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1、2024 Annual Report2024 Annual ReportContentsOverviewOur 2024 reporting suite 22024 performance snapshot 3Chairmans message 4CEOs message 6Operating environment Our operating environment 8Our purpose and strategy 10How we create value 12About our business 14Our approach to ESG 16Our approach to clima
2、te change 17Governance Governance 18Directors qualifications,experience and special responsibilities 19Company secretaries qualifications and experience 24Executive Committee 25Risk management 26Five year summary 32Performance overview 34Remuneration report 48Directors report 90Financial report 93Sh
3、areholder information Shareholder information-unaudited 221Important dates for shareholders 2025 223Contacts 223Glossary 224At ANZ,our purpose is to shape a world where people and communities thrive.In particular,we want to help customers:Save for,buy and owna liveable homeWe bring our purpose to li
4、fe through our strategy:to improve the financial wellbeing and sustainability of customers with excellent services,tools and insightsStart or buy and sustainably grow theirbusinessMove capital and goods around the region and sustainably grow their businessWith a global presence across 29 markets,ANZ
5、 helps Australian businesses big and small succeed on the world stage.Bulla,founded in 1910 and still owned by the same three founding families,has been a long-standing corporate customer of ANZ,with a relationship spanning over 40 years.ANZ is currently supporting Bullas new manufacturing site in r
6、egional Victoria,from concept to execution,helping the company meet the increasing demand for high-quality dairy products both locally and across Asia.Learn more about ANZs long-standing support of Bulla by visiting .au/newsroom/news/2024/august/anz-news-bulla-dairy-tony-fato/Disclaimer&important no
7、ticesThe material in this report contains general background information about the Groups activities current as at 7th November 2024.Itis information given in summary form and does not purport to be complete.It is not intended to be and should not be relied upon as advice to investors or potential i
8、nvestors,and does not take into account the investment objectives,financial situation or needs of any particular investor.These should be considered,with or without professional advice,when deciding if an investment is appropriate.Forward-looking statementsThis report may contain forward-looking sta
9、tements or opinions including statements regarding our intent,belief or current expectations with respect to the Groups business operations,market conditions,results of operations and financial condition,capital adequacy,sustainability objectives or targets,specific provisions and risk management pr
10、actices.Those matters are subject to risks and uncertainties that could cause the actual results and financial position of the Group to differ materially from the information presented herein.When used in the report,the words forecast,estimate,goal,target,indicator,plan,pathway,ambition,modelling,pr
11、oject,intend,anticipate,believe,expect,may,probability,risk,will,seek,would,could,should and similar expressions,as they relate to the Group and its management,are intended to identify forward-looking statements or opinions.There can be no assurance that actual outcomes will not differmaterially fro
12、m any forward-looking statements or opinions contained herein.Also see the Risk management section on pages 26-31 in relation to risks that may affect forward-looking statements,and the Key Judgements and Estimates identified in various places in the Annual Report.Those statements are usually predic
13、tive in character;or may be affected by inaccurate assumptions or unknown risks and uncertainties or may differ materially from results ultimately achieved.As such,these statements should not be relied upon when making investment decisions.These statements only speak as at the date of publication an
14、d no representation is made as to their correctness on or after this date.No member of the Group undertakes any obligation to publicly release the result of any revisions to these forward-looking statements to reflect events or circumstances after the date hereof to reflect the occurrence of unantic
15、ipated events.Climate-related informationThis report also contains climate-related statements.Those statements should be read with the important notices in relation to the uncertainties,challenges and risks associated with climate-related information in our 2024 Climate-related Financial Disclosures
16、 available at 2024 reporting suiteAnnual Report structureThe various elements of the Directors Report,including the Operating and Financial Review,are covered on pages 1 to47.Commentary on our performance overview contained on pages 34 to 47 references information reported in the Financial Report pa
17、ges 93 to 220.The Remuneration Report on pages 48 to 89 and the Financial Report on pages 93 to 220 have been audited by KPMG.This report covers all of ANZ Group Holdings Limiteds operations worldwide over which,unless otherwise stated,we had control during the financial year 1 October 2023 to 30Sep
18、tember 2024.Monetary amounts in this document are reported in Australian dollars,unless otherwise stated.Additional informationWe produce a suite of reports to meet the needs and requirements of a wide range of stakeholders including shareholders,customers,employees,regulators,non-government organis
19、ations and the community.We continue to evolve our disclosures,taking into consideration stakeholder feedback,legislation,guidelines and frameworks.Our 2024 Corporate Governance Statement discloses how we have complied with the ASX Corporate Governance Councils Corporate Governance Principles and Re
20、commendations 4th edition and is available at 2024 ESG Supplement provides stakeholders with detailed ESG disclosures,including performance against our ESG targets and ourmanagement of material ESGissues.Our 2024 ESG Data and Frameworks Pack,supplements the above reports,including a summary of our p
21、rogress onkey ESG metrics,comparative performance data and how we have reported against international ESG standards and frameworks.Our 2024 Climate-related Financial Disclosures describes progress towards implementing our Climate Change Commitment and how we have been supporting our customers to dat
22、e.This lays the foundation for us to deliver onour five-year Climate and Environment Strategy approved in October 2024 to support an effective and orderly transition in coming years.See pages 16-17 for more on our approach toESG and climate change.We are continually seeking to improve our reporting
23、suite and welcome feedback on thisreport.Please address any questions,comments or suggestions to .ANZ Group HoldingsLimited ABN 16 659 510 7912024 Full Year Results A ANZGHL Annual R Corporate GovernanceS Climate-Related FinancialD Environment,Social and Governance(ESG)S and NewZealand Banking Group
24、 Limited ABN 11 005 357 5222024 ANZBGL Annual R September Quarter APS330Pillar III D United Kingdom DisclosureandTransparency RulesSubmission(when released) 2024 Annual Report22024 performance snapshot1.Statutory profit attributable to shareholders of the Company.2.On a cash profit basis.Excludes no
25、n-core items included in statutory profit and is provided to assist readers in understanding the result of the ongoing business activities of the Group.For further information on adjustments between statutory and cash profit refer to page 35.3.Equals total shareholders equity less total non-controll
26、ing interests,goodwill and other intangible assets divided by the number of ordinary shares.4.APRA Level 2.5.Number of employees(Full Time Equivalent).6.Includes employees and contingent workers.7.Measures proportion of women out of the entire Senior Manager,Executive,Senior Executive and Group Exec
27、utive Committee populations(roles within ANZ designated as Groups 3,2 and 1 respectively).Includes all employees regardless of leave status but not contractors(which are included in FTE).8.Target to fund and facilitate at least$100 billion by end 2030 in social and environmental through customer tra
28、nsactions and direct investments by ANZ,commenced 1 April 2023.9.Includes individuals who have participated in more than one program(for example,people who have participated in MoneyMinded as part of Saver Plus are counted twice as they are included in both the MoneyMinded and Saver Plus totals).Fin
29、ancial performance highlightsOur stakeholders$6,535mStatutory profit,(-8%)500kShareholders$807bGross loans and advances42.4kEmployees(FTE)538.8%Women in leadership7$38.9bFunded and facilitated in social and environmental activities827%1 Year total shareholder return10mCustomers$715bCustomer deposits
30、84%Staff engagement score6More than$134mIn community investmentsMore than122kparticipants in our financial education programs99.7%Cash return on equity2,(-131bps)224.3cCash earnings per share(Basic)2,(-23c)12.2%Common Equity Tier 1 Capital4,(-114bps)$6,725mCash profit2,(-9%)166cTotal dividend per sh
31、are for2024,(-5%)$21.60Net tangible assets per share3,(-0.8%)3OverviewOperating environmentGovernancePerformance overviewRemuneration reportDirectors reportFinancial reportShareholder informationChairmans messagePaul OSullivan ChairmanIn a year of global uncertainty and challenging conditions for Au
32、stralia there was significant downward pressure on industry profitability.Despite these challenges,our full-year statutory profit of$6.5 billion was 8%less than last years record financial performance and the second strongest revenue outcome on record.Along with financial risk being well managed,thi
33、s years cash profit was the next highest for ANZ since 2017.We also achieved a total shareholder return of 27%this financial year,resulting in a return of approximately 50%across the last two financial years.Our performance was driven by a solid performance in our core banking businesses,reinforcing
34、 the benefits of our diversified portfolio.Furthermore,our strong capital position,along with the successful sale of our stake in AmBank,enabled us to reduce our share count by over 30 million through$883 million of our ongoing$2 billion share buyback.The significance of the year was highlighted by
35、our successful acquisition of Suncorp Bank.This acquisition reshapes our presence and scale in the fast-growing Queensland market,and along with the progress of our new banking platform in Australia,ANZ Plus,the bank is well positioned for the future.As a result of our performance,your Boardwas plea
36、sed to declare a total dividend of 166 cents per share,which was down 5%on 2023,meaning morethan$4.9 billion will be returned toyou,our shareholders.The final dividend was partially franked which reflects the shape of our portfolio and percentage of ANZs profit generated outside of Australia.While w
37、e are pleased with the returns provided to shareholders,we have also made a meaningful contribution throughout the year to customers and the community.We are proud of this work,which is covered in our Chief Executives letter on the following pages.CapitalThe global economy passed through the most su
38、stained cycle of rising interest rates in decades.While deep recessions have not been apparent,inflation challenges persist with many customers and businesses confronting higher costs.Against this backdrop,ANZ is well prepared with sound levels of credit provision,capital,liquidity and funding.While
39、 the number of customers in hardship remains relatively low,our financial position allows us to stand ready to help customers in need.In the first half of the year,the Board approved an on-market share buyback of up to$2 billion one of our largest ever capital management exercises reflecting our str
40、ong capital position.We continued to protect and strengthen the balance sheet with your bank remaining among the best capitalised banks in the world.ANZs Common Equity Tier 1 Ratio was 12.2%.Non-financial RiskWhile the bank has a track record ofprudently managing financial risk,weare still building
41、capability in the management of non-financial risk(NFR).This has been emphasised by the Australian Prudential Regulation Authority(APRA)requiring ANZ to hold an additional operational risk capital overlay,due to concerns about our progress in this space,including issues within our Markets business.W
42、e have made progress in the delivery of our NFR program,I.AM Amplified,however it is clear there is more to do and ongoing vigilance is required.This will continue to be a significant focus in 2025.The actions we are taking on NFR are outlined in Box 1,while the Boards response on the specific matte
43、rs arising within the Markets business is covered in Box 2.As shareholders would expect,the Board has also taken these matters into account when assessing the performance of our Chief Executive Officer,Shayne Elliott,and the executive team this year.While there has been no finding of any direct acco
44、untability for members of the Executive Committee,as CEO,Shayne is ultimately responsible for all aspects of the Banks performance.This is why the Board applied its discretion and assessed Shaynes performance to be below target and determined the appropriate 2024 Short Term Variable Remuneration(STV
45、R)outcome was 65%of target opportunity(52%of maximum opportunity).4ANZ 2024 Annual ReportPaul OSullivan ChairmanIn addition,the Board considered it appropriate to hold the Executive Committee collectively accountable for the issues relating to NFR and this has been reflected in their final outcomes.
46、More details of the Boards actions are outlined in the Remuneration Report.Board RenewalThere has been ongoing renewal of our Board in recent times with a particular focus on appointing Non-Executive Directors with experience in financial services.This has been particularly beneficial as we have man
47、aged the NFR and Markets issues.In February,Richard Gibb joined the Group Board,while John Cincotta was appointed a Non-Executive Director of the Banking Group.Before joining ANZs board,Richard was Chief Executive of Credit Suisse Australia and previously held senior global roles at Deutsche Bank an
48、d Merrill Lynch.John,who was one of the founders of Barrenjoey Capital Partners had a long career at Deutsche Bank Australia and New Zealand.Then in March we welcomed the Chair of ANZ New Zealand,Scott St John,to the Group Board as a Non-Executive Director.Scott has served on our New Zealand Board s
49、ince 2021.Scott currently chairs Mercury NZ Limited and was formerly the CEO of First NZ Capital(now Jarden)and Chair of Fisher and Paykel Healthcare.This year Sir John Key retired from ANZ having served as both a Non-Executive Director for the Group and Chairman of ANZ New Zealand since 2018.Sir Jo
50、hn made an enormous contribution with his unparalleled international business and political experience playing a critical role in our ongoing success.As a Board,we will miss his wise counsel and global insights and we wish him the very best for the future.In closing,I would like to acknowledge the m
51、any thousands of ANZ employees who come to work every day to do their best for their customers and colleagues as we continue to build a bank that benefits all our stakeholders.Box 1:Non-Financial Risk Management at ANZFollowing the Royal Commission,ANZ commenced a major program to strengthen NFR man
52、agement across the Bank,including greater standardisation of risk tolerance,processes and reporting.In practice,NFRrefers to the risks that we face from managing our operations,our processes and systems as well as how we conduct ourselves.In 2022 the ANZ Board elevated its review of progress and acc
53、ountability forthe NFR program.At the time,steps included reinforcing the Executive Committees accountability and upgrading the technology platform underpinning the new program.The Board also appointed an independent external expert to monitor and report on progress.As of late 2023-24,the program wa
54、s making good progress and meeting keymilestones,while staff using the new systems were reporting an improved NFR capability.However,events associated with the Markets business in the Institutional Division(see box 2)highlighted the need for an ongoing uplift in ANZs NFR processes and drew a respons
55、e from APRA including a risk capital overlay.In addition to ensuring delivery of the existing NFR program,the Board is also requiring further focus from Management on strengthening risk culture and embedding the new NFR processes across the bank.The Board considers the final delivery of the NFR prog
56、ram,combined with the additional focus on embedding NFR controls,will provide the required outcome.We will continue to report on our progress to shareholders and regulators.Box 2:Institutional Division,Markets IssuesDuring the year,concerns were raised regarding an Australian Government bondissuance
57、 in 2023 where ANZ was the Duration Manager and a Joint Lead Manager.There were also conduct and data issues identified within our Marketsbusiness.The Board has direct oversight of the issue and taken a number of actions,including:Assessing reports from independent experts in financial markets appoi
58、nted toanalyse trading activity.Engaging external legal advisors,independent of Management,to ensure rigorous and thorough outcomes from the expert reviews.Establishing a sub-committee of directors with relevant experience,chaired byme,to evaluate and test technical issues on ongoing basis.Commissio
59、ning Oliver Wyman,in consultation with APRA,to undertake athorough independent review of culture and controls within the Marketsbusiness.While some of these reviews remain ongoing,the Board has ensured accountability and consequences are enforced where relevant,particularly fortheconduct and data ma
60、tters.Consequences for the Executive Committee are detailed in the Remuneration Report and include:A reduction in the Risk Modifier which reduced the outcome of the Group Scorecard and impacted variable remuneration for all employees.Collective accountability for the entire Executive Committee regar
61、ding NFR matters,resulting in a reduction in 2024 STVR and a reduction in 2025 Long Term Variable Remuneration(LTVR)restricted rights to be granted in November/December 2024.An additional STVR impact for Executives with greater overall accountability forthe Markets and NFR matters.Given the Australi
62、an Securities and Investments Commissions(ASIC)review of these matters is ongoing,the Board has the discretion to freeze or reduce future vesting of equity to accountable Executives and is satisfied that the quantum of outstanding equity is sufficient.5OverviewOperating environmentGovernancePerforma
63、nce overviewRemuneration reportDirectors reportFinancial reportShareholder informationCEOs messageShayne Elliott Chief Executive OfficerAfter a record performance in 2023,this year was another pivotal year for our company.We completed the successful acquisition of Suncorp Bank,setting us up for futu
64、re success.We also achieved strong results from our core banking business and saw emerging benefits from our investments in key customer platforms ANZ Plus and Transactive Global.Our results demonstrate the benefits of multiple years of simplification,strengthening of the balance sheet and targeted
65、investment into market-leading platforms which better support our customers,while producing sustainable returns for our shareholders and positioning us well for the future.As the Chairman has covered extensively,this year issues arose in our Markets business,which have been extremely disappointing a
66、s they are contrary to our requirements and the standards we have set for ourselves.This has reinforced how critical it is to ensure we have an engaged and purpose-led culture across ANZ.While our employee engagement score remained industry leading in 2024,I acknowledge there is always more to be do
67、ne to embed a strong speak-up culture with a deep understanding of non-financial risk.As CEO of ANZ,this is a key priority.The Bank We Bought Suncorp BankOn 1 August 2024,we welcomed approximately 3,000 Suncorp Bank employees,1.2 million customers and$54.6 billion of deposits into the ANZ family.The
68、 quality of the business is already exceeding our expectations.In the two years since announcing the acquisition,Suncorp Banks customer numbers,home lending and deposits have all grown.As we learn more about the quality of Suncorp Banks business,people and assets,we are increasingly confident that w
69、e are well placed to deliver more synergies than expected,faster than initially planned.We will share more detail of our aspirations at our first half results in 2025.We have always positioned our acquisition of Suncorp Bank as a platform for growth in Queensland and that is why we were happy to mak
70、e commitments to the Queensland Government with regards to lending and jobs.We have already demonstrated momentum in meeting these commitments,with recent announcements including financing for Queenslands largest affordable housing project for seniors and people with disability.We are establishing a
71、 new technology hub in Brisbane focused on digital,cloud and data capability,which will employ more than 700 people over the next five years.Our focus now is to drive value from the acquisition,combining the best of ANZ and Suncorp Bank to create one bank thats better together for customers,colleagu
72、es,shareholders and the community.The Bank were Building Throughout the year,we continued to deliver propositions to support our customers built on resilient,agile platforms which can innovate at pace.These platforms provide the underlying technology infrastructure that drives the business.This was
73、possible due to the investment of about$2.5 billion over the past five years to improve our technical capabilities and capacity to speed up delivery.This provides more seamless and secure banking experiences that deliver better customer outcomes and ultimately grow market share and profitability.Thi
74、s includes ANZ Plus,which we believe is the most engaging,contemporary and easy to use retail banking platform in Australia.ANZ Plus customer numbers grew 85%through the year to nearly 850,000,and deposits grew 70%to almost$16 billion.Nearly one in five of our active retail customers now call ANZ Pl
75、us home.We continue to acquire around 30,000 customers onto the ANZ Plus platform every month and pleasingly,48%of customers who joined ANZ Plus in FY24 were new to ANZ.6ANZ 2024 Annual ReportIn line with our strategy to improve the financial wellbeing of customers,almost half of all ANZ Plus custom
76、ers are using a financial wellbeing feature such as round-ups,and more than a third have set and are actively working towards a savings goal.Another great example of how the technology ANZ Plus is built on allows us to launch market-first features safely,quickly and at low cost,was the launch of MyA
77、ccounts.This was the first time a major Australian bank has leveraged open banking technology to give customers a consolidated view of their eligible accounts across different Australian financial institutions.Other recent new ANZ Plus features include the introduction of joint accounts,home loan of
78、fsets and the ability to import billers and payees from our existing ANZ app.We also integrated more partnerships into the ANZ Plus app:Qantas Frequent Flyer points,which was an Australian first,and Cashrewards,our 100%-owned,leading cashback provider in Australia.This comes at a time when many cust
79、omers are looking to make their dollar go further.These features enhance our customers experience while also helping lay the foundations to make it easier and safer to migrate our existing customers to ANZ Plus,starting in 2025.We have also invested significantly in the Institutional business,in par
80、ticular our payments and cash management platform,Transactive Global,which supports institutional and commercial customers with advanced transaction banking services,including to help them manage and move money globally.This positioned us to be at the forefront of innovation including PayTo real-tim
81、e payments services,while also piloting real-time cross-border payments into Australia.As a result,Coalition Greenwich ranked ANZ#1 in Transaction Banking product development and innovation in Australia this year,and we were named Best Bank for Payments globally by Global Finance Magazine.Our Instit
82、utional Division now generates much of its income from low-risk processing businesses,and in 2024 achieved record revenue,record profit before provisions,and record return on equity.Supporting our customersOur platforms,ANZ Plus and Transactive Global,not only improve our customers experience and re
83、duce costs,they also help protect our customers from scams and fraud.ANZ Plus has introduced a raft of scam safe features including screen share protection from scammers,location-based security,risky-app detection,crypto limits and the use of technology to help detect if customers are being coached
84、from scammers.In addition,we have increased personalised internet banking warning messages when activity is considered high risk and introduced a new Scam Scoring model which uses Artificial Intelligence to complement our security systems and boost scam detection.Combined with increased education an
85、d resources including a new team of dedicated fraud and scam specialists these measures are having an impact.In 2024,our people and systems stopped more than$140 million being sent to criminals.Helping customers who may be facing financial difficulty as early as possible is another key priority.In A
86、ustralia,while customers can reach out to us if they need help,we also proactively check in via SMS with hundreds of customers a month who are potentially facing financial hardship.In line with the broader economic environment,the number of Australian home loan and small business customers in hardsh
87、ip has risen over the past year.However,this is off an historically low base and the overall data suggests that in aggregate,customers are holding up better than originally expected.That said,where customers are in difficulty we will work with them to find a solution tailored to their situation.Supp
88、orting the communitySupporting our communities is core to our purpose,which is to shape a world where people and communities thrive.Our financial education and matched savings program,Saver Plus,celebrated its 21st birthday this year,making it the largest and longest running program of its kind in t
89、he world.The program was developed alongside Brotherhood of St Laurence and is delivered in partnership with Berry Street and The Smith Family,with funding support from the Australian Government and ANZ.In that time,more than 62,000 participants have built lifelong savings habits while saving more t
90、han$31 million.Over the same period,ANZ has provided more than$26 million in matched funds.This program has been life changing for many,with the vast majority of those taking part still saving more than seven years after completion,while their total assets have increased.Likewise,our flagship financ
91、ial education program MoneyMinded,which supports adults on lower incomes to build their financial skills,knowledge and confidence,also continues to flourish.Over a million people have taken part since 2002 across Australia,Asia,the Pacific and New Zealand.Our outlook and prioritiesLooking ahead,we w
92、ill remain focused on running the bank well.This will be driven by our purpose and focused on delivering good customer outcomes,as well as strengthening risk management and providing consistent financial returns to shareholders.We will continue to simplify our business to focus on two key platforms,
93、ANZ Plus and Transactive Global.This will help us better serve our customers,manage costs,improve productivity and unlock further benefits of simplification.We will also leverage Generative AI to increase productivity and deliver better tools to support our people and customers,including through our
94、 new AI Immersion Centre launched in partnership with Microsoft earlier this year.As I look ahead,I am confident our diversified portfolio,unique global network,and fortress balance sheet mean we are well positioned to continue to deliver for our shareholders,our people and our community.Finally,I t
95、hank the team at ANZ for their commitment to supporting our customers,which has helped drive these positive results.Shayne Elliott Chief Executive Officer7OverviewOperating environmentGovernancePerformance overviewRemuneration reportDirectors reportFinancial reportShareholder informationzOur operati
96、ng environmentA range of influences characterise the current operating environment.Economies have coped relatively well with the sharp increases in interest rates over 2022 and 2023.Economic activity has slowed,but recessions have been rare and shallow.Unemployment in Australia and New Zealand has o
97、nly modestly increased.The cumulative impact of rising prices and higher interest rates is sustaining cost of living pressures for consumers,but household balance sheets,in aggregate,are sturdy.Investment plans are generally robust,but resource availability is a challenge,not least because of simila
98、r wants across economies.Industrial policy has become more common,including in Australia,and is likely to reshape the structure of economic activity over time as governments address perceived supplychain vulnerabilities and prioritise domestic resilience.Chinas economy is operating on a different cy
99、cle.Growth has moderated asthe economy adjusts to an ageing demographic and the demand mix changes.Trade is still growing despite geopolitical complexities.High commodity prices are sustaining exports from Australia and New Zealand.Asian exports have had a particularly strong year,backed by renewed
100、strength in technology trade.The climate transition remains a subtext tomany of these developments.Resource access challenges feature here as well,asmany economies strive to invest in renewable energy,building retrofits and more climate-friendly transport.8ANZ 2024 Annual ReportEconomic outlookGrowt
101、h has slowed,but many central banks have begun to reduce interest rates.Inflation has proven to be slightly stickier inAustralia than elsewhere.Australia,therefore,is likely to follow with a modest easing cycle of its own,but not until 2025.Easing cycles are likely to only partially reverse the shar
102、p interest rate rises of recent years.Private sector balance sheets,in general,arein solid shape,suggesting lower interest rates are likely to generate economic traction without needing to be too vigorous.The supply side of many economies remains challenged by influences including ageing workforces,
103、housing constraints,and the influence of geopolitics and industry policy on supply chains.This is also encouraging more sustained government spending than has been the case in previous cycles.Policy in China has been gradually responding to reduce the risks of a sharper slowdown.Excessively low infl
104、ation has been the primary macroeconomic challenge.Further easing is likely as China adjusts to softer structural drivers of demand.An ageing demographic suggests a shift in the mix of activity over time,including in the commodity sector.These shifts are likely to have some permanence.1.Refer to our
105、 2024 Climate-related disclosures report for more information and for glossary of terms available at of how were respondingInflationary pressures andhigherinterest rates Assessing borrowers resilience to rising interest rates Focusing on cost management and delivering ongoing productivity benefits,i
106、ncluding from technology simplification Dealing appropriately with customers experiencing financial hardship or in need of extra care Adjusting our staff salaries appropriatelyPublic and regulatory scrutiny Being transparent about how we are addressing regulatory and political concerns Working coope
107、ratively with regulators,government and non-governmental organisations(NGOs)Continuing to evolve our ESG policies and processes,seek to implement them effectively and transparently disclose ourprogressCompetitive bankingindustry Operating a diverse business,continuing to invest and prioritise resour
108、ces across Retail,Commercial and Institutional segments Deploying new and improved digital services,products and processes to help meet customer needs for efficient and accessible banking Investing in underlying technology and systems to establish more flexible and responsive platforms(including ANZ
109、 Plus and Institutional Payments and Cash Management Platforms)Cybersecurity threats Ongoing investment in cybersecurity,fraud and scams detection capabilities Increasing customer awareness and education as to the relevant risksGeopolitical tension Contingency plans for our medium-to-higher risk jur
110、isdictions with trigger eventsidentified and monitored Continuing to review our international network and operationsClimate change and nature1 Elevating climate to a Material Risk inNovember 2023 Our Board approving our Group wide Climate and Environment Strategy in October 2024 Supporting our custo
111、mers transition through banking and finance products and services,such as sustainability-linked loans and ESG-format bonds,that help drive the transition to a low carbon economy 9 9OverviewOperating environmentGovernancePerformance overviewRemuneration reportDirectors reportFinancial reportSharehold
112、er informationOur purpose and strategy Our purpose is to shape a world where people and communities thrive.It explains why we exist and drives everything we do at ANZ,including the choices we make each day about those we serve and how we operate.Our aspiration is to build a simpler,better,more purpo
113、se-driven bank,through:purpose-led propositions and partnerships that improve financial wellbeing,access to housing and sustainability for our target segmentsautomated business-services supported by modern,cloud-based technology that is more open,efficient,resilient and compliant an agile operating
114、model that encourages innovation and makes it easier for our people to deliver value forour customers quicklydisciplined allocation of resources,enhanced delivery capabilities,and an alignment of systems andincentives.Through our purpose we have elevated three areas facing significant societal chall
115、enges aligned with our strategy and our reach,which include commitments to:Improving the financial wellbeing of our people,customers and communities by helping them make the most of their money throughout their lives;Supporting household,business and financial practices that improve environmental su
116、stainability;andImproving the availability of suitable and affordable housing options forall Australians and New Zealanders.Save for,buy and owna liveable homeStart or buy and sustainably grow theirbusinessMove capital and goods around the region and sustainably grow their businessIn particular,we w
117、ant to help customers:We bring our purpose to life through our strategy:to improve the financial wellbeing and sustainability of customers through excellent services,tools and insights that engage and retain them,and help positively change their behaviour.10ANZ 2024 Annual ReportOur values are:I.C.A
118、.R.EIntegrityWe are honest and fair by speaking openly and transparently,making thoughtful and balanced decisions,doing whats right and acting with courage.CollaborationWe work together for the customer,by getting the right people together to get the job done and helping each other.AccountabilityWe
119、take ownership and get things done we do what we say we will do find the solutions by testing and learning andact with determination.RespectWe care for all those we serve.We value difference andencourage everyone to have a voice,think and act with consideration for our customers,community and theenv
120、ironment.ExcellenceWe challenge ourselves to be better.This is done by making things simple,finding ways to work differently,using data toimprove and asking for as well as acting on feedback.Our values Our values shape how we deliver our purpose-led strategy.They are the foundation of how we work li
121、ving our values every day enables us to deliver on our strategy and purpose,strengthen stakeholder relationships and earn the communitys trust.All employees and contractors must comply with our Code of Conduct,which sets down the expected standards of professional behaviour and guides us in applying
122、 our values.1111OverviewOperating environmentGovernancePerformance overviewRemuneration reportDirectors reportFinancial reportShareholder informationWe create value for our stakeholders through the Bank Were Building,developing propositions our customers love,with easy-to-use products and services t
123、hat evolve to meet their changing needs.We differentiate through our global network,thought leadership,and diversified retail,commercial and institutional customer businesses.How we create valueOur customer propositions are enabled through our people and our technology,data and risk management:Suppo
124、rted by our balance sheet strength,our partnerships and reputation:Purpose and values-led people who drive value by caring about our customers and the outcomes we create.Flexible and resilient digital banking platforms powering our customers and made available for others to power the industry.Risk m
125、anagement framework and culture,establishing,overseeing and influencing how risk is considered in decision making.Partnerships that unlock new valuewith ecosystems that help customers further improve their financial wellbeing and sustainability.Strong balance sheet positions with access to capital,f
126、unding and liquidity to protect and grow our business.Reputation underpinned by trusted relationships with customers we choose to bank,our business partners and the community to strengthen our brand and reputation.12ANZ 2024 Annual ReportStrategy&business modelTransformation outcomesMore targetedWe
127、support more of our chosen customers to achieve their goals,by using data to understand their needs.More engagedWe improve our customers financial wellbeing and sustainability by connecting with them and providing valued solutions that meet their needs.More efficientWe serve our customers more effic
128、iently to save themmoney and time by simplifying and automating ourprocesses.Better protectedWe reduce the risk of doing business for our customers and for the bank,with systems that are less complex,less prone to error and more secure.More dynamicWe respond more rapidly to the evolving environment,
129、with adaptable people,systems andprocesses.Aiming to create value for our stakeholdersBetter access to capital and talent,driving greater capacity to invest wellBetter data,insights,risk decisions andpricingBetter customer propositions that are purposeful,engaging,efficient and safeBetter customer e
130、ngagement,and greater use of our products and servicesBetter financial wellbeing and sustainability outcomes for customers and thecommunityBetter financial outcomes for shareholders and staffBetter reputation among customers and the community,and higher workforce engagementBetter acquisition and ret
131、ention rates,and higher share of target customersOur customers will have relatively better financial wellbeing,more sustainable practices and generate higher average lifetime valueOur customerswill have relatively better financial wellbeing.Our employeeswill be more engaged and with better toolstosu
132、pport customers.Our shareholderswill be rewarded with stronger long-term financial results(in terms of sustainable economic profits).Our communitywill benefit from our financial contribution(including taxes),practices and services,contributing to positive economic development.13OverviewOperating env
133、ironmentGovernancePerformance overviewRemuneration reportDirectors reportFinancial reportShareholder informationAbout our businessAustralia RetailProvides a full range of banking services to Australian consumers.This includes Home Loans,Deposits,Credit Cards and Personal Loans.Products and services
134、are provided via the branch network,home loan specialists,contact centres,a variety of self-service channels(digital and internet banking,website,ATMs and phone banking)and third-party brokers.Australia CommercialProvides a full range of banking products and financial services,including asset financ
135、ing,across thefollowing customer segments:SME Banking(small business owners and medium commercial customers),and Diversified&Specialist Businesses(large commercial customers,and high net worth individuals and family groups).InstitutionalThe Institutional division services global institutional and co
136、rporate customers,and governments across Australia,New Zealand and International(including Papua New Guinea(PNG)via the following business units:Transaction Banking provides customers with working capital and liquidity solutions including documentary trade,supply chain financing,commodity financing
137、as well as cash management solutions,deposits,payments and clearing.Corporate Finance provides customers with loan products,loan syndication,specialised loan structuring and execution,project and export finance,debt structuring and acquisition finance,and sustainable finance solutions.Markets provid
138、es customers with risk management services in foreign exchange,interest rates,credit,commodities,and debt capital markets in addition to managing the Groups interest rate exposure and liquidity position.New ZealandThe New Zealand division comprises the following business units:Personal provides a fu
139、ll range of banking and wealth management services to consumer and private banking customers.We deliver our services via our internet and app-based digital solutions and a network of branches,mortgage specialists,private bankers and contact centres.Business&Agri provides a full range of banking serv
140、ices through our digital,branch and contact centre channels,and traditional relationship banking and sophisticated financial solutions through dedicated managers.These cover privately owned small,medium and large enterprises,the agricultural business segment,government and government-related entitie
141、s.SuncorpOn 31 July 2024,the Group acquired 100%of the shares in SBGH Limited,the immediate holding company of Suncorp Bank.The transaction was undertaken to accelerate the growth of the Groups retail and commercial businesses while also improving the geographic balance of its business inAustralia.T
142、he 2024 reported results include two months results for Suncorp Bank from the date of acquisition,presented as Suncorp Bank division.The Suncorp Bank division provides banking and related services to retail,commercial,small and medium enterprises and agribusiness customers in Australia.PacificThe Pa
143、cific division provides products and services to retail and commercial customers(including multi-nationals)and to governments located in the Pacific region,excluding PNG which forms part of the Institutional division.Group CentreProvides support to the operating divisions,including technology,proper
144、ty,risk management,financial management,treasury,strategy,marketing,human resources,corporate affairs,and shareholder functions.It also includes minority investments in Asiaand interests in the ANZ Non-Bank Group.We operate across a diverse business structure14ANZ 2024 Annual ReportAsiaChinaHong Kon
145、gIndiaIndonesiaJapanLaosMalaysiaThe PhilippinesSingaporeSouth KoreaTaiwanThailandVietnamPacific Cook IslandsFijiKiribatiPapua New GuineaSamoaSolomon IslandsTimorLesteTongaVanuatuEuropeFranceGermanyUnited KingdomMiddle EastUnited Arab Emirates(Dubai)United States ofAmericaInternational1.On a cash pro
146、fit basis.Excludes non-core items included in statutory profit.It is provided to assist readers in understanding the result of the ongoing business activities of the Group.For further information on adjustments between statutory and cash profit refer to page 35.Our international presence and profit
147、composition by geography1International$1,082 millionAustralia$3,536 millionNew Zealand$2,107 millionSingapore is Australias largest two-way trading partner and investor in Southeast Asia.It is Australias fifth largest trading partner($52.9 billion in recent years)and fifth largest source of foreign
148、direct investment($148.6 billion in 2022).As we mark 50 years in Singapore,it will not only underline the countrys importance toour strategy but also as a crucial investment and trading partner for thewhole country.50 years in SingaporeRead the full story at environmentGovernancePerformance overview
149、Remuneration reportDirectors reportFinancial reportShareholder informationOur ESG reporting suite,which includes our 2024 Climate-related Financial Disclosures,is available at sustainability remains one of the highest priority issues identified by our stakeholders,in terms of both risks and opportun
150、ities.Ethics,conduct and culture wasagain raised in stakeholder discussions this year.It includes meeting expected standards ofbehaviour.Financial wellbeing continues to be a key issue in light of current economic conditions.Information security,encompassing cyber security and financial crime,remain
151、s a top order issue,including due to continuing customer losses toscams.Housing was also identified by many of our stakeholders as of particular importance,noting the challenges associated with the cost of living and housing affordability and availability inAustralia and New Zealand.Responsible cust
152、omer engagement covering the need for ANZ,in particular in challenging economic conditions,to provide fair,accessible and affordable products,as well as customer support,including for those in financial hardship.Our materiality assessment this year also highlighted the ongoing importance of three ot
153、her issues:Our approach to ESGWhat matters most to our stakeholders Each year we conduct a materiality assessment where we engage with internal and external stakeholders to identify and assess our most material ESG issues.The results help inform our business practices including Group Performance Fra
154、mework ESG targets and the coverage given to key topics in our external reporting.Detailed information on our approach to ESG governance and risk management,our approach to the identification and prioritisation of our material ESG issues,and performance against our ESG targets,can be found in our 20
155、24 ESG Supplement.Our 2024 ESG Data and Frameworks Pack also provides a summary of our progress on key ESG metrics,comparative performance data and how we have reported against international ESG standards and frameworks during the year.Were continuing to bring our purpose to life through our focus o
156、n complex issues that are important to society and our business strategy.16ANZ 2024 Annual ReportOur five-year Climate and Environment Strategy was approved bythe Board in October 2024.It sets out our objective to bea trusted partner for our customers,supporting them to adapt and become more resilie
157、nt,to a changing environment and economy.In particular,we aim to be a leading bank in supporting an effective and orderly transition for our large business customers.To achieve our Climate and Environment Strategy we have established three core ambitions:Building our capability to help customers und
158、erstand climate and nature risks;Transitioning our lending portfolio to netzero financed emissions;and Supporting our customers transition and resilience.These ambitions will be supported by each division having specific focus areas,and prioritised divisional action plans that we plan to implement c
159、ommencing 2025.In this years Climate-related Financial Disclosures we setout how we have been supporting ourcustomers to date.This lays the foundation for us to deliver on our objective and support an effective and orderly transition in coming years.Our Climate Change Commitment supports our ambitio
160、n and will be available at .au/climate-change prior to our AGM.Our 2024 Climate-related Financial Disclosures,prepared in accordance withthe Task Force on Climate-related Financial Disclosures recommendations 2021(TCFD),is available at report also contains important notices about the uncertainties,c
161、hallenges and risks with climate-related statements that may affecttheir usefulness,accuracy and completeness.Those notices should be taken into account when considering the climate-related information in this report.To be a trusted partner for our customers,supporting them to adapt and become more
162、resilient,to a changing environment and economy.In particular,we aim to be a leading bank in supporting aneffective and orderly transition for our large business customersObjectiveFinancing a sustainable transition Vision Supporting household,business and financial practices that improve environment
163、al sustainability Purpose AmbitionBuilding our capability tohelpcustomers understand climateand naturerisksTransitioning our lending portfolio to net zero financed emissionsSupporting our customers transition and resilienceDivisional focus areas InstitutionalCommercialRetailNew ZealandBeing a leadin
164、g bank in supporting customers to transition,and growing our low-emissions and nature related opportunitiesDelivering insights andpropositions tosupport customers to understand and navigate the transitionDelivering targeted education and propositions to support customers to adapt to climate impactsS
165、upporting Aotearoa New Zealands transition to a low-emissions,climate resilient economyAction pillars Understanding risks and opportunitiesBuilding capability and capacityDriving customer engagement and propositionsCollaborating with stakeholders to support an economy wide transitionCore enablersGov
166、ernance and ReportingData and SystemsPeople and CultureOur approach to climate change Climate and Environment Strategy17OverviewOperating environmentGovernancePerformance overviewRemuneration reportDirectors reportFinancial reportShareholder informationGovernanceOur strong governance framework provi
167、des asolid structure for effective and responsible decision-making within the organisation.Information on the Groups Board,Board Committees,2024 Board areas offocus and governance framework iscontained in the 2024 Corporate Governance Statement,available at A Indicates the number of meetings the Dir
168、ector was eligible to attend as a member.Column B Indicates the number of meetings attended.With respect to Committee meetings,the table above records attendance of Committee members.1.The meetings of the Committee of the Board and Shares Committee as referred to in the table above include those con
169、ducted by written resolution.2.Ilana Atlas,AO and John Macfarlane ceased as Non-Executive Directors on 21 December 2023.3.Richard Gibb commenced as a Non-Executive Director on 15 February 2024.4.RT Hon Sir John Key,GNZM AC ceased as a Non-Executive Director on 14 March 2024.5.Scott St John commenced
170、 as a Non-Executive Director on 25 March 2024.Directors meetingsThe number of Board and Board Committee meetings held during the year and each Directors attendance at those meetings are set out below:BoardRisk CommitteeAudit CommitteePeople&Culture CommitteeEthics,Environment,Social and Governance C
171、ommitteeDigital Business and Technology CommitteeSpecial Committee of the BoardCommittee of the Board1Nomination and Board OperationsShares Committee1ABABABABABABABABABABPaul OSullivan13138877665555112233Ilana Atlas,AO25522221122Shayne Elliott13131111Richard Gibb3776655331121Jane Halton,AO PSM131366
172、555522RT Hon Sir John Key,GNZM AC477322222Holly Kramer131365444422John Macfarlane255222211Christine OReilly131388776622Jeff Smith131388665522Scott St John5664422222218ANZ 2024 Annual ReportDirectors qualifications,experience and special responsibilitiesAs at the date of this report,theBoard comprise
173、s seven Non-Executive Directors and oneExecutive Director,the Chief Executive Officer.The names of the current Directors,together with details of their qualifications,experience and special responsibilities are set out below.Richard Gibb joined the Board on 15February 2024 as a Non-Executive Directo
174、r and Scott St John joined the Board on 25 March 2024 Richard and Scott will stand for election as a Director at the Groups AGM on 19 December 2024.Ilana Atlas,AO and John Macfarlane each ceased as aDirector on 21 December 2023,both having served on the Board since 2014.RTHon Sir John Key,GNZM AC ce
175、ased as aDirector on 14 March 2024 having served on the Board since 2018.Each Director is also a member ofthe Board of ANZBGL.Each current Director became a Directoron 20 December 2022(with the exception of Holly Kramer,Richard Gibb and Scott St John who joined the Board after this date).Given ANZBG
176、L was the listed head entity of the Group until January 2023,information is included below on the date each Director became a member of the Board of the listed head entity of the Group.Audit CommitteeEthics,Environment,Social and Governance CommitteeRisk CommitteeDigital Business and Technology Comm
177、itteeNomination and Board Operations CommitteePeople&Culture Committee19OverviewOperating environmentGovernancePerformance overviewRemuneration reportDirectors reportFinancial reportShareholder informationQualificationsBA(Mod)Economics,Advanced Management Program of HarvardResponsibilitiesChairman s
178、ince October 2020 and a Non-Executive Director since November 2019.Paul is an ex-officio member of all Board Committees and Chair of the Nomination and Board Operations Committee.CareerPaul has experience in the telecommunications and oil and gas sectors,both in Australia and overseas.Hehas held sen
179、ior executive roles with Singapore Telecommunications(Singtel)andwas previously the CEO of Optus.He has also held management roles with the Colonial Group and the Royal Dutch Shell Group in Canada,the Middle East,Australiaand United Kingdom.Relevant other directorshipsChairman:Singtel Optus Pty Limi
180、ted(from 2014,Director from 2004)and Western Sydney Airport Corporation(from 2017).Deputy Chairman:St Vincents Health Australia(from 2024,Director from 2019).Relevant former directorships held inlast three years includeFormer Director:Coca-Cola Amatil(20172021)and Indara Digital Infrastructure(forme
181、rly Australian TowerNetwork Pty Ltd)(20212023).QualificationsBComResponsibilitiesChief Executive Officer and Executive Director since 1 January 2016.CareerShayne has over 30 years experience in banking in Australia and overseas,in all aspects of the industry.Shayne joined the Group as CEO Institutio
182、nal in June 2009,and was appointed Chief Financial Officer in 2012.Prior to joining the Group,Shayne held senior executive roles at EFG Hermes,the largest investment bank in the Middle East,which included Chief Operating Officer.He started his career with Citibank New Zealand and worked with Citiban
183、k/Citigroup for 20 years,holding various senior positions across the UK,USA,Egypt,Australia and Hong Kong.Shayne is a Director of the Financial Markets Foundation for Children and amember of the Australian Banking Association,the Business Council of Australia and the Australian Customs Advisory Boar
184、d.Relevant other directorshipsDirector:ANZ Bank New Zealand Limited(from 2009),Norfina Limited(Suncorp Bank)(from 2024),the Financial Markets Foundation for Children(from 2016)and the Sydney Marae Alliance(from 2023).Member:Business Council of Australia(from 2016),the Australian Banking Association(
185、from 2016,Chairman 20172019)and the Australian Customs Advisory Board(from 2020).Paul OSullivanChairman,Independent Non-Executive DirectorAge 64 yearsResidence Sydney,AustraliaChairMemberShayne ElliottChief Executive Officer and Executive DirectorAge 60 yearsResidence Melbourne,Australia20ANZ 2024 A
186、nnual ReportQualificationsBA(Hons)Psychology,FIPAA,Hon.FAAHMS,Hon.FACHSE,Hon.DLitt,FAIM,FAICD,FAIIAResponsibilitiesNon-Executive Director since October 2016.Jane is Chair of the Ethics,Environment,Social and Governance Committee and is a member of the People&Culture Committee,Digital Business and Te
187、chnology Committee and Nomination and Board Operations Committee.CareerJanes 33-year career in the public service includes the positions of Secretary of theAustralian Department of Finance,Secretary of the Australian Department ofHealth,Secretary for the Department ofHealth and Ageing,and Executive
188、Co-ordinator(Deputy Secretary)of the Department of the PrimeMinister and Cabinet.She brings to the Board extensive experience in finance,insurance,risk management,information technology,human resources,health and ageing and public policy.She also has significant international experience.Jane has con
189、tributed extensively to community health through local and international organisations including the World Health Organisation and as co-chair of the COVAX coordination mechanism.Relevant other directorshipsChairman:Norfina Limited(Suncorp Bank)(from 2024),Executive Board of the Institute of Health
190、Metrics and Evaluation at the University of Washington(from 2024,Member from 2007)and Coalition for Epidemic Preparedness Innovations(Norway)(from 2018,Member from 2016).Director:Clayton Utz(from 2017).Honorary Professor:Australian National University Research School of Psychology.Adjunct Professor:
191、University of Sydney and University of Canberra.Relevant former directorships held inlast three years includeFormer Chairman:Vault Systems(20172022)and Council on the Ageing Australia(20172024).Former Director:Crown Resorts Limited(20182022)and Naval Group Australia Pty Ltd(20212022).Former Member:N
192、ational COVID-19 Commission Advisory Board(20202021).Former Council Member:Australian Strategic Policy Institute(20162023).QualificationsMcom,BEcResponsibilitiesNon-Executive Director since February 2024.Richard is Chair of the Risk Committee and a member of the Audit Committee,Digital Business and
193、Technology Committee and Nomination and Board Operations Committee.CareerRichard has had a long and distinguished career in the financial services industry working for several major global banks.Richards most recent role was Chief Executive of Credit Suisse Australia from 2019 to 2024.Prior to that
194、he held business leadership roles at Deutsche Bank in New York,London and Hong Kong.Previously he worked at Merrill Lynch for over a decade advising financial institution and financial sponsor clients.Relevant other directorshipsN/ARelevant former directorships held inlast three years includeFormer
195、Director:Credit Suisse(Australia)Limited(20192024).Jane Halton,AO PSMIndependent Non-Executive DirectorAge 64 yearsResidence Canberra,AustraliaChairMemberRichard GibbIndependent Non-Executive Director Age 57 yearsResidence Sydney,AustraliaChairMember21OverviewOperating environmentGovernancePerforman
196、ce overviewRemuneration reportDirectors reportFinancial reportShareholder informationQualificationsBBusResponsibilitiesNon-Executive Director since November 2021.Christine is Chair of the Audit Committee and a member of the Risk Committee,People&Culture Committee and Nomination and Board Operations
197、Committee.CareerChristine is a highly experienced non-executive director,having served on the board of a number of Australias leading companies.She has also held executive roles in the infrastructure and financial services industries.This includes as CEO of GasNet Australia and Co-Head of Unlisted I
198、nfrastructure Investments at Colonial First State Global Asset Management and follows an early career including investment banking and audit experience at Price Waterhouse.Relevant other directorshipsChairman:Australia Pacific Airports Corporation(from 2024).Director:Norfina Limited(Suncorp Bank)(fr
199、om 2024),BHP Group Limited(from 2020)and Infrastructure Victoria (from 2023).Relevant former directorships held in last three years includeFormer Director:Medibank Private Limited(20142021),The Baker Heart&Diabetes Institute(20132023)and Stockland(20182024).QualificationsBA(Hons),MBAResponsibilities
200、Non-Executive Director since August 2023.Holly is Chair of the People&Culture Committee and a member of theEthics,Environment,Social and Governance Committee,Risk Committee and Nomination and Board Operations Committee.CareerHolly has extensive experience as a board director,having served on a wide
201、range of major listed and unlisted boards in Australia and New Zealand and having chaired remuneration,sustainability and audit and risk committees.In her executive career,Holly was Chief Executive Officer of retailer Best&Less and served in a range of senior customer facing roles at Telstra,Ford an
202、d Pacific Brands.Holly brings a strong focus on people,customers and culture,as well as extensive experience in retail and digitalchannels.Relevant other directorshipsChairman:Susan McKinnon Foundation Advisory Board(from 2024).President:Federal Remuneration Tribunal(from 2024).Director:Woolworths G
203、roup Limited(from2016)and Fonterra Co-operative Group Limited(from 2020).Member:Board Advisory Group,Bain&Company(from 2021).Senior Advisor:Pollination(from 2023).Relevant former directorships held inlast three years includeFormer Chairman:Lendi Group (20202021).Former Director:Abacus Group Holdings
204、(20182022)and Endeavour Group Limited(20212023).Former Pro Chancellor:Western Sydney University(20182024).Holly KramerIndependent Non-Executive Director Age 60 yearsResidence Sydney,AustraliaChairMemberChristine OReillyIndependent Non-Executive Director Age 63 yearsResidence Melbourne,AustraliaChair
205、Member22ANZ 2024 Annual ReportQualificationsBComResponsibilitiesNon-Executive Director since March 2024.Scott is a member of the Audit Committee,Risk Committee,Ethics,Environment,Social and Governance Committee and Nomination and Board Operations Committee.CareerScott has deep business experience,pa
206、rticularly in financial markets.Scott is a former long-term CEO of First NZCapital(now Jarden),and is the Chair of Mercury NZ Limited and serves on the Board of the NEXT Foundation.He was Chancellor of the University of Auckland from 2017 to June 2021,having also been a member of the University Coun
207、cil from 2009.Scott was also a member of the Capital Markets Development Taskforce,the Financial Markets Authority Establishment Board and the Security Industry Association,which hechaired.Relevant other directorshipsChairman:ANZ Bank New Zealand Limited(from 2024,Director from 2021)and Mercury NZ L
208、imited(from 2024,Director from 2017).Director:the NEXT Foundation(from2017).Relevant former directorships held inlast three years includeFormer Chairman:Fisher&Paykel Healthcare Corporation Limited(20202024,Director from 2015).Former Director:Fonterra Co-operative Group Limited(20162024).Qualificati
209、onsBAppSc,MBAResponsibilitiesNon-Executive Director since August 2022.Jeff is Chair of the Digital Business and Technology Committee and a member of the Risk Committee,People&Culture Committee and Nomination and Board Operations Committee.CareerJeff is an experienced global business and technology e
210、xecutive,with over 30 years corporate experience which includes senior executive roles in a number of companies including Telstra,Honeywell and Toyota.Jeff was previously Chief Information Officer at IBM Corporation where he was globally responsible for IT strategy,resources,systems and infrastructu
211、re and also led the companys Agile transformation.Jeff was also CEO of Suncorp Business Services and Suncorp Chief Information Officer,and Chief Operating Officer of World Fuel Services Corporation.Jeff also served on the Australian Fulbright Commission awarding Australian post-graduate scholarships
212、 to US universities.He was previously a member of ANZs International Technology and Digital Business Advisory Panel until 2019.Relevant other directorshipsDirector:ANZ Group Services Pty Ltd(from 2022),Sonrai Security Inc(from 2021)and Pexa Australia Limited(from2023).Advisor:Zoom Video Communicatio
213、ns,Inc(from 2018),Box,Inc.(from 2018)and World Fuel Services(from 2023).Jeff SmithIndependent Non-Executive Director Age 62 yearsResidence USAChairMemberScott St John Independent Non-Executive DirectorAge 60 yearsResidence New ZealandMember23OverviewOperating environmentGovernancePerformance overvie
214、wRemuneration reportDirectors reportFinancial reportShareholder informationKen AdamsPositionGroup General CounselQualificationsBA,LLB,LLMSimon PordagePositionCompany SecretaryQualificationsLLB(Hons),FGIA,FCG(CS,CGP)Ken joined the Group as Group General Counsel in August 2019,having assisted the Grou
215、p with major legal issues for over 10 years.Previously,Ken was a Partner of Freehills and later Herbert Smith Freehills for 21 years,and for six years was a member of the Herbert Smith Freehills Global Board.Ken is one of Australias leading commercial lawyers with significant experience in class act
216、ions and other complex legal issues.He holds a Master of Laws from the University of Melbourne and is a co-author of Class Actions in Australia.Simon joined the Group in May 2016.He is a Chartered Secretary and Chartered Governance Practitioner and has extensive company secretarial and corporate gov
217、ernance experience.From 2009 to 2016 he was Company Secretary for Australian Foundation Investment Company Limited anda number of other listed investment companies.Other former roles include being Deputy Company Secretary for the Group and Head of Board Support for Barclays PLC in the United Kingdom
218、.He is a formal brand ambassador for,andis a former National President and Chairman of,Governance Institute of Australia.He is also a member of the Chartered Governance Institutes Global Thought Leadership Committee.Simon is committed to the promotion and practice of good corporate governance,and re
219、gularly presents on governance issues.Company Secretaries qualifications and experienceCurrently there are two people appointed as Company Secretaries of the Company.Details of their roles are contained in the Corporate Governance Statement.Theirqualifications and experience are as follows.24ANZ 202
220、4 Annual ReportExecutive CommitteeGerard FlorianGroup Executive Technology&Group ServicesJoined the Executive Committee on 30 January 2017Farhan FaruquiChief Financial Officer(appointed CFO on 11 October 2021)Joined the Executive Committee on 1 February 2016Mark WhelanGroup Executive InstitutionalJo
221、ined the Executive Committee on 20 October 2014Antony StrongGroup Executive Strategy&TransformationJoined the Executive Committee on 1 November 2022Antonia WatsonGroup Executive and CEO New ZealandJoined the Executive Committee on 17 June 2019Shayne ElliottChief Executive Officer(appointed CEO on 1
222、January 2016)Joined the Executive Committee on 1 June 2009Maile CarnegieGroup Executive Australia RetailJoined the Executive Committee on 27 June 2016Clare MorganGroup Executive Australia CommercialJoined the Executive Committee on 6 March 2023Kevin CorballyGroup Chief Risk OfficerJoined the Executi
223、ve Committee on 19 March 2018Elisa ClementsGroup Executive Talent&CultureJoined the Executive Committee on 9 October 2023Full biography details can be found on our website at environmentGovernancePerformance overviewRemuneration reportDirectors reportFinancial reportShareholder informationRisk manag
224、ementConstant changes and uncertainties in the macroeconomic environment,climate change and evolving geopolitical tensions continue to pose challenges to our operating conditions.We understand that our customers are similarly affected by these as well as additional challenges such as experiencing in
225、creasing fraud and scams activities.We continueto strengthen our risk management framework and practices to meet such challenges.External environmentThe Groups financial performance is closely linked to the political,economic and financial conditions in the countries and regions in which ANZ,its cus
226、tomers and its counterparties carry on business.The current external environment is shaped by significant global events particularly geopolitical conditions and climate change that impact economic stability,regulatory environments and financial markets.Geopolitical risk:Elections,conflicts,and incre
227、asing US China competition have dominated the geopolitical environment this year.Conflict in the Middle East and Europe continue to impact regional security and supply chains and have increased market volatility.Meanwhile,economic security policymaking has accelerated as large economies vie for infl
228、uence,resources,and industrial expansion.These dynamics are reshaping trade and investment flows,yetthe swift adaptation of these flows underscores the resilience of the international system.ANZ established a Geopolitical Risk function in 2021,which provides quarterly updates to key risk committees,
229、works with country teams to monitor and manage regional risks,and this year expanded to provide more analysis and advice to management on fast-moving developments.Climate risk:In November 2023,the Board Risk Committee approved climate risk as a material risk within ANZs risk management framework.Cli
230、mate risk is also considered to be a driver of other risks within our risk management framework.Work is progressing to integrate and embed climate risk into the Groups risk management framework through existing policies,processes and governance frameworks.It is anticipated that this will be a multi-
231、year journey,recognising the complexities and challenges that arise from an evolving regulatory landscape,limitations on the availability of and access to reliable and consistent data,and the need to uplift systems,tools,and capability across the Group.For details on our approach to managing climate
232、 risk and actions we are taking aspart of our Net-Zero Banking Alliance commitment,refer to our 2024 Climate-related Financial Disclosures available at Change Commitment is available at Disruption and Change:ANZ serves a diverse customer base,including retail,small business,corporates,multinational
233、institutions,and other financial institutions.We tailor our digital channels and products to meet their varying needs.Our payments services process payments in 29 markets and annually we serve more than 10 million customers,facilitating over seven billion payments and capital flows.The pace of chang
234、e continues toaccelerate driven by the dynamic regulatory landscape,increased technology disruption from both traditional and non-traditional competitors and industry-driven changes(such as decommission in legacy clearing streams(BECS&Cheques);Confirmation of Payee,faster payment adoption through As
235、iaPacific,ISO20022).This level of change and disruption necessitates ongoing vigilance regarding our enhanced operational resilience,innovation and compliance capabilities.We are continually adapting our processes and systems to meet these evolving requirements,ensuring that we remain agile and resp
236、onsive to the evolving regulatory,competitive,customer and technological demands.26ANZ 2024 Annual ReportIn addition,economic instability including elevated interest rates,inflationary pressures and higher cost of living continue to increase financial stress for some customers.While households and b
237、usinesses have been largely resilient to date,the Board and management continually monitor these developing conditions to set appropriate risk criteria for a range of potential scenarios.We will continue to carefully manage our capital and risk appetite settings so we can continue to support our cus
238、tomers.Suncorp Bank integration On 1st August 2024,we welcomed 3000Suncorp Bank employees and 1.2 million customers into the ANZ Group.We believe this acquisition will bring significant public benefits and create a stronger,more competitive bank that will better serve our customers.Suncorp Bank has
239、acomprehensive risk management framework and policies that operate effectively.Through the establishment of the Suncorp Bank Board,and in line with commitments made,Suncorp Bank has its own dedicated Management and Board Risk Committees.Work is in progress to ensure asmooth transition of risk manage
240、ment frameworks and policies,and effective integration into the ANZ risk management operating model.Non-financial riskDuring the year APRA required ANZ to holdan additional operational risk capital overlay of$250 million(total$750 million)from 30thSeptember 2024.This increase was a result of APRA vi
241、ewing ANZ as having made insufficient progress in addressing weaknesses in non-financial risk management.These concerns were heightened following a number of recent issues relating to our Markets business.While there has been a lot of work already completed in uplifting our approach to non-financial
242、 risk management,there is still more to do,and ANZ remains committed to getting that work done as soon as possible.This includes the adoption of a consistent,simplified,bank-wide methodology and framework,from a technology,reporting,and culture perspective.Financial crimeWe maintain a financial crim
243、e risk management program that anticipates and navigates criminal threats.The Financial Crime portfolio continues to be responsible for ensuring that ANZ meets its regulatory obligations through its Anti-Fraud Policy,Anti-Money Laundering/Counter Terrorism Finance and Sanction Programs for deliverin
244、g detection,investigative and intelligence capability focused on identifying,mitigating,and managing financial crime risk to help protect the community.We also maintain our partnership with the Australian Transaction Report and Analysis Centre(AUSTRAC)-led Fintel Alliance to increase the resilience
245、of the financial sector to prevent exploitation by criminals,and support investigations into serious crime and national security.ScamsANZ continues to invest significantly as part of its fight to help protect customers and the community from scams and other financial crimes.In 2024,ANZ has prevented
246、 more than$140 million of customer funds going to cybercriminals and total ANZ customer scam losses decreased compared to the previous year.This is partly due to increased friction we have put in place to slow down the payment process for high-risk payments.We also rely on our enhanced Falcon techno
247、logy to detect more suspicious transactions.Our latest measures for ANZ Classic customers include the introduction of a dedicated team of specialists who handle calls about fraud and scams,a new Scam Scoring model that uses AI to boost our scam detection,and a Mule Detection model to detect mule acc
248、ounts and restrict the movement of scam proceeds.We also increased personalised warning messages on Internet Banking when a transaction or activity is considered high risk.For ANZ Plus customers,we introduced a suite of scam safe features including screen share protection from scammers,location-base
249、d security,risky-app detection,crypto limits and active call status to detect coaching from scammers.We delivered various education initiatives to improve scam confidence and service capability for our bankers and customers.This included for example,new and enhanced content on ANZs security hub on ,
250、messages and alerts in ANZs digital channels,and the creation of new mandated security content for frontline employees to support customer engagement on security.We also added a new scams education module to ANZs flagship financial education program,MoneyMinded,which equips community professionals w
251、ith resources to support their clients identify and protect themselves from scams.Emerging risksANZ manages and monitors risks in accordance with our Risk Management Framework(RMF).In addition to our material risks see below two emerging risks that we are paying particular attention to are:Nature:We
252、 consider that our most material nature risks can arise from lending to customers that have material impacts and/or dependencies on nature.These risks can also arise from legal and regulatory changes,which may impact ANZ directly or indirectly through our customers.Failure to manage these risks may
253、lead to financial and non-financial risks to ANZ.We acknowledge the need to protect and restore nature and mitigate biodiversity loss including as a result of species extinction or decline,ecosystem degradation and nature loss.We are seeking to understand the impacts and dependencies nature can have
254、 on our customers,including how customers are managing and mitigating material risks and impacts.For details on our approach to managing nature risk refer to our 2024 Climaterelated Financial Disclosures available at Climate Change Commitment is available at Intelligence(AI):At ANZ,we recognise the
255、opportunity of using AI to help shape a better world where communities thrive.AI has the potential to drive significant innovation and efficiency in our operations,leading to enhanced customer experiences and business growth.With this opportunity comes the need to act responsibly to mitigate the pot
256、ential risks associated with use of AI.ANZ is adapting our governance and risk management frameworks to ensure that AI is adopted safely,in pace with evolving regulatory standards and the expectations of our customers.27OverviewOperating environmentGovernancePerformance overviewRemuneration reportDi
257、rectors reportFinancial reportShareholder informationRisk cultureRisk culture is an important component ofour organisational culture and underpins the shared values,behaviours and practices that influence how risk is considered in decision making.ANZ remains committed to strengthening risk culture,s
258、upporting the Group to meetthe evolving expectations of our customers,the community and regulators.Having achieved the target state in 2023,the enterprises risk culture has not met expectations of continuous improvement in 2024.Notwithstanding the strength in managing the Groups financial risks acro
259、ss credit,market,capital,and liquidity,regulatory concerns around our Markets business and non-financial risk management are earnestly under review,ensuring learnings are captured to support improvement of risk management behaviours and practices where appropriate.Risk culture is actively monitored
260、anddriven across the Group through completion of risk culture plans,enterprise-wide awareness activities and the continued focus on delivery of the Group wide non-financial risk framework.Risk culture is embedded in annual performance and remuneration,and recognition programs such as Risk RoleModels
261、(see section 6 of the Remuneration Report).Our Risk Management Framework(RMF)The Board is ultimately responsible for establishing and overseeing the ANZ Groups RMF which is supported by the Groups underlying systems,structures,policies,procedures,processes and people.The Board has delegated authorit
262、y to the Board Risk Committee(BRC)to develop and monitor compliance with theGroups risk management policies.The Committee reports regularly to the Board on its activities.The key pillars of ourGroup RMF include:The Risk Management Strategy(RMS)which isa critical element of the Groups RMF.The RMS inc
263、ludes:how the risk function is structured to support the Groups purpose and strategy,and the execution of the Group Chief Risk Officers prescribed responsibilities as an Accountable Person under the Financial Accountability Regime;the values,attitudes and behaviours that support risk decision-making
264、 in delivering on strategic priorities and a Board approved target risk culture;a description of each material risk;and an overview of how the RMS addresses each material risk,with reference to the relevant policies,standards and procedures.It also includes information on how the Group identifies,me
265、asures,evaluates,monitors,reports and controls or mitigates the material risks and the oversight mechanism and/or committees in place.The Risk Appetite Statement(RAS),conveys,for each material risk,the maximum level of risk the Group is willing to accept in pursuing its strategic objectives and its
266、operating plans considering its shareholders,depositors and customers interests.Risk Principles support the RMF and outline the behaviours and practices that are expected to be applied to guide risk management and help to instil an appropriate risk culture across the Group.The Group operates under t
267、he Three Lines-of-Defence Model.Each line of defence has clearly defined roles,responsibilities and escalation paths to support effective risk management at ANZ.The three lines of defence model embeds a culture where risk is everyones responsibility.The business and enablement functions form the fir
268、st lines-of-defence and are responsible for the implementation and ongoing maintenance of the RMF including day-to-day ownership of risksand controls.The Risk function forms the second line of defence,providing independent oversight of the Groups risk profile and RMF,including effective challenge to
269、 activities and decisions that materially affect the Groups risk profile and working with the first line,in developing and maintaining the RMF.Internal Audit is the third line of defence,providing independent evaluation andobjective assurance on the appropriateness,effectiveness and adequacy of the
270、Groups RMF.The governance and oversight of risk management,while embedded in day-to-day activities,is also the focus of committees and regular forums across thebank(see diagram next page).The committees and forums discuss and monitor known and emerging risks,review management plans and monitor progr
271、ess to address known issues.28ANZ 2024 Annual ReportExecutive CommitteeANZs most senior executives meet regularly to discuss performance and review shared initiatives.Enterprise Accountability GroupGroup Performance Execution CommitteeANZs key Management Committee charged with oversight of the Group
272、s overall operational performance and position and execution of the operating plan.Principal Board CommitteesGroupDivisionCountryCredit Ratings System Oversight CommitteeCapital and Stress Testing Oversight CommitteeFinancial Crime OREC Sub-CommitteeRegional or Country Risk Management CommitteesCoun
273、try Assets and Liability CommitteesCredit and Market Risk CommitteeGroup Asset and Liability CommitteeOperational Risk Executive Committee(OREC)Ethics and Responsible Business CommitteeInvestment CommitteeGroup Executive People CommitteeDivisional/Functional Accountability GroupsDivisional Initiativ
274、es Review Committees/Project Advisory CouncilsDivisional Risk Management CommitteesAudit CommitteeEthics,Environment,Social and Governance CommitteeRisk CommitteeDigital Business and Technology CommitteeNomination and Board Operations CommitteePeople and Culture CommitteeBoard of DirectorsKey Manage
275、ment Committees29OverviewOperating environmentGovernancePerformance overviewRemuneration reportDirectors reportFinancial reportShareholder informationThe material risks facing the Group per the Groups RMS,and how these risks are managed,are summarised below.Risk typeDescriptionManaging the riskCapit
276、al Adequacy RiskThe risk of loss arising from the Group failing tomaintain the level of capital required by prudential regulators and other key stakeholders(shareholders,debt investors,depositors,rating agencies,etc.)to support the Groups consolidated operations and risk appetite.We pursue an active
277、 approach to Capital Management,which is designed to protect the interests of depositors,creditors and shareholders through ongoing review,and Board approval,of the level and composition of our capital base against key policy objectives.Credit RiskThe risk of financial loss resulting from:A counterp
278、arty failing to fulfil its obligations;or A decrease in credit quality of a counterparty resulting in a loss.Our Credit Risk framework is top down,being defined by credit principles,policies and requirements.Credit policies,requirements and procedures cover all aspects of the credit life cycle from
279、initial approval and risk grading,through to ongoing management and problem debt management.Liquidity and Funding RiskThe risk that the Group is unable to meet its payment obligations as they fall due,including:Repaying depositors or maturing wholesale debt;or The Group having insufficient capacity
280、to fundincreases in assets.The Group recognises the inherent liquidity andfunding risk in the balance sheet and has established a set of key principles,to mitigate andcontrol liquidity and funding risk.Our framework is top down,being defined by liquidity principles and policies.A liquidity limit fra
281、mework is in place with liquidity limits set based on a liquidity stress testing framework.Market RiskThe risk stems from our trading and balance sheet activities and is the risk to the Groups earnings arising from:Changes in interest rates,foreign exchange rates,credit spreads,volatility,correlatio
282、ns;or Fluctuations in bond,commodity or equity prices.We have a detailed market risk management and control framework which includes incorporating an independent risk measurement approach to quantify the magnitude of market risk within the trading and balance sheet portfolios.This approach identifie
283、s the range of possible outcomes,that can be expected over a given period of time,and establishes the likelihood of those outcomes and allocates an appropriate amount of capital to support these activities.Strategic RiskStrategic Risk is defined as the risk that internal or external factors prevent
284、the Group from achieving the key strategic goals that are core to its operations through introduced risk due to strategy changes,failure to execute the strategy effectively,or a failure to adapt the strategy in response to changing environments and requirements.Strategic risk may arise from factors
285、such as changes in the environmental context,failure to meet strategic targets,and the introduction of new or heightened risks resulting from strategic adjustments.Strategic risks are discussed and managed by the Executive Committee(ExCo)through the Group strategic planning process.Additionally,we m
286、onitor delivery risk associated with High Impact change initiatives and undertake risk assessments prior to execution of our strategic changes.Material risks30ANZ 2024 Annual Report Risk typeDescriptionManaging the riskClimate RiskClimate risk includes:Physical risk arising from both longer-term cha
287、nges in climate(chronic risk)as well as changes to the frequency and magnitude ofextreme weather events(acute risk).Examples ofchronic physical risk drivers include rising sea levels,rising average temperatures and ocean acidification.Examples of acute physical risk drivers include heatwaves,floods,
288、bushfires andcyclones;Transition risk arising from the transition to a lower emission economy,including changes in domestic and international policy and regulatory settings,technological innovation,social adaptation and market changes;or Liability risk in the form of potential litigation or regulato
289、ry action that may arise as a consequence of afailure to adequately consider or respond to the impacts of climate change(including physical and transition risks).This includes for example,the risk of greenwashing,which may arise where an entity is alleged to have misrepresented its climate-related r
290、isks,business credentials orstrategies.Following the elevation of climate risk to a material risk in November 2023,work is progressing to integrate and embed climate risk into the Groups risk management framework through existing policies,processes and governance frameworks.While climate risk can be
291、 a driver of credit risk through lending to our customers,it may also result in other financial risks,e.g.market riskClimate risks can also be a driver of non-financial risks including conduct risk,regulatory risk and operational resilience risk.Climate-related financial and non-financial risks are
292、managed through the risk management strategies associated with these risks.In 2024,we identified insurability risk as an emerging risk to the Group and are seeking to further understand the potential risks and impacts to our customers.Non-Financial RiskNon-Financial Risk(NFR)is the risk of loss and/
293、or non-compliance(including failure to act in accordance with laws,regulations,industry standards and codes,and internal policies)resulting from inadequate or failed internal processes,people,system and/or data,or fromexternal events.The Group manages NFR in accordance with the industry-wide Operati
294、onal Risk Exchange(ORX)taxonomy,of16 Risk Themes,noting some of these present a higher inherent risk to the Group such as Conduct,Data,Financial Crime,Information Security(including Cyber),Regulatory and Technology.The Groups strategy for evolving NFR management provides a planned and proactive appr
295、oach to improving the Groups NFR management.The NFR strategy is being operationalised through the NFR Framework,which has been designed to enable the Group to holistically,consistently and effectively identify,assess,remediate,monitor and report on NFR.For further information about the principal ris
296、ks and uncertainties that the ANZBGL Group faces,refer to Principal Risks and Uncertainties section contained within the 2024 United Kingdom Disclosure and Transparency Rules Submission available at environmentGovernancePerformance overviewRemuneration reportDirectors reportFinancial reportSharehold
297、er informationFive year summary FinancialOur Performance(continued)46 Five year summary-Financial 2024 20236 2022 2021 2020$m$m$m$m$m Financial performance-cash1 Net interest income 16,069 16,574 14,874 14,161 14,049 Other operating income 4,740 4,331 3,673 3,286 3,703 Operating expenses(10,741)(10,
298、139)(9,579)(9,051)(9,383)Profit before credit impairment and income tax 10,068 10,766 8,968 8,396 8,369 Credit impairment(charge)/release(406)(245)232 567(2,738)Income tax expense(2,902)(3,080)(2,684)(2,764)(1,872)Non-controlling interests(35)(28)(1)(1)(1)Cash profit from continuing operations1,2 6,
299、725 7,413 6,515 6,198 3,758 Cash profit/(loss)from discontinued operations1,2-(19)(17)(98)Cash profit1 6,725 7,413 6,496 6,181 3,660 Adjustments to arrive at statutory profit1(190)(307)623(19)(83)Profit attributable to shareholders of the Company 6,535 7,106 7,119 6,162 3,577 Financial position Gros
300、s loans and advances 807,057 710,590 675,989 633,764 622,074 Assets 1,229,115 1,105,643 1,085,729 978,857 1,042,286 Customer Deposits 715,211 647,119 620,429 593,582 552,363 Net assets 70,628 70,017 66,401 63,676 61,297 CET1 12.2%13.3%12.3%12.3%11.3%CET1 Basel Harmonised3 17.6%19.7%19.2%18.3%16.7%Re
301、turn on average ordinary equity(statutory)4 9.4%10.5%11.4%9.9%5.9%Cost to income ratio(cash)1 51.6%48.5%52.0%52.2%53.8%Shareholder value ordinary shares Total return to shareholder 27.0%20.0%-14.0%70.7%-36.9%Market capitalisation 90,800 77,116 68,170 79,483 48,839 Dividend(cents)166 175 146 142 60 F
302、ranked portion interim 65%100%100%100%100%final 70%56%100%100%100%Share price high(dollars)$31.94$26.08$28.98$29.64$28.67 low(dollars)$23.90$22.39$20.95$16.97$14.10 closing(dollars)$30.48$25.66$22.80$28.15$17.22 Share information(per fully paid ordinary share)Earnings per share(cents)(statutory)217.
303、9 237.1 250.0 215.3 125.3 Dividend payout ratio(statutory)76.0%74.0%59.3%65.3%47.6%Net tangible assets per ordinary share5$21.60$21.77$20.75$21.09$20.04 No.of fully paid ordinary shares issued(millions)2,979 3,005 2,990 2,824 2,840 Dividend reinvestment plan(DRP)issue price interim$28.37$23.55$25.52
304、$27.91$18.06 final-$24.34$24.51$27.68$22.19 Other information No.of employees(full time equivalents)42,370 40,342 39,381 40,221 38,579 No.of shareholders 500,169 530,601 541,788 534,166 553,171 1 1.Cash profit excludes non-core items included in statutory profit and is provided to assist readers in
305、understanding the result of the ongoing business activities of the Group.Cash profit is not audited;however,the external auditor has informed the Audit Committee that the adjustments have been determined on a consistent basis across each period presented.2 2.The Group completed the divestments of AD
306、G,OnePath P&I and life insurance businesses across 2020 and 2019.The financial results of the divested businesses were treated as discontinued until final completion in 2022.3 3.2024 and 2023 Basel Harmonised methodology aligns with the Australia Banking Association Basel 3.1 Capital Comparison Stud
307、y(March 2023).For years prior to 2023,Internationally Comparable Methodology aligns with APRAs information paper entitled International Capital Comparison Study(13 July 2015).4 4.Average ordinary equity excludes non-controlling interests.5 5.Equals shareholders equity less total non-controlling inte
308、rests,goodwill and other intangible assets,divided by the number of ordinary shares.6 6.On 1 October 2023,the Group adopted AASB 17 Insurance Contracts and restated 2023 comparative information.Refer to Note 1 About our financial statements for further details.32ANZ 2024 Annual ReportPage intentiona
309、lly left blank33OverviewOperating environmentGovernancePerformance overviewRemuneration reportDirectors reportFinancial reportShareholder informationPerformance overviewOur Performance(continued)32 Group performance The results of the Groups operations and financial position are set out on pages 34-
310、47.Pages 8-15 outline the Groups strategy and prospects.Discussion of our approach to risk management,including a summary of our key material risks,is outlined on pages 26-31.Discussion or disclosure of further business strategies and prospects for future financial years has not been included in thi
311、s report because,in the opinion of the directors,it would be likely to result in unreasonable prejudice to the Group.Group profit results 2024 20231 Statutory Cash Statutory Cash Income Statement$m$m$m$m Net interest income 16,069 16,069 16,574 16,574 Other operating income 4,478 4,740 3,897 4,331 O
312、perating income 20,547 20,809 20,471 20,905 Operating expenses(10,741)(10,741)(10,139)(10,139)Profit before credit impairment and income tax 9,806 10,068 10,332 10,766 Credit impairment(charge)/release(406)(406)(245)(245)Profit before income tax 9,400 9,662 10,087 10,521 Income tax expense(2,830)(2,
313、902)(2,953)(3,080)Non-controlling interests(35)(35)(28)(28)Profit attributable to shareholders of the Company 6,535 6,725 7,106 7,413 1.On 1 October 2023,the Group adopted AASB 17 Insurance Contracts and restated 2023 comparative information.Refer to Note 1 About our financial statements for further
314、 details.Statutory profit attributable to shareholders of the Company for the year decreased$571 million on the prior year to$6,535 million.Statutory return on equity is 9.4%and statutory earnings per share is 217.9 cents,a decrease of 8%on prior year.The Group uses cash profit,a non-IFRS measure,to
315、 assess the performance of its business activities.It is an industry-wide measure which enables comparison with our peer group.We calculate cash profit by adjusting statutory profit for non-core items.In general,it represents the financial performance of our core business activities.We use cash prof
316、it internally to set targets and incentivise our Senior Executives and leaders through our remuneration plans.Refer to page 35 for adjustments between statutory and cash profit.The adjustments made in arriving at cash profit are included in statutory profit which is subject to audit within the conte
317、xt of the external auditors audit of the 2024 Financial Report.Cash profit is not subject to audit by the external auditor.Our external auditor has informed the Audit Committee that adjustments between statutory and cash profit have been determined on a consistent basis across each of the periods pr
318、esented.Suncorp Bank acquisition On 31 July 2024,the Group acquired 100%of the shares in SBGH Limited,the immediate holding company of Suncorp Bank.Suncorp Bank provides banking and related services to retail,commercial,small and medium enterprises and agribusiness customers in Australia.The transac
319、tion was undertaken to accelerate the growth of the Groups retail and commercial businesses while also improving the geographic balance of its business in Australia.The 2024 reported results include 2 months results for Suncorp Bank from the date of acquisition,presented as Suncorp Bank division.The
320、 Group is currently completing the purchase price allocation exercise to identify,measure and recognise the acquired tangible and intangible assets and assumed liabilities at their acquisition date fair values.As at 30 September 2024,all values have been recognised on a provisional basis pending com
321、pletion of this exercise.The provisional goodwill balance of$1,402 million will be remeasured to take into account any adjustments from this exercise.For further information on the assets acquired and liabilities assumed,refer to Note 36 Suncorp Bank acquisition in the Financial Report.Suncorp Bank
322、acquisition related adjustments Suncorp Banks divisional results for 2024 includes the following acquisition related adjustments recognised by the Group post transaction completion,with an after tax charge of$196 million:Collectively assessed credit impairment charge of$244 million($171 million afte
323、r tax)for Suncorp Banks performing loans and advances.In accordance with Australian Accounting Standards requirements,the Group consolidated Suncorp Banks loans and advances on 31 July 2024,however the Group was not permitted to recognise an allowance for ECL on the performing loans and advances,lea
324、ding to a proportional reduction in acquisition-related goodwill that would otherwise have been recognised.Subsequently,the Group was required to recognise a collectively assessed allowance for ECL estimated using the Groups ECL methodologies,with a corresponding charge recognised in the Groups Inco
325、me Statement.Accelerated software amortisation expense of$36 million($25 million after tax)on alignment to the Groups software capitalisation policy.34ANZ 2024 Annual Report34ANZ 2024 Annual ReportOur Performance(continued)33 Group performance Key measures of our financial performance are set out be
326、low.Adjustments between statutory profit and cash profit($m)Adjustments between continuing operations statutory profit and cash profit are summarised below:Adjustment Comment for the adjustment Economic hedges 2024:$264 million loss 2023:$217 million loss Revenue and expense hedges 2024:$74 million
327、gain 2023:$90 million loss The Group enters into economic hedges to manage its interest rate and foreign exchange risk which,in accordance with accounting standards,result in fair value gains and losses being recognised within the Income Statement.We remove the fair value adjustments from cash profi
328、t since the profit or loss resulting from the hedge transactions will reverse over time to match with the profit or loss from the economically hedged item as part of cash profit.This includes gains and losses arising from derivatives not designated in accounting hedge relationships but which are con
329、sidered to be economic hedges,including hedges of foreign currency debt issuances and foreign exchange denominated revenue and expense streams,primarily NZD and USD(and USD correlated),as well as ineffectiveness from designated accounting hedges.In the 2024 financial year,losses on economic hedges r
330、elate to funding-related swaps,principally from narrowing USD/EUR currency basis spreads and the weakening of the USD against the AUD.Further losses were driven by the impact of falling AUD and NZD yield curves on net pay fixed economic hedge positions.The gain on revenue and expense hedges was main
331、ly due to the appreciation of AUD against the USD and NZD.1.571.7020242023Net interest margin cash(%)2020Operating expenses to operating income-cash(%)Credit impairment charge/(release)cash($m)Cash profit($m)Return on equity cash(%)Earnings per share cash(cents)Common equitytier 1(%)Dividend per sha
332、re(cents)51.648.520242023406 245 202420236,7257,4132024202312.213.3202420239.711.02024202316617520242023224.3247.3202420232642024 Statutory profit attributable to shareholders of the CompanyEconomichedgesRevenue andexpense hedges2024 Cash profit attributable to shareholders of the Company6,535(74)6,
333、72535Performance overview35OverviewOperating environmentGovernancePerformance overviewRemuneration reportDirectors reportFinancial reportShareholder informationOur Performance(continued)34 Group cash profit performance Cash profit($m)2024 2023$m$m Movt Net interest income 16,069 16,574-3%Other operating income 4,740 4,331 9%Operating income 20,809 20,905 0%Operating expenses(10,741)(10,139)6%Profi
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