • ANZ Banking Group's (ASX:ANZ) pursuit of Australian home loan growth contributed to a larger earnings decline than expected in 2H23. The larger size and lower % franking of the dividend was also a surprise. However, asset quality remained resilient and capital strong.
  • FY24-26F earnings downgrades. Target price reduced to (login to view). At current prices we estimate total potential return of c.5% (including 6.6% yield). HOLD.

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