Here are some of the highlights from the cacophony of releases from ANZ today.
The post Why is the ANZ (ASX:ANZ) share price having such a stellar day? appeared first on The Motley Fool Australia. –
The Australia and New Zealand Banking Group Ltd (ASX: ANZ) share price has taken off today amid the bank’s release of numerous annual reports.
While none of the reports are marked price sensitive, the market was bidding up the ANZ share price on Wednesday.
The bank has also featured in reports a Federal Court case originally brought against it has been branded a calamity.
At the close of trade, the ANZ share price is $28.47, 2.26% higher than its previous close.
Let’s take a closer look at the news surrounding ANZ on Wednesday.
ANZ share price up amid a flurry of reports
The ANZ share price enjoyed a day in the green today amid the release of its 2021 annual report, its environmental, social, and governance (ESG) supplement, and various other reports.
The reports follow from ANZ’s financial year 2021 results, released to the market last week.
The bank’s ESG supplement noted it invested $139.7 million in communities in 2021. It also put $1.43 billion towards more affordable, accessible, and sustainable homes to buy and rent since 2020.
It also boasts that 35.3% of its leadership teams are women. Further, it has reduced its scope 1 and 2 greenhouse gas emissions by 47% on its 2015 baseline.
Additionally, in ANZ’s annual report, CEO Shayne Elliott commented on the bank’s future:
Customers want the same experience in banking they can get from online shopping or travel – convenient, safe, always on. At the same time… investors and regulators are rightly more sensitive to banks operating in an ethical, environmentally sustainable and transparent manner. Politicians are also holding the industry to greater account… Fortunately, we had already made significant progress in readying the organisation for the next phase of our evolution.
For the last couple of years we have been working on a program we’ve internally referred to as ‘ANZx’. This [will improve] the digital capability, the digital ‘mindset’ if you like, of our entire organisation. The first phase of this will be the launch soon of a new proposition we are calling ANZ Plus…the very first step in what will be a multi-year roll out of what will eventually become the cornerstone of how our retail and small business customers bank with us in the future…
What’s next for ANZ?
ANZ has outlined some of its future plans, including the abovementioned ANZ Plus.
ANZ Plus is part of a “digital transformation”. It will include a mobile app, 2 new bank account offerings, and access to financial coaches.
The bank’s digital transformation will also see its institutional banking business become simpler and more connected. For example, ANZ has built a business to allow its customers to integrate their systems with the bank’s, to automate payment reconciliation processes.
Finally, ANZ pointed to its recently launched small business digital lending platform, ANZ GoBiz, as a marker of the future.
GoBiz’s process means the bank can now provide loans in 2 days. Previously, the same process could take more than 30 days.
ANZ in the headlines
However, ANZ’s newly released reports aren’t the only happenings potentially exciting the market today.
A Federal Court judge has reportedly slammed the Commonwealth Director of Public Prosecutions (CDPP) over a criminal case originally brought against ANZ, Citigroup (NYSE: C), Deutsche Bank (NYSE: DB), and 6 executives.
The prosecution claims the accused acted as a cartel, colluding to control shares not sold during a $2.5 billion capital raise conducted by ANZ in 2015.
According to reporting by The Australian, today Justice Michael Wigney said the case was a “complete shemozzle”. CDPP reportedly must file new charges before 24 November.
The post Why is the ANZ (ASX:ANZ) share price having such a stellar day? appeared first on The Motley Fool Australia.
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Citigroup is an advertising partner of The Ascent, a Motley Fool company. 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.