Insights

3 key takeaways from the ANZ annual general meeting

The Australia and New Zealand Banking GrpLtd (ASX:ANZ) share price is pushing higher today following its AGM update…
The post 3 key takeaways from the ANZ annual general meeting appeared first on The Motley Fool Australia. –

ANZ Bank

The Australia and New Zealand Banking GrpLtd (ASX: ANZ) share price has been a positive performer on the day of its annual general meeting.

In afternoon trade the banking giant’s shares are up 2% to $23.41.

This latest gain means the ANZ share price is now up an impressive 35% since the start of October.

What happened at the annual general meeting?

At the event, ANZ’s Chairman and CEO provided investors with a thorough breakdown of the company’s performance over the last 12 months and their expectations for the future.

Three key takeaways from the event are as follows:

2020 has been a difficult year.

There’s no getting away from the fact that 2020 has been a difficult year for the bank because of the COVID-19 pandemic.

Speaking about its results in FY 2020, CEO Shayne Elliott commented: “It was of course COVID that had the most material impact on our profitability. With operating profit before these provisions broadly flat, the largest driver of the profit reduction was setting aside a further $1.7bn for possible future losses.”

ANZ’s underlying performance has been positive.

With COVID provisions dominating the bank’s results, it actually overshadowed a positive underlying performance by ANZ this year.

Mr Elliott explained: “…our diversified business delivered a decent revenue performance. In Australia, we achieved six-months of consecutive market share growth in our targeted owner-occupier market, while deposit growth remained very strong. We also introduced new processes to help customers move to online banking.”

“The work we have spoken about for several years to simplify and refocus the Institutional business proved massively beneficial. In fact, our institutional bank outperformed and I’m proud of its transformation. It demonstrates the value of a well-balanced, diversified portfolio in a market defined by high levels of liquidity, low interest rates and geopolitical tensions.” He added.

COVID-19 has changed things for the better.

The CEO also spoke about the future and advised that he is looking at COVID-19 differently.

He said: “There is another way of thinking about a crisis – it is of course just a period of rapid change. In fact, many of the great companies we think of today, companies like Microsoft, Apple, and Amazon forged their success in periods of great dislocation. This is because people in a time of crisis have new needs and good companies figure out how to provide for them.”

“And this is where my focus and the focus of my team is. We stand ready to take advantage of the opportunities that will arise. We are supporting our best customers and will emerge with stronger relationships than we started. We will continue to reshape our portfolio to produce a more balanced, lower risk business that generates decent, more predictable returns. We are going to continue to make the bank simpler and easier to manage,” he added.

Mr Elliott pointed to its recent partnership with global payments leader Worldline as a great example of this.

He notes that this partnership will provide its “small business customers with access to the world’s best technology, allow them to get paid, quickly, safely and at low cost.”

Where to invest $1,000 right now

When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

Scott just revealed what he believes are the five best ASX stocks for investors to buy right now. These stocks are trading at dirt-cheap prices and Scott thinks they are great buys right now.

See The 5 Stocks

*Returns as of June 30th

More reading

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

The post 3 key takeaways from the ANZ annual general meeting appeared first on The Motley Fool Australia.

Trade The World Anywhere & Anytime!

Mobile app platform with over 50,000 global listed securities across 12 markets (over 70% global market capitalisation), right from your Android or iOS device.

Integrated with exclusive trading idea and investment analysis tools to help you find actionable insight on virtually every financial instrument across our 12 global markets, to help you optimise your trading strategies.

Refer Your Friends

Tell your friends about Monex and gift them FREE access to our trading tools.

We respect your privacy and will only send this one email notification to your friends. 

Share With Your Friends

Share on facebook
Share on twitter
Share on linkedin

Monex Trading Tools Access and Usage Terms

The Monex Trading Tools (referred to as ‘tools’ hereafter) are available to you inside your client portal;


To activate access to the tools, you must have a verified and approved trading account and have made a deposit of at least AUD $1000.


An active and funded account with a positive trading balance is required to continue to have access to the tools;


Although the tools are available to you indefinitely, Monex Securities may at it’s discretion disable access to the tools in the future;


Monex securities reserves the right to change these terms and conditions from time to time, as it sees fit, without notice.

Important Notice
iOS & Android App - 12 International Markets & Over 70% Global Market Cap. $0 Brokerage On US Trades. Click Here!