ANZ’s share price has done well over the last 12 months.
The post It has been a big past year for the ANZ (ASX:ANZ) share price appeared first on The Motley Fool Australia. –
At the time, the big bank said that it wasn’t going to wait for the next event to happen. ANZ said it was well placed to respond to the opportunities that were emerging as a result of accelerated structural shifts in the economy.
ANZ compared the first half of FY21 against the last six months of FY20. Statutory profit after tax rose 45% to $2.94 billion, whilst continuing cash profit increased 28% to $2.99 billion. However, profit before credit impairment, tax and significant items dropped 4%.
The HY21 result saw a total provision net release of $491 million. Despite ongoing uncertainty, the collective provision release is a result of the improving economic outlook over the course of the half, as well as some loan volume reductions. The bank explained that home loan and small business customers have behaved prudently by building savings buffers through the half.
ANZ is in a strong position both financially and operationally. We are well capitalised and our disciplined approach to costs over many years has us well placed to invest in opportunities to grow our business in targeted segments. The work to digitise core processes and platforms at pace and this will be more visible to customers towards the end of the year.
One of the latest broker ratings on ANZ shares came from Morgans. It has a price target of $34.50, which suggests a potential rise of the share price of more than 20% over the next 12 months (if Morgans is right).
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Motley Fool contributor Tristan Harrison has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. 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.