ANZ 2024 Annual Report Documents

ANZ Group Holdings Limited
9/833 Collins Street Docklands Victoria 3008 Australia
ABN 16 659 510 791
8 November 2024

Market Announcements Office
ASX Limited
Level 4
20 Bridge Street
SYDNEY NSW 2000

ANZ 2024 Annual Report

ANZ Group Holdings Limited (ANZ) today released its 2024 Annual Report.

It has been approved for distribution by ANZ’s Board of Directors.

Yours faithfully

Simon Pordage
Company Secretary
ANZ Group Holdings Limited

2024
Annual Report
2024
Annual Report

Contents
Overview
Our 2024 reporting suite
2
2
024 performance snapshot 3
Chairman’s message
4
C
EO’s message 6
O
perating environment
O
ur operating environment
8
O
ur purpose and strategy 10
How we create value
1
2
About our business 14
Our approach to ESG
1
6
Our approach to climate change

1
7
Governance

G
overnance
1
8
Directors’ qualifications, experience
and special responsibilities
1
9
Company secretaries
qualifications and experience
2
4
Executive Committee

2
5
Risk management

2
6
Five year summary
32
P
erformance overview
34
R
emuneration report
48
D
irectors’ report 90
Financial report 93
S
hareholder information

S
hareholder information -
unaudited 221
Important dates for
shareholders 2025 223
Contacts

223
Glossary 224
At ANZ, our purpose is to
shape a world where people
and communities thrive.
In particular, we want to help customers:
Save for, buy and
own a liveable home
We bring our purpose to life through our
strategy: to improve the financial wellbeing
and sustainability of customers with
excellent services, tools and insights
Start or buy and sustainably
grow their business
Move capital and goods around
the region and sustainably grow
their business

With a global presence across 29 markets,
ANZ 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 Bulla’s
new manufacturing site in regional 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 ANZ’s long-standing support of Bulla by
visiting anz.com.au/newsroom/news/2024/august/anz-
news-bulla-dairy-tony-fato/

Disclaimer & important notices
The material in this report contains general
background information about the Group’s
activities current as at 7th November 2024.
It is 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 investors,
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 statements
This report may contain forward-looking
statements or opinions including statements
regarding our intent, belief or current
expectations with respect to the Group’s
business operations, market conditions,
results of operations and financial condition,
capital adequacy, sustainability objectives or
targets, specific provisions and risk
management practices. 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’, ‘project’, ‘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
differ materially from 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 predictive 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 and 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
unanticipated events.
Climate-related information
This 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 available
at anz.com/annualreport.
Our 2024
reporting
suite
Annual Report structure
The various elements of the Directors’ Report,
including the Operating and Financial Review,
are covered on pages 1 to 47. Commentary on
our performance overview contained on pages
34 to 47 references information reported in the
Financial Report pages 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
Limited’s operations worldwide over which,
unless otherwise stated, we had control
during the financial year 1 October 2023 to
30 September 2024. Monetary amounts in this
document are reported in Australian dollars,
unless otherwise stated.
Additional information
We produce a suite of reports to meet the
needs and requirements of a wide range of
stakeholders including shareholders,
customers, employees, regulators, non-
government organisations 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 Council’s ‘Corporate
Governance Principles and Recommendations
– 4th edition’ and is available at anz.com/
corporategovernance.
Our 2024 ESG Supplement provides
stakeholders with detailed ESG disclosures,
including performance against our ESG
targets and our management of material
ESG issues.
Our 2024 ESG Data and Frameworks Pack,
supplements the above reports, including a
summary of our progress on key 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 date. This lays
the foundation for us to deliver on our 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
to ESG and climate change.
We are continually seeking to improve our
reporting suite and welcome feedback on
this report. Please address any questions,
comments or suggestions to
investor.relations@anz.com.
ANZ Group
Holdings Limited
ABN 16 659 510 791
2024 Full Year Results
Announcement
anz.com/results
2024 ANZGHL Annual Report
anz.com/annualreport
2024 Corporate
Governance Statement
anz.com/corporategovernance
2024 Climate-Related
Financial Disclosures
anz.com/annualreport
2024 Environment, Social and
Governance (ESG) Supplement
anz.com/annualreport
Australia and New Zealand
Banking Group Limited
ABN 11 005 357 522
2024 ANZBGL Annual Report
anz.com/annualreport
2024 September Quarter
APS 330 Pillar III Disclosure
anz.com/results
2024 United Kingdom
Disclosure and Transparency
Rules Submission (when released)
anz.com/results
ANZ 2024 Annual Report2

2024 performance snapshot
1. Statutory profit attributable to shareholders of the Company. 2. On a cash profit basis. Excludes non-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-controlling 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 Executive 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 transactions 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).
Financial performance highlights
Our stakeholders
$6,535m
Statutory profit¹,
(
-8%)
500k
Shareholders
$807b
Gross loans and 
advances
42.4k
Employees (FTE)
5
38.8%
Women in leadership
7
~$38.9b
Funded and facilitated in
social and environmental
activities
8
27%
1 Year total
shareholder return
>10m
Customers
$715b
Customer deposits
84%
Staff engagement
score
6
More than
$134m
In community investments
More than
122k
participants in our financial
education programs
9
9.7%
Cash return on equity
2
,
(
-131b ps)
224.3c
Cash earnings per share
(Basic)
2
, ( -23c)
12.2%
Common Equity Tier 1
Capital
4
, ( -114b ps)
$6,725m
Cash profit
2
,
(
-9%)
166c
Total dividend per share
for 2024, (
-5%)
$21.60
Net tangible assets
per share
3
, ( -0.8%)
3
Overview
Operating
environment
Governance
Performance
overview
Remuneration
report
Directors’
report
Financial
report
Shareholder
information

Chairman’s
message
Paul O’Sullivan
Chairman
In a year of global uncertainty and
challenging conditions for Australia
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 year’s record financial
performance and the second strongest
revenue outcome on record. Along with
financial risk being well managed, this
year’s 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 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 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
Board was pleased to declare a total
dividend of 166 cents per share, which
was down 5% on 2023, meaning
more than $4.9 billion will be returned
to you, our shareholders.
The final dividend was partially franked
which reflects the shape of our portfolio
and percentage of ANZ’s profit generated
outside of Australia.
While we 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 Executive’s
letter on the following pages.
Capital
The global economy passed through
the most sustained 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 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 strong capital position.
We continued to protect and strengthen
the balance sheet with your bank
remaining among the best capitalised
banks in the world. ANZ’s Common Equity
Tier 1 Ratio was 12.2%.
Non-financial Risk
While the bank has a track record
of prudently managing financial risk,
we are still building 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.
We 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
Board’s response on the specific matters
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 accountability for members of the
Executive Committee, as CEO, Shayne is
ultimately responsible for all aspects of
the Bank’s performance.
This is why the Board applied its
discretion and assessed Shayne’s
performance to be below target and
determined the appropriate 2024 Short
Term Variable Remuneration (STVR)
outcome was 65% of target opportunity
(52% of maximum opportunity).
4ANZ 2024 Annual Report

Paul O’Sullivan
Chairman
In 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.
More details of the Board’s actions are
outlined in the Remuneration Report.
Board Renewal
There 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 managed 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 ANZ’s board, Richard was
Chief Executive of Credit Suisse Australia
and previously held senior global roles at
Deutsche Bank and 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 since 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 John 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
many 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 ANZ
Following the Royal Commission, ANZ commenced a major program to
strengthen NFR management across the Bank, including greater
standardisation of risk tolerance, processes and reporting. In practice,
NFR refers 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 accountability
for the NFR program. At the time, steps included reinforcing the Executive
Committee’s 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 was making good progress and meeting
key milestones, 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 ANZ’s NFR
processes and drew a response 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 program, 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 Issues
During the year, concerns were raised regarding an Australian Government
bond issuance in 2023 where ANZ was the Duration Manager and a Joint Lead
Manager. There were also conduct and data issues identified within our
Markets business.
The Board has direct oversight of the issue and taken a number of actions,
including:
•
A
ssessing reports from independent experts in financial markets appointed
to analyse trading activity.
•
E
ngaging external legal advisors, independent of Management, to ensure
rigorous and thorough outcomes from the expert reviews.
•

E
stablishing a sub-committee of directors with relevant experience, chaired
by me, to evaluate and test technical issues on ongoing basis.
•

C
ommissioning Oliver Wyman, in consultation with APRA, to undertake
a thorough independent review of culture and controls within the
Markets business.
While some of these reviews remain ongoing, the Board has ensured
accountability and consequences are enforced where relevant, particularly
for the conduct and data matters. Consequences for the Executive Committee
are detailed in the Remuneration Report and include:
•

A r
eduction in the Risk Modifier which reduced the outcome of the Group
Scorecard and impacted variable remuneration for all employees.
•
C
ollective accountability for the entire Executive Committee regarding 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.
•

A
n additional STVR impact for Executives with greater overall accountability
for the Markets and NFR matters.
Given the Australian Securities and Investments Commission’s (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.
5
Overview
Operating
environment
Governance
Performance
overview
Remuneration
report
Directors’
report
Financial
report
Shareholder
information

CEO’s
message
Shayne Elliott
Chief Executive Officer
After 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 future
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 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 as 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 done 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 Bank
On 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 quality of the business is already
exceeding our expectations.
In the two years since announcing the
acquisition, Suncorp Bank’s customer
numbers, home lending and deposits
have all grown.
As we learn more about the quality of
Suncorp Bank’s business, people and
assets, we are increasingly confident
that we 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 make 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 Queensland’s largest affordable
housing project for seniors and people
with disability.
We are establishing a 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 that’s better together for
customers, colleagues, shareholders
and the community.
The Bank we’re 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 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.
This 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 Plus 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 Report

In line with our strategy to improve
the financial wellbeing of customers,
almost half of all ANZ Plus customers
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 MyAccounts. 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 offsets 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 customers 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
particular 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-time 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 Institutional 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 customers
Our platforms, ANZ Plus and Transactive
Global, not only improve our customers’
experience and reduce 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 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
and 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 Australia, 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 hardship 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.
Supporting the community
Supporting 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 the 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 than $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 financial 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 priorities
Looking ahead, we will 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, 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 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 thank the team at ANZ for
their commitment to supporting our
customers, which has helped drive
these positive results.
Shayne Elliott
Chief Executive Officer
7
Overview
Operating
environment
Governance
Performance
overview
Remuneration
report
Directors’
report
Financial
report
Shareholder
information

z
Our operating environment
A 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 only
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 similar
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
supply chain vulnerabilities and prioritise
domestic resilience.
China’s economy is operating on a
different cycle. Growth has moderated
as the 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 strength in technology trade.
The climate transition remains a subtext
to many of these developments. Resource
access challenges feature here as well,
as many economies strive to invest in
renewable energy, building retrofits and
more climate-friendly transport.
8ANZ 2024 Annual Report

z
Economic outlook
Growth has slowed, but many central
banks have begun to reduce interest rates.
Inflation has proven to be slightly stickier
in Australia 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 sharp interest rate rises of
recent years.
Private sector balance sheets, in general,
are in 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,
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
inflation 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 2024 Climate-related disclosures report for more information and for glossary of terms available at anz.com/esgreport.
ChallengesExamples of how we’re responding
Inflationary pressures
and higher interest rates
• Assessing borrowers’ resilience to
rising interest rates
•
F
ocusing on cost management and
delivering ongoing productivity
benefits, including from technology
simplification
• Dealing appropriately with customers
experiencing financial hardship or in
need of extra care
•
A
djusting our staff salaries appropriately
Public and regulatory scrutiny
• Being transparent about how we
are addressing regulatory and
political concerns
•
W
orking cooperatively with
regulators, government and non-
governmental organisations (NGOs)
• Continuing to evolve our ESG policies
and processes, seek to implement them
effectively and transparently disclose
our progress
Competitive
banking industry
• Operating a diverse business,
continuing to invest and prioritise
resources 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 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 risks
Geopolitical tension
• Contingency plans for our medium-to-
higher risk jurisdictions with trigger
events identified and monitored
• Continuing to review our international
network and operations
Climate change and nature
1
• Elevating climate to a Material Risk
in November 2023
•

O
ur Board approving our Group wide
Climate and Environment Strategy in
October 2024
• Supporting our customers’ 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
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environment
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overview
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report
Financial
report
Shareholder
information

Our 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 purpose-driven
bank, through:
purpose-led propositions and
partnerships that improve financial
wellbeing, access to housing and
sustainability for our target segments
automated business-services
supported by modern, cloud-
based technology that is more
open, efficient, resilient and
compliant

an agile operating model that
encourages innovation and makes it
easier for our people to deliver value
for our customers quickly
disciplined allocation of resources,
enhanced delivery capabilities,
and an alignment of systems
and incentives.
Through our purpose we have elevated three areas facing significant
societal challenges 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 sustainability; and
Improving the availability of suitable and affordable housing options
for all Australians and New Zealanders.
Save for, buy and
own a liveable home
Start or buy and sustainably
grow their business
Move capital and goods around
the region and sustainably grow
their business
In particular, we want 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 Report

Our values are: I.C.A.R.E
Integrity
We are honest and fair by speaking openly
and transparently, making thoughtful and
balanced decisions, doing what’s right and
acting with courage.
Collaboration
We work together for the customer, by getting
the right people together to get the job done
and helping each other.
Accountability
We take ownership and get things done – we do
what we say we will do – find the solutions by
testing and learning and act with determination.
Respect
We care for all those we serve. We value
difference and encourage everyone to have a
voice, think and act with consideration for our
customers, community and the environment.
Excellence
We challenge ourselves to be better. This is done
by making things simple, finding ways to work
differently, using data to improve 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 – living
our values every day enables us to
deliver on our strategy and purpose,
strengthen stakeholder relationships
and earn the community’s 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 our values.
1111
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We create value for our stakeholders
through the ‘Bank We’re Building’,
developing propositions our customers
love, with easy-to-use products and
services that 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 value
Our customer propositions are
enabled through our people and
our technology, data and risk
management:
Supported 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 management framework and culture, establishing, overseeing and
influencing how risk is considered in decision making.
Partnerships that unlock new value with ecosystems that help customers further
improve their financial wellbeing and sustainability.
Strong balance sheet positions with access to capital, funding 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 Report

Strategy &
business
model
Transformation outcomes
More targeted
We support more of our chosen customers to achieve
their goals, by using data to understand their needs.
More engaged
We improve our customers’ financial wellbeing and
sustainability by connecting with them and providing
valued solutions that meet their needs.
More efficient
We serve our customers more efficiently to save
them money and time by simplifying and automating
our processes.
Better protected
We 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 dynamic
We respond more rapidly to the evolving environment,
with adaptable people, systems and processes.
Aiming to create value for our stakeholders
Better access
to capital and talent,
driving greater
capacity to
invest well
Better data,
insights, risk
decisions
and pricing
Better customer
propositions that
are purposeful,
engaging, efficient
and safe
Better customer
engagement, and
greater use of our
products and
services
Better financial
wellbeing and
sustainability
outcomes for
customers and
the community
Better financial
outcomes for
shareholders
and staff
Better reputation
among customers
and the community,
and higher workforce
engagement
Better acquisition
and retention
rates, and higher
share of target
customers
Our customers will have
relatively better financial
wellbeing, more sustainable
practices and generate
higher average
lifetime value
Our customers
will have relatively better financial
wellbeing.
Our employees
will be more engaged and with better
tools to support customers.
Our shareholders
will be rewarded with stronger long-term
financial results (in terms of sustainable
economic profits).
Our community
will benefit from our financial contribution
(including taxes), practices and services,
contributing to positive economic
development.
13
Overview
Operating
environment
Governance
Performance
overview
Remuneration
report
Directors’
report
Financial
report
Shareholder
information

About our business
Australia Retail
Provides a full range of banking services to Australian consumers. This includes Home Loans, Deposits,
Credit Cards and Personal Loans. Products and services 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
Commercial
Provides a full range of banking products and financial services, including asset financing, across
the following 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).
Institutional
The Institutional division services global institutional and corporate customers, and governments
across Australia, New Zealand and International (including Papua New Guinea (PNG)) via the following
business units:
•

T
ransaction Banking provides customers with working capital and liquidity solutions including
documentary trade, supply chain financing, commodity financing 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.
•
M
arkets provides customers with risk management services in foreign exchange, interest rates, credit,
commodities, and debt capital markets in addition to managing the Group’s interest rate exposure and
liquidity position.
New Zealand
The New Zealand division comprises the following business units:
•
P
ersonal provides a full 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.
•

B
usiness & Agri provides a full range of banking services 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 entities.
Suncorp
On 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 Group’s
retail and commercial businesses while also improving the geographic balance of its business
in Australia.
The 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.
Pacific
The Pacific 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 Centre
Provides support to the operating divisions, including technology, property, risk management, financial
management, treasury, strategy, marketing, human resources, corporate affairs, and shareholder
functions. It also includes minority investments in Asia and interests in the ANZ Non-Bank Group.
We operate across a diverse business structure
14ANZ 2024 Annual Report

Asia
China
Hong Kong
India
Indonesia
Japan
Laos
Malaysia
The Philippines
Singapore
South Korea
Taiwan
Thailand
Vietnam
Pacific
Cook Islands
Fiji
Kiribati
Papua New Guinea
Samoa
Solomon Islands
Timor–Leste
Tonga
Vanuatu
Europe
France
Germany
United Kingdom
Middle East
United Arab
Emirates (Dubai)
United States
of America
International
1. On a cash profit 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 composition by geography
1
International
$1,082 million
Australia
$3,536 million
New Zealand
$2,107 million
Singapore is Australia’s largest
two-way trading partner and investor
in Southeast Asia. It is Australia’s fifth
largest trading partner ($52.9 billion in
recent years) and fifth largest source
of foreign direct investment ($148.6
billion in 2022). As we mark 50 years
in Singapore, it will not only underline
the country’s importance to our
strategy – but also as a crucial
investment and trading partner for
the whole country.
50 years in Singapore
Read the full story at bluenotes.anz.
com/posts/2024/may/anz-news-
shayne-elliott-singapore-champion
1515
Overview
Operating
environment
Governance
Performance
overview
Remuneration
report
Directors’
report
Financial
report
Shareholder
information

Our ESG reporting suite, which
includes our 2024 Climate-related
Financial Disclosures, is available at
anz.com/esgreport
Environmental sustainability remains
one of the highest priority issues
identified by our stakeholders, in
terms of both risks and opportunities.
Ethics, conduct and culture
was again raised in stakeholder
discussions this year. It includes
meeting expected standards
of behaviour.
Financial wellbeing continues to
be a key issue in light of current
economic conditions.
Information security, encompassing
cyber security and financial crime,
remains a top order issue, including
due to continuing customer losses
to scams.
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
in Australia and New Zealand.
Responsible customer 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 other issues:
Our approach to ESG
What 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 Framework – 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 2024 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.
We’re continuing to bring our purpose to life through our focus on complex issues that are important
to society and our business strategy.
16ANZ 2024 Annual Report

Our five-year Climate and
Environment Strategy was
approved by the Board in October
2024. It sets out our objective to
be a trusted partner for our
customers, supporting them to
adapt and become more resilient,
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:
•

B
uilding our capability to help
customers understand climate and
nature risks;
•
T
ransitioning our lending portfolio to
net zero financed emissions; and
•
S
upporting 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 commencing 2025.
In this year’s Climate-related Financial
Disclosures we set out how we have been
supporting our customers 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 ambition and will be
available at anz.com.au/climate-change
prior to our AGM.
Our 2024 Climate-related Financial
Disclosures, prepared in accordance
with the Task Force on Climate-related
Financial Disclosures recommendations
2021 (TCFD), is available at
anz.com/annualreport.
The report also contains important notices
about the uncertainties, challenges and
risks with climate-related statements that
may affect their 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 resilient,
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
Objective
Financing a sustainable transition
Vision
Supporting household, business and financial practices that improve environmental sustainability
Purpose
Ambition
Building our capability
to help customers understand
climate and nature risks
Transitioning our lending
portfolio to net zero financed
emissions
Supporting our customers’
transition and resilience
Divisional
focus
areas
InstitutionalCommercialRetailNew Zealand
Being a leading bank in
supporting customers to
transition, and growing
our low-emissions and
nature related
opportunities
Delivering insights
and propositions to
support customers
to understand and
navigate the transition
Delivering targeted
education and
propositions to support
customers to adapt to
climate impacts
Supporting Aotearoa
New Zealand’s transition
to a low-emissions,
climate resilient
economy
Action
pillars
Understanding risks
and opportunities
Building capability
and capacity
Driving customer
engagement
and propositions
Collaborating with
stakeholders to support
an economy wide
transition
Core
enablers
Governance and ReportingData and SystemsPeople and Culture
Our approach to climate change
Climate and Environment Strategy
17
Overview
Operating
environment
Governance
Performance
overview
Remuneration
report
Directors’
report
Financial
report
Shareholder
information

Governance
Our strong governance framework provides
a solid structure for effective and responsible
decision-making within the organisation.
Information on the Group’s Board,
Board Committees, 2024 Board areas
of focus and governance framework
is contained in the 2024 Corporate
Governance Statement, available at
anz.com/corporategovernance
Column A Indicates the number of meetings the Director 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 conducted 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 as a Non-
Executive Director on 25 March 2024.
Directors’ meetings
The number of Board and Board Committee meetings held during the year and each Director’s attendance at those meetings
are set out below:
Board
Risk
Committee
Audit
Committee
People &
Culture
Committee
Ethics,
Environment,
Social and
Governance
Committee
Digital
Business
and
Technology
Committee
Special
Committee
of the Board
Committee
of the
Board
1
Nomination
and Board
Operations
Shares
Committee
1
ABABABABABABABABABAB
Paul O’Sullivan
13138877665555112233
Ilana Atlas, AO
2
552222112
2
Shayne Elliott1313111
1
Richard Gibb
3
776655331121
Jane Halton, AO
PSM
131366555522
RT Hon Sir John Key,
GNZM AC
4
77322222
Holly Kramer
131365444422
John Macfarlane
2
55222211
Christine O’Reilly
131388776622
Jeff Smith131388665522
Scott St John
5
6644222222
18ANZ 2024 Annual Report

Directors’ qualifications, experience
and special responsibilities
As at the date of this report,
the Board comprises seven
Non-Executive Directors and
one Executive 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
15 February 2024 as a Non-Executive
Director and Scott St John joined the
Board on 25 March 2024 – Richard and
Scott will stand for election as a Director at
the Group’s AGM on 19 December 2024.
Ilana Atlas, AO and John Macfarlane each
ceased as a Director on 21 December
2023, both having served on the Board
since 2014. RT Hon Sir John Key, GNZM
AC ceased as a Director on 14 March
2024 having served on the Board since
2018. Each Director is also a member
of the Board of ANZBGL.
Each current Director became a
Director on 20 December 2022 (with the
exception of Holly Kramer, Richard Gibb
and Scott St John who joined the Board
after this date). Given ANZBGL 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
Committee
Ethics, Environment,
Social and Governance
Committee
Risk
Committee
Digital Business
and Technology
Committee
Nomination and
Board Operations
Committee
People
& Culture
Committee
19
Overview
Operating
environment
Governance
Performance
overview
Remuneration
report
Directors’
report
Financial
report
Shareholder
information

Qualifications
BA (Mod) Economics, Advanced
Management Program of Harvard
Responsibilities
Chairman since 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.
Career
Paul has experience in the
telecommunications and oil and gas
sectors, both in Australia and overseas.
He has held senior executive roles with
Singapore Telecommunications (Singtel)
and was 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,
Australia and United Kingdom.
Relevant other directorships
Chairman: Singtel Optus Pty Limited (from
2014, Director from 2004) and Western
Sydney Airport Corporation (from 2017).
Deputy Chairman: St Vincent’s Health
Australia (from 2024, Director from 2019).
Relevant former directorships held
in last three years include
Former Director: Coca-Cola Amatil
(2017–2021) and Indara Digital
Infrastructure (formerly Australian
Tower Network Pty Ltd) (2021–2023).
Qualifications
BCom
Responsibilities
Chief Executive Officer and Executive
Director since 1 January 2016.
Career
Shayne has over 30 years’ experience in
banking in Australia and overseas, in all
aspects of the industry. Shayne joined
the Group as CEO Institutional 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 Citibank/
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
a member of the Australian Banking
Association, the Business Council of
Australia and the Australian Customs
Advisory Board.
Relevant other directorships
Director: 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 (from 2016, Chairman
2017–2019) and the Australian Customs
Advisory Board (from 2020).
Paul O’Sullivan
Chairman, Independent
Non-Executive Director
Age 64 years
Residence Sydney, Australia
ChairMember
Shayne Elliott
Chief Executive Officer and
Executive Director
Age 60 years
Residence Melbourne, Australia
20ANZ 2024 Annual Report

Qualifications
BA (Hons) Psychology, FIPAA, Hon.
FAAHMS, Hon. FACHSE, Hon. DLitt, FAIM,
FAICD, FAIIA
Responsibilities
Non-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
Technology Committee and Nomination
and Board Operations Committee.
Career
Jane’s 33-year career in the public service
includes the positions of Secretary of
the Australian Department of Finance,
Secretary of the Australian Department
of Health, Secretary for the Department
of Health and Ageing, and Executive
Co-ordinator (Deputy Secretary) of the
Department of the Prime Minister 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 contributed 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 directorships
Chairman: Norfina Limited (Suncorp Bank)
(from 2024), Executive Board of the
Institute of Health 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: University of Sydney
and University of Canberra.
Relevant former directorships held
in last three years include
Former Chairman: Vault Systems
(2017–2022) and Council on the Ageing
Australia (2017–2024).
Former Director: Crown Resorts Limited
(2018–2022) and Naval Group Australia
Pty Ltd (2021–2022).
Former Member: National COVID-19
Commission Advisory Board (2020–2021).
Former Council Member: Australian
Strategic Policy Institute (2016–2023).
Qualifications
Mcom, BEc
Responsibilities
Non-Executive Director since February
2024. Richard is Chair of the Risk
Committee and a member of the Audit
Committee, Digital Business and
Technology Committee and Nomination
and Board Operations Committee.
Career
Richard has had a long and distinguished
career in the financial services industry
working for several major global banks.
Richard’s most recent role was Chief
Executive of Credit Suisse Australia from
2019 to 2024. Prior to that 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 directorships
N/A
Relevant former directorships held
in last three years include
Former Director: Credit Suisse (Australia)
Limited (2019–2024).
Jane Halton, AO PSM
Independent Non-Executive Director
Age 64 years
Residence Canberra, Australia
ChairMember
Richard Gibb
Independent Non-Executive Director
Age 57 years
Residence Sydney, Australia
ChairMember
21
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environment
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Qualifications
BBus
Responsibilities
Non-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
Committee.
Career
Christine is a highly experienced non-
executive director, having served on the
board of a number of Australia’s 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 Infrastructure Investments at
Colonial First State Global Asset
Management and follows an early career
including investment banking and audit
experience at Price Waterhouse.
Relevant other directorships
Chairman: Australia Pacific Airports
Corporation (from 2024).
Director: Norfina Limited (Suncorp Bank)
(from 2024), BHP Group Limited (from
2020) and Infrastructure Victoria
(from 2023).
Relevant former directorships held
in last three years include
Former Director: Medibank Private Limited
(2014–2021), The Baker Heart & Diabetes
Institute (2013–2023) and Stockland
(2018–2024).
Qualifications
BA (Hons), MBA
Responsibilities
Non-Executive Director since August
2023. Holly is Chair of the People &
Culture Committee and a member of
the Ethics, Environment, Social and
Governance Committee, Risk Committee
and Nomination and Board Operations
Committee.
Career
Holly has extensive experience as a board
director, having served on a wide 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 and Pacific Brands.
Holly brings a strong focus on people,
customers and culture, as well as
extensive experience in retail and
digital channels.
Relevant other directorships
Chairman: Susan McKinnon Foundation
Advisory Board (from 2024).
President: Federal Remuneration Tribunal
(from 2024).
Director: Woolworths Group Limited
(from 2016) 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
in last three years include
Former Chairman: Lendi Group
(2020–2021).
Former Director: Abacus Group Holdings
(2018–2022) and Endeavour Group
Limited (2021–2023).
Former Pro Chancellor: Western Sydney
University (2018–2024).
Holly Kramer
Independent Non-Executive Director
Age 60 years
Residence Sydney, Australia
ChairMember
Christine O’Reilly
Independent Non-Executive Director
Age 63 years
Residence Melbourne, Australia
ChairMember
22ANZ 2024 Annual Report

Qualifications
BCom
Responsibilities
Non-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.
Career
Scott has deep business experience,
particularly in financial markets.
Scott is a former long-term CEO of First
NZ Capital (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 Council 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 he chaired.
Relevant other directorships
Chairman: ANZ Bank New Zealand
Limited (from 2024, Director from 2021)
and Mercury NZ Limited (from 2024,
Director from 2017).
Director: the NEXT Foundation
(from 2017).
Relevant former directorships held
in last three years include
Former Chairman: Fisher & Paykel
Healthcare Corporation Limited (2020–
2024, Director from 2015).
Former Director: Fonterra Co-operative
Group Limited (2016–2024).
Qualifications
BA
pp
S
c
, MBA
Responsibilities
Non-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.
Career
Jeff is an experienced global business and
technology executive, 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 infrastructure
and also led the company’s 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 to US universities.
He was previously a member of ANZ’s
International Technology and Digital
Business Advisory Panel until 2019.
Relevant other directorships
Director: ANZ Group Services Pty Ltd
(from 2022), Sonrai Security Inc (from
2021) and Pexa Australia Limited
(from 2023).
Advisor: Zoom Video Communications,
Inc (from 2018), Box, Inc. (from 2018) and
World Fuel Services (from 2023).
Jeff Smith
Independent Non-Executive Director
Age 62 years
Residence USA
ChairMember
Scott St John
Independent Non-Executive Director
Age 60 years
Residence New Zealand
Member
23
Overview
Operating
environment
Governance
Performance
overview
Remuneration
report
Directors’
report
Financial
report
Shareholder
information

Ken Adams
Position
Group General Counsel
Qualifications
BA, LLB, LLM
Simon Pordage
Position
Company Secretary
Qualifications
LLB (Hons), FGIA, FCG (CS, CGP)
Ken joined the Group as Group General
Counsel in August 2019, having assisted
the Group 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 Australia’s
leading commercial lawyers with
significant experience in class actions 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
governance experience. From 2009 to
2016 he was Company Secretary for
Australian Foundation Investment
Company Limited and a 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.
He is a formal brand ambassador for,
and is a former National President and
Chairman of, Governance Institute of
Australia. He is also a member of the
Chartered Governance Institute’s Global
Thought Leadership Committee. Simon is
committed to the promotion and practice
of good corporate governance, and
regularly presents on governance issues.
Company Secretaries
qualifications and experience
Currently there are two people appointed as Company
Secretaries of the Company. Details of their roles are
contained in the Corporate Governance Statement.
Their qualifications and experience are as follows.
24ANZ 2024 Annual Report

Executive Committee
Gerard Florian
Group Executive Technology
& Group Services
Joined the Executive
Committee on
30 January 2017
Farhan Faruqui
Chief Financial Officer
(appointed CFO on
11 October 2021)
Joined the Executive
Committee on 1 February 2016
Mark Whelan
Group Executive Institutional
Joined the Executive
Committee on
20 October 2014
Antony Strong
Group Executive Strategy
& Transformation
Joined the Executive
Committee on
1 November 2022
Antonia Watson
Group Executive and CEO
New Zealand
Joined the Executive
Committee on
17 June 2019
Shayne Elliott
Chief Executive Officer
(appointed CEO on
1 January 2016)
Joined the Executive
Committee on 1 June 2009
Maile Carnegie
Group Executive
Australia Retail
Joined the Executive
Committee on
27 June 2016
Clare Morgan
Group Executive
Australia Commercial
Joined the Executive
Committee on
6 March 2023
Kevin Corbally
Group Chief Risk Officer
Joined the Executive
Committee on
19 March 2018
Elisa Clements
Group Executive Talent
& Culture
Joined the Executive
Committee on
9 October 2023
Full biography details can
be found on our website
at anz.com/exco
25
Overview
Operating
environment
Governance
Performance
overview
Remuneration
report
Directors’
report
Financial
report
Shareholder
information

Risk management
Constant 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 increasing fraud
and scams activities. We
continue to strengthen our risk
management framework and
practices to meet such
challenges.
External environment
The Group’s financial performance is
closely linked to the political, economic
and financial conditions in the countries
and regions in which ANZ, its customers
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.
•

G
eopolitical risk: Elections, conflicts,
and increasing 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 influence, resources,
and industrial expansion. These
dynamics are reshaping trade and
investment flows, yet the 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, 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.
•

C
limate risk: In November 2023, the
Board Risk Committee approved climate
risk as a material risk within ANZ’s risk
management framework. Climate 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 Group’s risk management
framework through existing policies,
processes and governance frameworks.
It is anticipated that this will be a
multi-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 risk and actions we are taking
as part of our Net-Zero Banking Alliance
commitment, refer to our 2024
Climate-related Financial Disclosures
available at anz.com/annualreport.
Our Climate Change Commitment is
available at anz.com/esgreport.
•

T
echnology Disruption and Change:
ANZ serves a diverse customer base,
including retail, small business,
corporates, multinational 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 change continues
to accelerate 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 Asia–Pacific,
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 responsive to the evolving
regulatory, competitive, customer and
technological demands.
26ANZ 2024 Annual Report

In 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
businesses 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 customers.
Suncorp Bank integration
On 1st August 2024, we welcomed
~3000 Suncorp 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
a comprehensive 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 a smooth transition of risk
management frameworks and policies,
and effective integration into the ANZ risk
management operating model.
Non-financial risk
During the year APRA required ANZ to
hold an additional operational risk capital
overlay of $250 million (total $750 million)
from 30th September 2024. This increase
was a result of APRA viewing 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 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 crime
We maintain a financial crime 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 delivering 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 of the financial sector to
prevent exploitation by criminals, and
support investigations into serious crime
and national security.
Scams
ANZ 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 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
technology 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 accounts 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-based
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 ANZ’s security hub
on anz.com, messages and alerts in ANZ’s
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 ANZ’s flagship financial
education program, MoneyMinded, which
equips community professionals with
resources to support their clients identify
and protect themselves from scams.
Emerging risks
ANZ 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 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 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 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 Climate–
related Financial Disclosures available at
anz.com/annualreport. Our Climate
Change Commitment is available at
anz.com/esgreport.
Artificial Intelligence (AI): At ANZ, we
recognise the 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
potential 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.
27
Overview
Operating
environment
Governance
Performance
overview
Remuneration
report
Directors’
report
Financial
report
Shareholder
information

Risk culture
Risk culture is an important component
of our 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, supporting the Group to
meet the evolving expectations of our
customers, the community and
regulators. Having achieved the target
state in 2023, the enterprise’s risk culture
has not met expectations of continuous
improvement in 2024. Notwithstanding
the strength in managing the Group’s
financial risks across 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
and driven 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
Role Models (see section 6 of the
Remuneration Report).
Our Risk Management
Framework (RMF)
The Board is ultimately responsible for
establishing and overseeing the ANZ
Group’s RMF which is supported by the
Group’s underlying systems, structures,
policies, procedures, processes and
people. The Board has delegated authority
to the Board Risk Committee (BRC) to
develop and monitor compliance with
the Group’s risk management policies.
The Committee reports regularly to the
Board on its activities. The key pillars of
our Group RMF include:
•

T
he Risk Management Strategy (RMS)
which is a critical element of the Group’s
RMF. The RMS includes: how the risk
function is structured to support the
Group’s purpose and strategy, and the
execution of the Group Chief Risk
Officer’s prescribed responsibilities as
an Accountable Person under the
Financial Accountability Regime; the
values, attitudes and behaviours that
support risk decision-making 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, measures,
evaluates, monitors, reports and
controls or mitigates the material risks
and the oversight mechanism and/or
committees in place.
•

T
he 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 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 the 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
everyone’s responsibility.
The business and enablement functions
form the first lines-of-defence and are
responsible for the implementation and
ongoing maintenance of the RMF
including day-to-day ownership of
risks and controls.
The Risk function forms the second line
of defence, providing independent
oversight of the Group’s risk profile and
RMF, including effective challenge to
activities and decisions that materially
affect the Group’s 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
and objective assurance on the
appropriateness, effectiveness and
adequacy of the Group’s 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
the bank (see diagram next page). The
committees and forums discuss and
monitor known and emerging risks, review
management plans and monitor progress
to address known issues.
28ANZ 2024 Annual Report

Executive Committee
ANZ’s most senior executives meet
regularly to discuss performance
and review shared initiatives.
Enterprise
Accountability
Group
Group Performance Execution Committee
ANZ’s key Management Committee charged with
oversight of the Group’s overall operational performance
and position and execution of the operating plan.
Principal Board

Committees
Group
Division
Country
Credit Ratings
System Oversight
Committee
Capital and
Stress Testing
Oversight
Committee
Financial Crime OREC
Sub-Committee
Regional or
Country Risk
Management
Committees
Country Assets
and Liability
Committees
Credit and
Market Risk
Committee
Group Asset
and Liability
Committee
Operational
Risk Executive
Committee
(OREC)
Ethics and
Responsible
Business
Committee
Investment
Committee
Group
Executive
People
Committee
Divisional/
Functional
Accountability
Groups
Divisional
Initiatives Review
Committees/
Project Advisory
Councils
Divisional Risk Management
Committees
Audit
Committee
Ethics,
Environment,
Social and
Governance
Committee
Risk
Committee
Digital Business
and Technology
Committee
Nomination and
Board Operations
Committee
People
and Culture
Committee
Board of Directors
Key Management Committees
29
Overview
Operating
environment
Governance
Performance
overview
Remuneration
report
Directors’
report
Financial
report
Shareholder
information

The material risks facing the Group per the Group’s RMS, and how these risks are managed, are summarised below.
Risk typeDescriptionManaging the risk
Capital
Adequacy
Risk
The risk of loss arising from the Group failing
to maintain the level of capital required by
prudential regulators and other key stakeholders
(shareholders, debt investors, depositors, rating
agencies, etc.) to support the Group’s
consolidated operations and risk appetite.
We pursue an active 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 Risk
The risk of financial loss resulting from:
•
A c
ounterparty 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 initial approval and risk grading,
through to ongoing management and problem
debt management.
Liquidity and
Funding Risk
The 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 to
fund increases in assets.
The Group recognises the inherent liquidity
and funding risk in the balance sheet and has
established a set of key principles, to mitigate
and control liquidity and funding risk.
Our framework is top down, being defined by
liquidity principles and policies. A liquidity limit
framework is in place with liquidity limits set based
on a liquidity stress testing framework.
Market Risk
The risk stems from our trading and balance
sheet activities and is the risk to the Group’s
earnings arising from:
•

C
hanges in interest rates, foreign exchange
rates, credit spreads, volatility, correlations; or
•
F
luctuations 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 identifies 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 Risk
Strategic Risk is defined as the risk that
internal or external factors prevent 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 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
monitor delivery risk associated with High Impact
change initiatives and undertake risk assessments
prior to execution of our strategic changes.
Material risks
30ANZ 2024 Annual Report

Risk typeDescriptionManaging the risk
Climate Risk
Climate risk includes:
• Physical risk – arising from both longer-term
changes in climate (chronic risk) as well as
changes to the frequency and magnitude
of extreme weather events (acute risk).
Examples of chronic physical risk drivers
include rising sea levels, rising average
temperatures and ocean acidification.
Examples of acute physical risk drivers
include heatwaves, floods, bushfires
and cyclones;
•

T
ransition 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
•

L
iability risk – in the form of potential litigation
or regulatory action that may arise as a
consequence of a failure 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 risks, business credentials
or strategies.
Following the elevation of climate risk to a material
risk in November 2023, work is progressing to
integrate and embed climate risk into the Group’s
risk management framework through existing
policies, processes and governance frameworks.
While climate risk can be a driver of credit risk
through lending to our customers, it may also
result in other financial risks, e.g. market risk
Climate 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 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
Risk
Non-Financial Risk (NFR) is the risk of loss and/
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
from external events. The Group manages NFR
in accordance with the industry-wide
Operational Risk Exchange (ORX) taxonomy,
of 16 ‘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 Group’s strategy for evolving NFR
management provides a planned and proactive
approach to improving the Group’s 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 risks 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
anz.com/shareholder/centre/reporting/regulatory-disclosure/
31
Overview
Operating
environment
Governance
Performance
overview
Remuneration
report
Directors’
report
Financial
report
Shareholder
information

Five year summary – Financial
Our Performance (continued)
46
Five year summary - Financial

2024 2023
6
2022 2021 2020

$m $m $m $m $m
Financial performance - cash
1

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) (10,139) (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 operations
1,2
6,725 7,413 6,515 6,198 3,758
Cash profit/(loss) from discontinued operations
1,2
- - (19) (17) (98)
Cash profit
1
6,725 7,413 6,496 6,181 3,660
Adjustments to arrive at statutory profit
1
(190) (307) 623 (19) (83)
Profit attributable to shareholders of the Company 6,535 7,106 7,119 6,162 3,577
Financial position
Gross 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 Harmonised
3
17.6% 19.7% 19.2% 18.3% 16.7%
Return 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
Franked 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) 217.9 237.1 250.0 215.3 125.3
Dividend payout ratio (statutory) 76.0% 74.0% 59.3% 65.3% 47.6%
Net tangible assets per ordinary share
5
$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 $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
11.. Cash profit excludes non-core items included in statutory profit and is provided to assist readers in 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 ADG, 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 Study (March 2023). For years prior to 2023,
Internationally Comparable Methodology aligns with APRA’s 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 interests, goodwill and other intangible assets, divided by the number of ordinary shares. 66.. 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 Report

Page intentionally left blank
33
Overview
Operating
environment
Governance
Performance
overview
Remuneration
report
Directors’
report
Financial
report
Shareholder
information

Performance overview
Our Performance (continued)
32
Group performance

The results of the Group’s operations and financial position are set out on pages 34-47. Pages 8-15 outline the Group’s 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 this report because,
in the opinion of the directors, it would be likely to result in unreasonable prejudice to the Group.
Group profit results

2024 2023
1


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
Operating 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) (2,902) (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 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 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 profit 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 context of the external auditor’s 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 presented.
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 transaction
was undertaken to accelerate the growth of the Group’s 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 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 completion 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 acquisition related adjustments
Suncorp Bank’s 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 after tax) for Suncorp Bank’s performing loans and advances. In
accordance with Australian Accounting Standards requirements, the Group consolidated Suncorp Bank’s 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, leading 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 Group’s ECL methodologies, with a corresponding charge recognised in the
Group’s Income Statement.
 Accelerated software amortisation expense of $36 million ($25 million after tax) on alignment to the Group’s software capitalisation policy.

34ANZ 2024 Annual Report
Our Performance (continued)
33
Group performance
Key measures of our financial performance are set out below.
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 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 profit 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
considered 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 relate 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 mainly due to the appreciation of AUD against the USD and NZD.

1.57
1.70
2024
2023
Net interest margin –
cash (%)
2020
Operating expenses to
operating income -cash (%)
Credit impairment charge
/(release) –cash ($m)
Cash profit
($m)
Return on equity –
cash (%)
Earnings per share –
cash (cents)
Common equity
tier 1(%)
Dividend per share
(cents)
51.6
48.5
2024
2023
406
245
2024
2023
6,725
7,413
2024
2023
12.2
13.3
2024
2023
9.7
11.0
2024
2023
166
175
2024
2023
224.3
247.3
2024
2023
264
2024 Statutory profit
attributable to shareholders
of the Company
Economic
hedges
Revenue and
expense hedges
2024 Cash profit
attributable to shareholders
of the Company
6,535
(74)
6,725
35Performance overview34ANZ 2024 Annual Report

Performance overview
Our Performance (continued)
32
Group performance

The results of the Group’s operations and financial position are set out on pages 34-47. Pages 8-15 outline the Group’s 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 this report because,
in the opinion of the directors, it would be likely to result in unreasonable prejudice to the Group.
Group profit results

2024 2023
1


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
Operating 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) (2,902) (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 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 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 profit 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 context of the external auditor’s 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 presented.
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 transaction
was undertaken to accelerate the growth of the Group’s 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 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 completion 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 acquisition related adjustments
Suncorp Bank’s 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 after tax) for Suncorp Bank’s performing loans and advances. In
accordance with Australian Accounting Standards requirements, the Group consolidated Suncorp Bank’s 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, leading 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 Group’s ECL methodologies, with a corresponding charge recognised in the
Group’s Income Statement.
 Accelerated software amortisation expense of $36 million ($25 million after tax) on alignment to the Group’s software capitalisation policy.

34ANZ 2024 Annual Report
Our Performance (continued)
33
Group performance
Key measures of our financial performance are set out below.
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 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 profit 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
considered 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 relate 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 mainly due to the appreciation of AUD against the USD and NZD.

1.57
1.70
2024
2023
Net interest margin –
cash (%)
2020
Operating expenses to
operating income -cash (%)
Credit impairment charge
/(release) –cash ($m)
Cash profit
($m)
Return on equity –
cash (%)
Earnings per share –
cash (cents)
Common equity
tier 1(%)
Dividend per share
(cents)
51.6
48.5
2024
2023
406
245
2024
2023
6,725
7,413
2024
2023
12.2
13.3
2024
2023
9.7
11.0
2024
2023
166
175
2024
2023
224.3
247.3
2024
2023
264
2024 Statutory profit
attributable to shareholders
of the Company
Economic
hedges
Revenue and
expense hedges
2024 Cash profit
attributable to shareholders
of the Company
6,535
(74)
6,725
35Performance overview35
Overview
Operating
environment
Governance
Performance
overview
Remuneration
report
Directors’
report
Financial
report
Shareholder
information

Our 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%
Profit before credit impairment and income tax 10,068 10,766 -6%
Credit impairment (charge)/release (406) (245) 66%
Profit before income tax 9,662 10,521 -8%
Income tax expense (2,902) (3,080) -6%
Non-controlling interests (35) (28) 25%
Cash profit attributable to shareholders of the Company 6,725 7,413 -9%
Cash profit attributable to shareholders of the Company decreased $688 million (9%) compared with the 2023 financial year.
Net interest income decreased $505 million (3%) driven by a 13 bps decrease in net interest margin, partially offset by a $48.5 billion (5%)
increase in average interest earning assets. The decrease of 13 bps was driven by home loan pricing competition, markets activities impacted by
higher funding costs, primarily on commodity assets, where the related revenues are recognised as other operating income, and higher wholesale
funding issuance volume, partially offset by higher earnings on capital and replicating deposits. The increase in average interest earning assets
was driven by higher Markets activities, lending growth across the Australia Retail, Australia Commercial and New Zealand divisions, and the
acquisition of Suncorp Bank, partially offset by lower lending in the Institutional division.
Other operating income increased $409 million (9%) driven by an increase of $392 million in Markets other operating income from more
favourable trading conditions and higher transaction activity, and $75 million from unfavourable valuation adjustments and $43 million from a loss
of disposal of data centres in Australia, both in the prior year. This was partially offset by a $116 million decrease in share of associates’ profit.
Operating expenses increased $602 million (6%) driven by inflationary impacts, higher costs associated with strategic initiatives, the impact from
the acquisition of Suncorp Bank and restructuring costs. This was partially offset by productivity initiatives and the initial one-off levy under the
Compensation Scheme of Last Resort (CSLR) in 2023.
Credit impairment increased $161 million (66%) driven by a $110 million increase in collectively assessed credit impairment driven by $244
million from Suncorp Bank, partially offset by improvement in economic outlook, and a $51 million increase in individually assessed credit
impairment.
409
171
2023 Cash profit
attributable to
shareholders of the
Company
Net interest
income
Other
operating
income
Operating
expenses
Credit
impairment
Income tax
expense &
non-controlling
interests
2024 Cash profit
attributable to
shareholders of the
Company
7,413
(505)
(602)
(161)
6,725
36ANZ 2024 Annual Report
Our Performance (continued)
35
Analysis of cash profit performance

Net interest income
Group net interest margin (bps)



2024
2023

$m $m Movt
Net interest income
1
16,069 16,574 -3%
Net interest margin (%) - cash
1
1.57 1.70 -13 bps
Average interest earning assets 1,023,616 975,079 5%
Average deposits and other borrowings 858,841 824,809 4%
1.
Includes the major bank levy of -$389 million (2023: -$353 million).
Net interest income decreased $505 million (3%) driven by a 13 bps decrease in net interest margin, partially offset by a $48.5 billion (5%)
increase in average interest earning assets.
Net interest margin decreased 13 bps driven by home loan pricing competition, markets activities impacted by higher funding costs, primarily on
commodity assets, where the related revenues are recognised as other operating income, higher wholesale funding issuance volume, partially
offset by higher earnings on capital and replicating deposits.
Average interest earning assets increased $48.5 billion (5%) driven by higher Markets activities, lending growth across the Australia Retail,
Australia Commercial and New Zealand divisions, and the acquisition of Suncorp Bank, partially offset by lower lending in the Institutional division.
Average deposits and other borrowings increased $34.0 billion (4%) driven by higher term deposits, the acquisition of Suncorp Bank, and higher
commercial paper, partially offset by lower repurchase agreements.

5
2023 Cash
net interest
margin
Assets
pricing
Deposits
pricing and
wholesale funding
Assets and
funding mix
Capital and
replicating
portfolio
Suncorp
Bank impact
2024 Cash
net interest
margin subtotal
Markets activities2024 Cash
net interest
margin
170
(8)
(2)
0
0165
(8)
157
37Performance overview36ANZ 2024 Annual Report

Our Performance (continued)
35
Analysis of cash profit performance

Net interest income
Group net interest margin (bps)



2024 2023

$m $m Movt
Net interest income
1
16,069 16,574 -3%
Net interest margin (%) - cash
1
1.57 1.70 -13 bps
Average interest earning assets 1,023,616 975,079 5%
Average deposits and other borrowings 858,841 824,809 4%
1.
Includes the major bank levy of -$389 million (2023: -$353 million).
Net interest income decreased $505 million (3%) driven by a 13 bps decrease in net interest margin, partially offset by a $48.5 billion (5%)
increase in average interest earning assets.
Net interest margin decreased 13 bps driven by home loan pricing competition, markets activities impacted by higher funding costs, primarily on
commodity assets, where the related revenues are recognised as other operating income, higher wholesale funding issuance volume, partially
offset by higher earnings on capital and replicating deposits.
Average interest earning assets increased $48.5 billion (5%) driven by higher Markets activities, lending growth across the Australia Retail,
Australia Commercial and New Zealand divisions, and the acquisition of Suncorp Bank, partially offset by lower lending in the Institutional division.
Average deposits and other borrowings increased $34.0 billion (4%) driven by higher term deposits, the acquisition of Suncorp Bank, and higher
commercial paper, partially offset by lower repurchase agreements.

5
2023 Cash
net interest
margin
Assets
pricing
Deposits
pricing and
wholesale funding
Assets and
funding mix
Capital and
replicating
portfolio
Suncorp
Bank impact
2024 Cash
net interest
margin subtotal
Markets activities2024 Cash
net interest
margin
170
(8)
(2)
0
0165
(8)
157
37Performance overview37
Overview
Operating
environment
Governance
Performance
overview
Remuneration
report
Directors’
report
Financial
report
Shareholder
information

Our Performance (continued)
36
Other operating income
Other operating income ($m)


2024 2023

$m $m Movt
Net fee and commission income
1
1,875 1,862 1%
Markets other operating income 2,315 1,923 20%
Share of associates' profit/(loss) 105 221 -52%
Other
1
445 325 37%
Total cash other operating income
2
4,740 4,331 9%
1.
Excluding the Markets business unit.
2.
Suncorp Bank division contributed $6 million in 2024 for the 2 months ended post acquisition.
Net fee and commission income increased $13 million (1%) driven by higher transaction activity in the Institutional division and higher
Cashrewards revenue. This was partially offset by a decrease in non-lending fees in the Australia Commercial division, and lower cards revenue in
the Australia Retail division.
Markets other operating income increased $392 million (20%) driven by increases in Franchise Revenue across most product groups from more
favourable trading conditions and higher transaction activity, an increase in derivative valuation adjustments with gains from favourable credit and
funding spreads, partially offset by lower Balance Sheet revenues from the impact of fewer short-term interest rate increases than prior year.
Share of associates' profit decreased $116 million (52%) driven by loss of equity accounted earnings following the disposal of AMMB Holdings
Berhad (AmBank), and a decrease in the Group’s equity accounted share of profit from P.T. Bank Pan Indonesia (PT Panin) and Worldline Australia
Pty Ltd (Worldline).
Other income increased $120 million (37%) primarily driven by the net increase from non-recurring items in the prior year (including unfavourable
valuation adjustments, loss on disposal of data centres, impairment of investments held in ANZ Non-Bank Group, and favourable adjustment to
gain on sale relating to the completed UDC Finance divestment), and a release of excess provision following legal settlements. This was partially
offset by lower gains from recycling of foreign currency translation reserves from other comprehensive income to Income Statement on
dissolution of a number of international entities, and a loss on disposal of investment in AmBank.


13
392
120
2023 Cash
other
operating
income
Net fee and
commission
income
Markets
other
operating
income
Share of
associates’
profit/(loss)
Other2024 Cash
other
operating
income
4,331
(116)
4,740
1
1
38ANZ 2024 Annual Report
Our Performance (continued)
37
Operating expenses
Operating expenses ($m)




2024
2023
$m $m Movt
Personnel 6,178 5,762 7%
Premises 659 658 0%
Technology 1,915 1,700 13%
Restructuring 235 169 39%
Other 1,754 1,850 -5%
Total cash operating expenses
1
10,741 10,139 6%
Full time equivalent staff
2
42,370 40,342 5%
Average full time equivalent staff 40,624 39,885 2%
1.
Suncorp Bank contributed $188 million in 2024 for the 2 months post acquisition. Excluding Suncorp Bank division, total operating expense increased 4%.
2.
Includes 2,798 FTE from Suncorp Bank division. Excluding Suncorp Bank division, FTE decreased 2%.

Personnel expenses increased $416 million (7%) driven by inflationary impacts on wages including an increase in leave provisions, impact from
acquisition of Suncorp Bank and higher resourcing associated with strategic initiatives. This was partially offset by benefits from productivity
initiatives.
Technology expenses increased $215 million (13%) driven by higher software licence costs, inflationary impacts on vendor costs, and the impact
from acquisition of Suncorp Bank including accelerated amortisation expense on alignment to the Group’s software capitalisation policy. This was
partially offset by benefits from technology simplification.
Restructuring expenses increased $66 million (39%) driven by operational changes across the Group.
Other expenses decreased $96 million (5%) driven by the initial one-off CSLR levy in the September 2023 full year and benefits from productivity
initiatives. This was partially offset by the impact from acquisition of Suncorp Bank.
416
215
66
2023 Cash
operating
expenses
PersonnelPremisesTechnologyRestructuringOther2024 Cash
operating
expenses
10,139
1
(96)
10,741
39Performance overview
38ANZ 2024 Annual Report

Our Performance (continued)
37
Operating expenses
Operating expenses ($m)




2024 2023
$m $m Movt
Personnel 6,178 5,762 7%
Premises 659 658 0%
Technology 1,915 1,700 13%
Restructuring 235 169 39%
Other 1,754 1,850 -5%
Total cash operating expenses
1
10,741 10,139 6%
Full time equivalent staff
2
42,370 40,342 5%
Average full time equivalent staff 40,624 39,885 2%
1.
Suncorp Bank contributed $188 million in 2024 for the 2 months post acquisition. Excluding Suncorp Bank division, total operating expense increased 4%.
2.
Includes 2,798 FTE from Suncorp Bank division. Excluding Suncorp Bank division, FTE decreased 2%.

Personnel expenses increased $416 million (7%) driven by inflationary impacts on wages including an increase in leave provisions, impact from
acquisition of Suncorp Bank and higher resourcing associated with strategic initiatives. This was partially offset by benefits from productivity
initiatives.
Technology expenses increased $215 million (13%) driven by higher software licence costs, inflationary impacts on vendor costs, and the impact
from acquisition of Suncorp Bank including accelerated amortisation expense on alignment to the Group’s software capitalisation policy. This was
partially offset by benefits from technology simplification.
Restructuring expenses increased $66 million (39%) driven by operational changes across the Group.
Other expenses decreased $96 million (5%) driven by the initial one-off CSLR levy in the September 2023 full year and benefits from productivity
initiatives. This was partially offset by the impact from acquisition of Suncorp Bank.
416
215
66
2023 Cash
operating
expenses
PersonnelPremisesTechnologyRestructuringOther2024 Cash
operating
expenses
10,139
1
(96)
10,741
39Performance overview
39
Overview
Operating
environment
Governance
Performance
overview
Remuneration
report
Directors’
report
Financial
report
Shareholder
information

Our Performance (continued)
38
Credit impairment

2024 2023 Movt
Collectively assessed credit impairment charge/(release) ($m) 262 152 72%
Individually assessed credit impairment charge/(release) ($m) 144 93 55%
Credit impairment charge/(release) ($m) 406 245 66%
Gross impaired assets ($m) 1,693 1,521 11%
Credit risk weighted assets ($b) 361.2 349.0 3%
Total allowance for expected credit losses (ECL) ($m) 4,555 4,408 3%
Individually assessed allowance for ECL as % of gross impaired assets 18.2% 24.7%
Collectively assessed allowance for ECL as % of credit risk weighted assets 1.18% 1.16%
Collectively assessed credit impairment charge/(release) ($m)

The collectively assessed impairment charge of $262 million for 2024 was driven by acquisition accounting related adjustments for Suncorp
Bank, deterioration in credit risk profile across all divisions, and portfolio growth. This was partially offset by improvement in economic outlook and
a reduction in management temporary adjustments as anticipated risks are more represented in portfolio credit profiles. The collectively assessed
impairment charge of $152 million for 2023 was driven by deterioration in the economic outlook and credit risk. This was partially offset by
favourable changes in portfolio composition, particularly in the Institutional division.
Individually assessed credit impairment charge/(release) ($m)

The individually assessed credit impairment charge increased $51 million (55%) driven by increases in the Australia Commercial division from SME
Banking portfolio, the Australia Retail division from unsecured portfolio and the New Zealand division from the Business & Agri portfolio, partially
offset by a decrease in the Institutional division due to lower new impairment flows.
244
262
88
16
3
2023 Collectively
assessed credit
impairment charge
Australia
Retail
Australia
Commercial
InstitutionalNew ZealandSuncorp BankPacificGroup Centre2024 Collectively
assessed credit
impairment charge
152
(84)
(57)
(100)
93
144
20
30
16
4
2023 Individually
assessed credit
impairment charge
Australia
Retail
Australia
Commercial
InstitutionalNew ZealandSuncorp BankPacific
0
Group Centre2024 Individually
assessed credit
impairment charge
(18)
(1)
40ANZ 2024 Annual Report
Our Performance (continued)
39
Gross impaired assets by division ($m)

Gross impaired assets increased $172 million (11%) driven by an increase in the Australia Retail division due to restructured home loan facilities,
the acquisition of Suncorp Bank, an increase in the Australia Commercial due to deterioration in the SME Banking portfolio, and an increase in the
New Zealand division due to portfolio deterioration across all portfolios. This was partially offset by a decrease in the Institutional division due to the
upgrade of several single name exposures, and the Pacific division due to reduced restructured exposures.
Total allowance for expected credit losses ($m)

The increase in total allowance for expected credit losses was driven by a $215 million increase in the collectively assessed allowance for
expected credit losses, partially offset by a $68 million decrease in the individually assessed allowance for expected credit losses.
The increase in collectively assessed allowance for expected credit losses was driven by deterioration in credit risk profile across all divisions
($267 million), the additional allowance for ECL from Suncorp Bank ($248 million), and portfolio growth ($88 million). This was partially offset by
reduction in management temporary adjustments ($201 million), improvement in economic outlook ($136 million), and reduction from foreign
currency translation and other impacts ($51 million).
The decrease in individually assessed allowance for expected credit losses was driven by a decrease in the Institutional division due to lower new
impairment flows and continued write-backs.
350
43
36
66
2023 Gross
impaired assets
Australia
Retail
Australia
Commercial
InstitutionalNew ZealandSuncorp BankPacificGroup Centre2024 Gross
impaired assets
1,521
(278)
(45)
01,693
14
248
3
2023 Total
allowance
for expected
credit losses
Australia
Retail
Australia
Commercial
InstitutionalNew ZealandSuncorp BankPacificGroup Centre2024 Total
allowance
for expected
credit losses
4,408
(38)
(55)
(10)
(15)
4,555
41Performance overview40ANZ 2024 Annual Report