ANZ 2025 Annual Report Documents

ANZ Group Holdings Limited
9/833 Collins Street Docklands Victoria 3008 Australia
ABN 16 659 510 791
10 November 2025

Market Announcements Office
ASX Limited
Exchange Place
Level 27
39 Martin Place
SYDNEY NSW 2000


ANZ 2025 Annual Report

ANZ Group Holdings Limited (ANZ) today released its 2025 Annual Report.

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

Yours faithfully

Simon Pordage
Company Secretary
ANZ Group Holdings Limited

2025
Annual Report

ANZ’s distinctive portfolio
Two scale markets, two market-leading positions and
a well-diversified business model.
1. Excludes 1.26m Suncorp Bank customers. 2. No.1 Relationship Strength Index in the Coalition Greenwich Voice of Client 2025
Australia Large Corporate Relationship Banking Study and Coalition Greenwich Voice of Client 2025 NZ Large Corporate
Relationship Banking Study. Best Bank for Corporate Banking in Asia in the Coalition Greenwich Voice of Client 2024 Asian
Corporate Banking Study.
#1 Institutional Bank
across Australia and
New Zealand for
relationship strength and
quality and Best Bank for
Corporate Banking in Asia
2
Extend leadership
Institutional
6.4m
customers
To p 4
major bank
Significant opportunity to grow
Australia Retail
1
Australia Commercial
1
0.6m
customers
To p 4
major bank
Significant opportunity to grow
#1
market leader
Extend leadership
New Zealand

For a complete list of all the markets we operate in, refer to ‘About our business’ section on page 14.
Australia – Retail, Commercial, Institutional
New Zealand – Retail, Commercial, Institutional
International – Institutional; Retail & Commercial in Pacific
ANZ network presence
Australia
New Zealand
Contents
Overview
Our 2025 reporting suite
2
202
5 performance snapshot
5
Chairman’s message
6
CEO
’s message
8
Operating environment

Our o
perating environment
10
Ou
r ambition and strategy
12
Ab
out our business
14
Go
vernance

Gover
nance
16
Di rectors’ qualifications, experience

and sp
ecial responsibilities
17
Company secretaries
qualifications and experience
23
Ex
ecutive Committee
24
Ri
sk management
26
Im
proving Non-Financial
risk management
32
Ou
r approach to ESG
34
Ou
r approach to climate
and environment
35
Fi
ve-year summary
36
Per
formance overview
38
Rem
uneration report
52
Di
rectors’ report
92
Fi
nancial report
95
Sha
reholder information

Sha
reholder information -
unaudited
22
3
Important dates for
shareholders 2026
225
C
ontacts
22
5
Glossary
22
6

Our 2025 reporting suite
Annual Report structure
The various elements of the Directors’
Report, including the Operating and
Financial Review, are covered on pages 1
to 51. Commentary on our performance
overview contained on pages 38 to 51
references information reported in the
Financial Report pages 95 to 222.
The Remuneration Report on pages 52
to 91 and the Financial Report on pages
95 to 222 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 2024 to 30 September 2025.
Monetary amounts in this document are
reported in Australian dollars, unless
otherwise stated.
ANZ Group Holdings Limited
ABN 16 659 510 791
2025 Full Year Results
Announcement
anz.com/results
2025 ANZGHL Annual Report
anz.com/annualreport
2025 Corporate
Governance Statement
anz.com/corporategovernance
2025 Climate Report
anz.com/esgreport
2025 ESG Report
anz.com/esgreport
Australia and New Zealand
Banking Group Limited
ABN 11 005 357 522
2025 ANZBGL Annual Report
anz.com/annualreport
2025 Basel III Pillar 3 Disclosure
anz.com/results
2025 United Kingdom
Disclosure and Transparency
Rules Submission (when released)
anz.com/results
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 2025 Corporate Governance
Statement discloses how we have complied
with the ASX Corporate Governance
Council’s Corporate Governance Principles
and Recommendations (4
th
edition) and is
available at anz.com/corporategovernance.
Our 2025 ESG Report provides stakeholders
with detailed ESG disclosures, including
performance against our ESG targets and
our management of material ESG issues.
Our 2025 Climate Report outlines our
approach and progress towards our Climate
and Environment Strategy’s vision to finance
a sustainable transition.
Our 2025 ESG Data and Frameworks Pack
supports the above reports, including key
ESG metrics and comparative performance
data, and reporting against international
standards and frameworks.
See pages 34-35 for more on our approach
to ESG, and climate and environment.
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.
Where to find
Annual
Report
Full Year
Results
Announcement
Corporate
Governance
Statement
Climate
Report
ESG
Report
ESG
Data and
Frameworks
Pack
Modern Slavery
and Human
Trafficking
Statement
Voluntary Tax
Transparency
Report
Financial
Governance
Strategy
Risk
ESG disclosures
and performance
Climate disclosures
and performance
2ANZ 2025 Annual Report

Disclaimer & important notices
The material in this report contains general
background information about the Group’s
activities current as at 7 November 2025.
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 ’,
‘probabilit y ’, ‘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.
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.
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 to 31
in relation to risks that may affect forward-
looking statements or opinions, and the
`Key Judgements and Estimates’ identified
in various places in the Annual Report.
The forward-looking statements or
opinions only speak as at 7 November
2025 and no representation is
made as to their correctness on or after
this date. No member of the Group
undertakes to publicly release the result
of any revisions to these statements to
reflect events or circumstances after
this date 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 2025 Climate Report
available at anz.com/esgreport.
3
Overview
Operating
environment
Governance
Performance
overview
Remuneration
report
Directors’
report
Financial
report
Shareholder
information

4ANZ 2025 Annual Report

2025 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 40. 3. APRA Level 2.
4. Equals total shareholders’ equity less total non-controlling interests, goodwill and other intangible assets divided by the number of ordinary shares. 5. 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). 6. Target to fund and facilitate at least $100 billion by end 2030 in social and environmental activities through customer transactions and direct
investments by ANZ, commenced 1 April 2023. See the ANZ Social and Environmental Sustainability Target Methodology available at anz.com/esgreport 7. Number of employees
(Full Time Equivalent). 8. 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).
Financial performance highlights
$5,891m
Statutory profit¹,
(
-10%)
12.0%
Common Equity Tier 1
Capital
3
, ( -20bps)
8.1%
Cash return on equity
2
,
(
-160 b ps)
Our stakeholders
194.7c
Cash earnings per share
(Basic)
2
, ( -29.6c)
483m
Shareholders
11+m
Customers
42,698k
Employees (FTE)
7
$74 8b
Customer
deposits,
(↑ +5%)
$833b
Gross loans
and advances,
(↑ +3%)
40.5%
Women in leadership
8
~$84.7b
Funded and
facilitated in social
and environmental
activities
6
15.1%
1 Year total
shareholder return
More than
$132m
In community
investments
5
166c
Total dividend per share
for 2025, (flat)
$5,787m
Cash profit
2
,
(
-14%)
$72b
Total shareholders
equity, (↑ +2%)
$21.91
Net tangible assets
per share
4
, (↑ +1%)
Community
Our people
Customers
Shareholders
5
Overview
Operating
environment
Governance
Performance
overview
Remuneration
report
Directors’
report
Financial
report
Shareholder
information

Chairman’s
message
Paul O’Sullivan
Chairman
While this has been a challenging year
for ANZ, it has also been a year where
we have set the bank on the path to
long-term, sustained success.
Following significant changes - including
the appointment of a new CEO and the
introduction of a refreshed strategy - our
focus is ensuring we successfully embed
the new team and strategy.
Our full year statutory profit of $5.89bn
was down 10%, largely due to significant
items as we addressed a range of
customer and regulatory matters and
took actions to simplify our business.
Our divisional performance was mixed:
New Zealand performed well, and
Institutional continued to benefit from the
transformation undertaken over recent
years. Pleasingly, Suncorp Bank continues
to achieve strong financial and customer
outcomes with improved synergies
to come.
However, despite asset and deposit
growth, our Australia Retail and Australia
Commercial divisions are not yet where
we want them to be, and driving
improvements in these two businesses is
a major focus of our refreshed strategy -
ANZ 2030 - announced in early October.
Notwithstanding a challenging year,
the Board proposed a final dividend
of  83 cents per share, which reflects
the underlying performance of the
business as well as our confidence
in our ANZ 2030 strategy and recent
capital management actions.
These actions included ceasing the
remaining ~$800 million of the share
buy-back, allowing us to return surplus
capital of ~$1 billion from our Non-
Operating Holding Company. We will
also apply a 1.5% discount on the next
Divided Reinvestment Plan, which will not
be neutralised. We expect to do the same
in the first half of 2026, subject to our
capital position at the time.
This is an equitable way to raise capital
and an attractive opportunity for all
our shareholders.
Renewal
Without doubt, the extraordinary
renewal being undertaken at ANZ is
positioning us for a better period ahead.
This year we were very pleased to
welcome our new Chief Executive
Officer, Nuno Matos, who succeeded
Shayne Elliott. Nuno is a career banker
and brings significant international
experience, particularly in retail and
institutional banking.
Importantly, Nuno also has deep
experience leading bank transformations,
driving accountability as well as
embedding significant improvements
in the management of non-financial risk.
These are critical areas for ANZ over the
coming years.
Despite only being with ANZ since May,
Nuno has made an immediate impact,
most notably with the introduction of our
ANZ 2030 strategy.
The appointment of a new CEO with
deep international experience has been
accompanied by a major refresh of our
Executive leadership team. This includes
the recent appointments of a new Group
Chief Risk Officer, Group Chief Information
Officer, Group Executive Australia Retail,
and Group Executive Operations.
With these changes, we consider
ANZ’s executive team to have a strong
combination of global and local talent.
Working with the Board, our new CEO
has also prioritised resetting relations with
our core regulators and has been
personally driving improvements in our
non-financial risk capability. He is a
hands-on leader with a proven track-
record of effecting positive change.
Our refreshed strategy, which Nuno covers
in more detail in his letter to shareholders,
will elevate the customer experience,
streamline and materially improve our
operational capacity and strengthen risk
management. Importantly, it will also
deliver sustainable financial returns to
our shareholders.
A core element is the resequencing of
our ANZ Plus program. With much of the
foundational technology now built, we are
prioritising the delivery of a new digital
front end and upgrading our eight million
retail customers in Australia onto this
superior platform by September 2027.
Another key priority is fast-tracking the
integration of Suncorp Bank customers
onto ANZ systems by June 2027 which will
significantly simplify our retail business.
Your Board has also been through a period
of significant renewal with six of the nine
joint Group and Bank Board Directors
having been appointed since 2023.
Our focus now is on embedding these
changes successfully and ensuring a
period of stability and consolidation at
the top levels of the Bank as we focus
on delivering our refreshed strategy.
6ANZ 2025 Annual Report

Paul O’Sullivan
Chairman
As I approach my last term as your
Chairman, I am also focused on providing
continuity for the CEO, the executive team
and the Board. This includes ensuring we
have directors with the right skills and
experience and I am committed to
achieving an orderly succession as
Chair in my final term.
Board Changes
In May, we announced Jane Halton AO
PSM was finishing her role as a Director
of the ANZ Group and we thank her for
her service. Jane first joined the Board in
2016 and chaired the Digital Business
& Technology Committee, the Ethics,
Environment, Social & Governance
Committee and the Suncorp Bank
company Board, Norfina Limited.
We were pleased to welcome experienced
company director Alison Gerry to the
ANZ Group and Bank Boards. Alison has
already made a valuable contribution and
will be standing for election at our 2025
Annual General Meeting.
Alison, who was previously a director of
ANZ Bank New Zealand Limited, brings
extensive experience in the financial
services and infrastructure sectors.
In addition to her role on the ANZ Board,
Alison is currently a director of Air New
Zealand and is the Chair of Infratil Ltd.
This year, following extensive discussions
with investors, we have also made
changes to the shareholding requirements
for non-executive directors.
While share ownership levels amongst
directors will inevitably increase as the
average tenure of the Board increases,
we have put in place some changes to
expedite this process.
This includes requiring that ordinary
shares rather than ANZ issued securities
are held and more broadly creating
a Directors’ Plan where elections and
purchases can be made via a trust
arrangement. This is relevant given
difficulties faced by Directors in trading
in shares over much of the last
12 months due to their awareness
of regulatory matters and executive
and strategic changes.
To demonstrate my alignment with
shareholders, I will be trading my capital
notes for ANZ shares. In addition, I will be
re-investing my Board fees in the form of
ordinary shares for the remainder of
my Chairmanship.
There is more information in the
Governance section of the annual report
on the improvements we have made to
the operation of the Board.
Non-financial risk
As we have previously advised, ANZ is
undertaking an important transformation
to strengthen our management of
non-financial risk (NFR). This is one of
our core priorities and something the
Board is acutely focused on with our
remediation plan now approved by APRA.
In April, following the agreement of an
enforceable undertaking with APRA,
we outlined the significant work required.
This included a commitment to uplift our
core systems, processes and controls,
and this work is well underway.
The Board appointed Nuno as CEO
with an eye to this change and we
are confident in his ability to drive the
fundamental reform ANZ requires. In just
a short time, his leadership is already
delivering momentum, including workforce
restructuring to improve decision-making,
execution and accountability.
As part of our commitment to resolving
legacy issues, we also reached a
settlement with ASIC that addressed
failures in our Australian Markets business
and our Australia Retail division.
While this was a significant financial
penalty, and one that should be seen in
the context of a new penalties regime,
resolving these matters was the right
outcome that allows the bank to focus
on fixing these issues and remediating
impacted customers.
We have also incorporated our regulatory
commitments into a larger bank wide
transformation. This transformation is
not just about compliance - it’s about
ensuring a better, more competitive bank.
A bank that serves its customers well.
The Board and executive team are fully
committed to this journey, and we believe
it is in the best interests of our customers,
staff and shareholders.
To reinforce the importance of improving
our management of NFR, the Board has
included a specific objective within the
Group scorecard and scorecards for all
Group Executives related to our NFR Root
Cause Remediation Plan, weighted at
25 per cent.
Accountability
Last year, I noted that the Board’s
independent reviews of issues associated
with the Markets matters were ongoing
and I promised to update you on
the outcomes.
With the completion of our reviews into
these matters, along with issues within
Australia Retail and NFR more broadly,
the Board has driven comprehensive
accountability reviews, resulting in
significant reductions in remuneration for
certain current and former executives.
The Chair of the People & Culture
Committee, Holly Kramer, covers this in
more detail in the Remuneration Report,
however given the significance of the
matter, it is appropriate I provide some
additional context for shareholders.
The Board takes its role in setting the
remuneration for the executive team very
seriously. This includes not only rewarding
management but also holding them to
account when things go wrong.
In relation to accountability, the Board has
been clear that it is good governance to
wait until the matters are fully investigated
and resolved.
In the Remuneration Report you will
note that none of our Australian-based
Group Executives (excluding two
executives in acting roles) were awarded
short-term variable remuneration (STVR).
Given the circumstances, our new CEO
also proposed to the Board that he is also
not awarded STVR this year. This is despite
these issues pre-dating Nuno’s arrival and
his significant progress in remediating our
approach to NFR. It is also a reflection of his
commitment to leading by example and
embedding a culture of accountability.
Importantly, and as outlined at last year’s
AGM, deferred remuneration means we
can also hold executives to account
when appropriate.
This has been the case this year for
our former CEO and the three Group
Executives who left ANZ during the year,
with the Board determining that some
or all equity due to vest in November/
December 2025 would be forfeited.
The Board believes these outcomes are
appropriate and proportionate given the
issues we have faced this year.
Finally, I would like to thank our customers
for entrusting us with their business and
our shareholders for their continued
support. I’d also like to acknowledge the
hard work of all our employees.
It has been a year of significant change,
but we are confident that the actions
taken, including the appointment of a CEO
and new executive team, put us on track
to deliver better value to shareholders.
7
Overview
Operating
environment
Governance
Performance
overview
Remuneration
report
Directors’
report
Financial
report
Shareholder
information

CEO’s
message
Nuno Matos
Chief Executive Officer
It was a privilege to join
in May this year as ANZ's
new CEO, a bank with a
197-year heritage.
Since then, I have met with many of our
shareholders, customers, employees and
other key stakeholders, and appreciated
all of the feedback and insights I received.
I have also spent time in our key markets
across Australia, New Zealand, Hong
Kong, India and Singapore, while carrying
out an extensive strategic review across
the bank.
During the year we started making
organisational changes to help simplify
the bank, and reached an agreement to
resolve open regulatory investigations, as
discussed in more detail by the Chairman.
These and other decisions have helped
clear the path for our bank’s future, where
we will deliver a simpler, more resilient
bank that is focused on our customers
and delivers value.
Our refreshed strategy
In October, I outlined an refreshed
strategy to drive the changes required
to deliver material growth over the next
five years, called ANZ 2030. At the heart
of this strategy is our ambition to unlock
ANZ’s potential to win the preference of
our customers, shareholders and
other stakeholders.
ANZ 2030 is focused on four
strategic pillars:

Customer First: With market leading,
differentiated and superior propositions,
we will raise the standard of every digital
and human interaction for our customers.
Simplicity: To set the market standard for
productivity, we will deliver organisational
simplification, divest non-core assets and
improve efficiency.
Resilience: Leading the industry in trust,
safety and risk management, we will
adhere to the highest standards of
non-financial risk management and
strengthen end-to-end accountability
across the bank.
Delivering Value: To sustainably improve
our financial performance, we will create
lasting value by delivering higher returning
growth and results that matter for our
stakeholders.
In delivering these pillars, we are
supported by our core enablers: our
culture, our people and our technology.
The strategy will be delivered in two
phases. The first, across FY26 and FY27,
lays out five immediate priorities which will
ensure we get the basics right, including
a substantial improvement in productivity
and initial investment for growth. In the
second phase we will realise the benefits
of these foundations, accelerate growth
and outperform the market.

Our immediate priorities
Our most immediate priority is to ensure we
have the right leadership team and the right
culture in place to execute our strategy.
I have announced four appointments to my
Executive Committee, whose significant
global and local experience complements
the existing team.
The new team members include Pedro
Rodeia as our new Group Executive
Australia Retail, Stephen White as our
new Group Executive Operations,
Christine Palmer as our new Group Chief
Risk Officer and
Dona
ld Patra as our new
Group Chief Information Officer.
Together, we will build a culture of clarity,
decisiveness, self-awareness, execution
and accountability while fostering an
engaged workforce motivated to
execute on our strategy.
8ANZ 2025 Annual Report

Nuno Matos
Chief Executive Officer
Our second immediate priority is
to bring forward the integration of
Suncorp Bank to accelerate value
creation for our shareholders, benefit
our customers and significantly reduce
operational complexity.

Wo
rk is already well underway, aiming to
complete a safe and secure migration of
Suncorp Bank customers to ANZ by June
2027. Throughout this journey, we will
meet all our Federal and Queensland
Government commitments.

Ou
r third immediate priority is ensuring
the ANZ Plus digital front-end is in the
hands of our retail and small business
customers as soon as possible. To do
this, we are prioritising the development
of the ANZ Plus front-end and will
upgrade all eight million retail customers
in Australia to this new, superior, single
channel experience by September 2027.
We have also taken significant steps
to achieve our fourth priority, reducing
duplication across the bank and
simplifying the organisation. This
includes stopping initiatives that are not
aligned with our strategy and prioritising
what will make the most difference to
our customers.
Uplifting our non-financial risk
management is a key priority, both now
and into the future, given it is critical to
everything we do across the bank.
A significant amount of work is already
underway to support the business and
cultural transformation which delivers a
better-run bank for our customers and
will be executed at pace.
1

We are carrying out an integrated
program of work addressing the
requirements under the Court
Enforceable Undertaking (CEU), while
also ensuring we address the ASIC
matters resolution program, and other
Critical Risk Programs, in an integrated
and holistic way.
Importantly, on 30 September 2025 we
submitted a comprehensive Root-Cause
Remediation Plan to APRA as required by
the CEU. Pleasingly, APRA has approved
the RCRP and the business will now
focus on its delivery. I recognise that as
CEO, I am ultimately accountable for
making sure we get this right.
Delivering for our customers
Through 2025 we continued to invest
in improving our customers’ experience
with us, including through our leading
payments and cash management
platform Transactive Global.
Our efforts were recognised, with Crisil
Coalition Greenwich
2
naming ANZ the
#1 Institutional Bank across Australia and
New Zealand for relationship strength
and quality, and the Best Bank for
Corporate Banking in Asia.
In Australia Commercial we were named
Canstar Small Business Bank of the Year
for a record 10
th
time.
In New Zealand, we received Canstar
Awards including Bank of the Year for our
business credit cards, and Most Satisfied
Customers for our small business
merchant services. We were also named
Best Private Bank at the Global Private
Banking Awards.
3

In Australia Retail, customers have
embraced tools like the Digital Padlock,
an Australia-first and global best practice
feature designed to instantly lock
scammers out of customer accounts.
This year we also launched CallSafe,
a secure phone verification system.
In 2025, our people and systems
prevented and recovered more than
$220 million
4
in scam and fraud-related
funds across Australia and New Zealand.
Delivering for the community
This year, ANZ continued to support
the communities in which we operate.
In Australia, this included launching our
First Nations Strategy, committed to
advancing First Nations’ aspirations for
economic self-determination over the
next decade. In addition, the bank’s First
Nations Guarantee, a program to unlock
access to asset finance for First Nations
businesses, met and now exceeds
a $150 million milestone.
In New Zealand, this year we also
launched the second term of our
Tākiri-ā-Rangi Te Ao Māori strategy,
focused on transforming how we present
our business to Aotearoa New Zealand.
We also supported the community
through our financial education and
matched savings program, Saver Plus,
which is the largest and longest running
program of its kind in the world. Funded
by ANZ and the Australian government,
Saver Plus is delivered in partnership with
Berry Street, Brotherhood of St Laurence
and The Smith Family.
More than 4,000 Australians participated in
Saver Plus this year, totalling approximately
66,700 since 2003 who have saved over
$32.8 million and received more than
$ 2 7. 9 million in matched savings from
ANZ for education costs.
At the same time, our flagship financial
education program MoneyMinded,
continued to support adults on lower
incomes to build their financial skills,
knowledge and confidence.
Our tailored MoneyBusiness program also
helped build financial skills and confidence
within First Nations communities. More
than 1.1 million people have participated
in MoneyMinded or MoneyBusiness since
2002, including more than 126,000
people this year alone.
Thank you
Looking back, I reflect on my early
months with ANZ as a period of
significant change for the bank, which
lays strong foundations for future growth.
I would like to thank our customers for
trusting us with their banking needs, our
people for their engagement in driving
the change needed to support our
strategy, and our shareholders for your
continued support.
I am confident that our ANZ 2030
strategy sets us up for success and will
position us to deliver increased value for
many years to come.
1. See more on non-financial risk on pages 32–33. 2. No.1 Relationship Strength Index in the Coalition Greenwich Voice of Client 2025 Australia Large Corporate Relationship Banking
Study and Coalition Greenwich Voice of Client 2025 NZ Large Corporate Relationship Banking Study. Best Bank for Corporate Banking in Asia in the Coalition Greenwich Voice of Client
2024 Asian Corporate Banking Study. 3. Professional Wealth Management (PWM)/The Banker Global Private Banking Awards November 2024. 4. Includes ANZ Classic, ANZ Plus, ANZ
Bank New Zealand, Suncorp Bank.
9
Overview
Operating
environment
Governance
Performance
overview
Remuneration
report
Directors’
report
Financial
report
Shareholder
information

Our operating
environment
Global growth has slowed marginally from
3.3% in 2024. The 3.2% we currently
expect for 2025 would be the weakest
growth since 2020's pandemic-
dominated decline but is still well above
the 1% growth broadly accepted as the
benchmark for global recession.
The United States economy has slowed
most noticeably, although New Zealand
and parts of Asia have also seen weaker
activity. Europe and some other
economies, including Australia, have been
able to grow more quickly despite this
backdrop, at least partly because of the
beneficial influence of lower interest rates.
Growth in China has been broadly stable
despite the significance of its trading
relationship with the United States. China's
export dependency has declined in recent
years, which has provided some insulation
from tariffs. But China is still a production-
intensive economy, only some of which is
consumed domestically.
The only-marginal global slowdown
has supported the redirection of China's
exports to markets away from the United
States, which has kept GDP growth on
an even keel. But consumer prices have
been flat since 2023, suggesting
productive capacity has grown more
quickly than demand.
Economic outlook
The imposition of tariffs by the United
States has interrupted patterns of trade
and raised uncertainty. But tariffs are also
adding to the supply-side constraints that
were already a challenge. Geopolitical
realignments, stronger defence spending,
and the rebirth of industry policy in
advanced economies have put pressure
on productivity.
Interest rate reductions are, consequently,
likely to be gradual and sporadic.
Economic growth is below trend in many
jurisdictions. Bond markets are likely to
remain alert to fiscal slippage, including
in the United States.
Private sector balance sheets, in
general, are in solid shape, which limits
the risk of a sharper slowdown in
growth. In some cases borrowers are
using lower interest rates to improve
balance sheets further, rather than
borrowing more to spend or invest.
China is facing slower credit growth
and adjusting to softer structural drivers
of demand. An ageing demographic
suggests a shift in the mix of activity over
time, including in the commodity sector.
India, however, remains the world's
fastest growing large economy and the
remainder of Asia is growing faster than
the global average.
In some cases
borrowers are using
lower interest rates to
improve balance sheets
further, rather than
borrowing more to
spend or invest.
Global growth has slowed only marginally this year
and Asia remains the fastest growing region.
10ANZ 2025 Annual Report

Global
3.23.2
1.8
1.7
1.9
3.4
5.1
4.8
4.6
3.5
3.3
3.4
1.8
2.5
2.4
0.3
2.6
2.8
USChina
(Mainland)
New
Zealand
AustraliaAsia
(ex-Mainland
China & India)
2025
f
2026
f
2027
f
Source: Bloomberg, Macrobond, IMF, ANZ Research as at October 2025
f = forecast
GDP growth
USEuro areaUKNew
Zealand
JapanAustralia
1.75
3.753.75
3.25
3.50
3.35
3.60
2.25
3.00
1.00
0.50
2025
f
2026
f
2027
*
Source: Bloomberg, ANZ Research as at October 2025
*ANZ Research forecasts are to end of year, except 2027,
which is to June 2027.
f = forecast
Monetary policy rates
Australian household balance sheet
Source: ABS, Bloomberg, Macrobond, ANZ Research
90929496980002040614182022242616081012
AUD, tm
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
Total household liabilities
Current financial assets (total assets less property and super)
China trade shares
Source: GAC, Bloomberg, Macrobond, ANZ Research
0002040608101214162426182022
%
8
9
10
11
12
13
14
15
16
17
Total trade: ASEAN
Total trade: EUTotal trade: US
11
Overview
Operating
environment
Governance
Performance
overview
Remuneration
report
Directors’
report
Financial
report
Shareholder
information

Our ambition
and strategy
Our ambition is for ANZ to unlock
our potential to win the preference
of customers, shareholders and
the communit y.
12ANZ 2025 Annual Report

Measuring success under ANZ 2030 Strategy
We will measure our progress with a set of key metrics aligned with
our strategic pillars.
1. Separate for Australia Retail, Australia
Commercial, New Zealand Personal &
New Zealand Business. 2. For Australia Retail
and Commercial MFI relationships are based
on who consumers perceive to be their main
bank. New Zealand Retail MFI definition:
customers with income greater than or
equal to $1000 in a month or customers
with deposits greater than or equal to
$2000 in the month or customers with
POS transactions in at least 8 different
merchants in a month. NZ Business MFI
definition: More than 5 POS transactions or
at least 10 customer-initiated transactions.
3. Coalition Greenwich Large Corporate
Relationship Banking survey (Australia, New
Zealand) and Coalition Greenwich Voice of
Client Asian Corporate Banking Study.
Pillar Key performance indicator
Customer first
Strategic Net Promoter Score "(NPS)",
1

Net Main Financial Institution "(MFI)" customer growth in
Retail and Commercial,
2

Relationship strength position for Institutional,
3

Simplicity
Cost to Income "(CTI)" ratio, %
Deliver Gross cost savings in FY26
Suncorp Bank cost synergies
Resilience
NFR remediation progress
Common Equity Tier 1 "(CET1)" Capital Ratio
Delivering value
Return on Tangible Equity "(ROTE)", %
Revenue / Risk-weighted assets, %
Our strategy is focused on the four strategic pillars:
Customer first
With market leading,
differentiated and
superior propositions,
we will raise the standard
of every digital and
human interaction for
our customers.
Simplicity
To set the market standard
for productivity, we will
deliver organisational
simplification, divest
non-core assets and
improve efficiency.
Resilience
Leading the industry in trust,
safety and risk management,
we will adhere to the highest
standards of non-financial risk
management and strengthen
end-to-end accountability
across the bank.
Delivering value
To sustainably improve
our financial performance,
we will create lasting value
by delivering higher
returning growth and
results that matter for
our stakeholders.
Delivering on this vision
In delivering these priorities, we are supported by our core enablers:
CulturePeople Technology
13
Overview
Operating
environment
Governance
Performance
overview
Remuneration
report
Directors’
report
Financial
report
Shareholder
information

Our Business Model

Australia Retail
Banking products and services
provided to Australian consumers
including home loans, deposits,
credit cards and personal loans.

Australia Commercial
Banking products and services
provided to small-to-medium
enterprises, large commercial
customers and high-net-worth
individuals and family groups
in Australia.

Institutional
Services to institutional and
corporate clients, including
governments, via Transaction
Banking, Corporate Finance and
Markets business units.

Suncorp Bank
Banking and related services
to retail, commercial, small
and medium enterprises and
agribusiness customers in Australia.

New Zealand
Banking products and services
provided to New Zealand
customers through Personal,
Business and Agribusiness units.

Pacific
Banking products and services
provided to retail and commercial
customers, and to governments
located in the Pacific region.

Group Centre
Supporting functions including technology, property, risk management, financial management,
treasury, human resources, corporate affairs, and shareholder functions. It also includes minority
investments in Asia and interests in the ANZ Non-Bank Group.
About our business
We operate across a diverse business structure
We have a combination of two scale markets in
Australia and New Zealand, two market-leading positions,
in Institutional and New Zealand, and a well-diversified
business model which includes Asia.
Well executed, this combination is more powerful than
a single market or single segment concentration.
We have the right strategic perimeter, and we are banking
the right customer segments in the right geographies.
14ANZ 2025 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
Rest of the world
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 40.
Our international presence and profit composition by geography
1
Rest of the world
$840 million
Australia
$2,789 million
New Zealand
$2,158 million
The European Union is one of the largest economies in the world, and ANZ’s
presence in Frankfurt places us at the centre of this dynamic region.
Since receiving our German banking licence in 1985, ANZ has grown into a trusted
partner for some of Germany and Switzerland’s largest multinational companies.
With deep institutional banking expertise, our team are well-positioned to help
clients capitalise on the evolving opportunities in Europe – from energy transition
to industrial transformation.
Our team’s focus is clear: to support clients with trade and investment flows
across Europe, Australia, New Zealand and Asia Pacific.
40 years in Germany
15
Overview
Operating
environment
Governance
Performance
overview
Remuneration
report
Directors’
report
Financial
report
Shareholder
information

GovernanceGovernance
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, 2025 Board areas
of focus and governance framework
is contained in the 2025 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. Directors also participated in an additional 14 briefings and working group meetings in relation to the
regulatory matters highlighted in the Chairman's message. 2. The Ethics, Environment, Social and Governance Committee has ceased to operate, with its last meeting held in May 2025.
3. The meetings of the Committee of the Board and Shares Committee as referred to in the table above include those conducted by written resolution. 4. Shayne Elliott ceased as Chief
Executive Officer and Executive Director on 11 May 2025. 5. Alison Gerry commenced as a Non-Executive Director on 9 May 2025. 6. Jane Halton, AO PSM ceased as a Non-Executive
Director on 31 March 2025. 7. Nuno Matos commenced as Chief Executive Officer and Executive Director on 12 May 2025.
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
1
:
Board
Risk
Committee
Audit
Committee
People &
Culture
Committee
Ethics,
Environment,
Social and
Governance
Committee
2
Digital
Business
and
Technology
Committee
Special
Committee
of the Board
Committee
of the
Board
3
Nomination
and Board
Operations
Shares
Committee
3
ABABABABABABABABABAB
Paul O'Sullivan13 138888664433442233
Shayne Elliott
4
991111
Alison Gerry
5
443311111111
Richard Gibb13 138888333322
Jane Halton, AO PSM
6
8733332211
Holly Kramer13 13886644442211
Nuno Matos
7
442211
Christine O'Reilly13 138888664422
Jeff Smith13 138866332222
Scott St John13 138888443322
16ANZ 2025 Annual Report

Directors’ qualifications, experience
and special responsibilities
As at the date of this report, the ANZGHL Board comprises seven Non-Executive
Directors and one Executive Director, the Chief Executive Officer. Each Director of
ANZGHL is also a member of the Board of ANZBGL. Graham Hodges and John Cincotta
are Non-Executive Directors of ANZBGL only. The Board of ANZGHL is otherwise identical
to the Board of ANZBGL. The names of the current Directors, together with details of
their qualifications, experience and special responsibilities are set out below.
Audit
Committee
Risk
Committee
Digital Business
and Technology
Committee
Nomination and
Board Operations
Committee
People and
Culture Committee
1. Paul O’Sullivan, Christine O’Reilly and Jeff Smith each became a Director of ANZGHL on 20 December 2022 – the remaining Directors joined the Board after this date.
Nuno Matos joined the Board as Chief
Executive Officer and Executive Director
on 12 May 2025. Shayne Elliott, who had
served in that role since 2016, retired on
11 May 2025. Alison Gerry joined the
Board on 9 May 2025 as a Non-
Executive Director – Alison will stand for
election as a Director at the Group’s AGM
on 18 December 2025. Jane Halton, AO
PSM ceased as a Non-Executive Director
on 31 March 2025, having served on the
Board since 2016.
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.
1

17
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 extensive experience in
technology and digitisation.
Paul’s executive career includes
leadership roles at Singapore
Telecommunications (Singtel) and Optus.
At Optus he served as Chief Executive
Officer from 2004 to 2012. He later
became Chief Executive Officer of Singtel
Group Consumer. This role involved
managing operations in Singapore and
Australia and overseeing investments in
major regional telecom companies.
Paul also has experience working on
the roll-out of major digital infrastructure
in Asia, including in his role as a
Commissioner at Indonesia’s largest
communications company, Telkomsel,
and as a Director of Bharti Airtel, one of
India’s leading mobile providers. He also
previously held management positions
at the Colonial Group and Royal Dutch
Shell Group in Canada, the Middle East,
Australia and the United Kingdom.
Relevant other directorships
Chairman: Western Sydney Airport
Corporation (from 2017) and St Vincent's
Health Australia (from 2025, Director
from 2019).
Relevant former directorships held
in last three years include
Former Chairman: Singtel Optus Pty
Limited (2014–2025, Director from 2004)
and Norfina Limited (Suncorp Bank)
(2025–2025, Director from 2025).
Former Director: Indara Digital
Infrastructure (formerly Australian
Tower Network Pty Ltd) (2021–2023).
Qualifications
BBA, MBA
Responsibilities
Chief Executive Officer and Executive
Director since 12 May 2025.
Career
Nuno has more than 30 years of
experience in retail, commercial and
wholesale banking, including leading
large-scale transformations across
global markets. Before joining ANZ in
May 2025, Nuno was most recently Chief
Executive Officer of Wealth and Personal
Banking at HSBC.
In that role he was responsible for 87,000
employees serving approximately 40
million customers across 35 markets.
At HSBC, Nuno held other senior roles
including Chief Executive Officer HSBC
Bank plc and HSBC Europe, where he
oversaw the transformation of its
European business. He also previously
served as Chief Executive Officer Mexico
and Regional Head of Retail Banking in
Latin America.
Nuno joined HSBC in 2015 from
Santander, where he was most recently
Global Head of Consumer in the Retail
and Commercial Division.
Nuno began his career as an analyst in
the banking supervision department of
Banco de Portugal. He has worked in
many different markets including Hong
Kong, the United Kingdom, the United
States, Spain, France, Brazil, Mexico
and Peru.
Relevant other directorships
Director: The Financial Markets
Foundation for Children (from 2025).
Age 65 years
Residence Sydney, Australia
ChairMember
Paul O’Sullivan
Chairman, Independent
Non-Executive Director
Age 57 years
Residence Melbourne, Australia
Nuno Matos
Chief Executive Officer and
Executive Director
18ANZ 2025 Annual Report

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 more than 35 years of
international experience across financial
services including commercial and
investment banking and wealth
management. He has significant
expertise in global financial markets, risk
management and regulatory change,
particularly in sectors facing strategic
disruption and international expansion.
Richard’s executive career includes the
role of Chief Executive Officer of Credit
Suisse Australia from 2019 to 2024, where
he strengthened the firm’s position in the
Australian market.
Prior to this, he held senior roles at
Deutsche Bank, including Co-Head of
Corporate and Investment Banking for
Asia Pacific (Hong Kong), Global
Co-Head of Financial Institutions Group
(New York) and Chief Operating Officer,
Asia Pacific.
He also worked at Merrill Lynch for
more than a decade advising financial
institutions and financial sponsors, and
before that held additional roles at
Bankers Trust.
Relevant other directorships
Chairman: Norfina Limited (Suncorp Bank)
(from 2025, Director from 2025).
Director: Austal Limited (from 2025).
Senior Advisor: Privatus Capital Partners
(from 2024).
Relevant former directorships held
in last three years include
Former Director: Credit Suisse (Australia)
Limited (2019–2024).
Age 58 years
Residence Sydney, Australia
ChairMember
Richard Gibb
Independent
Non-Executive Director
Qualifications
BMS (Hons), MAppFin
Responsibilities
Non-Executive Director since May 2025.
Alison is a member of the Audit
Committee, People & Culture Committee,
Digital Business and Technology
Committee and Nomination and Board
Operations Committee.
Career
Alison has more than 35 years of
experience in the financial services and
infrastructure sectors. She is an
accomplished director, with a strong
focus on strategic transformation and
digital innovation.
Alison’s executive career began with roles
at Macquarie Bank and HSBC, and she
later became Group Treasurer at Lion in
Sydney. She also contributed as a Visiting
Fellow teaching in the Masters of Applied
Finance program at Macquarie University
for 12 years.
Since transitioning to governance in
2007, Alison has served on several
prominent boards, including ANZ Bank
New Zealand Limited, Kiwibank Limited
(Deputy Chair), NZX Limited, Spark
New Zealand, TVNZ and Vero Insurance.
She was also Founding Chair of online
investment platform, Sharesies.
Alongside her professional roles, Alison is
co-founder of On Being Bold, a platform
promoting women in leadership. Alison is
a Fellow of both the Institute of Directors
in New Zealand and INFINZ.
Relevant other directorships
Chairman: Infratil Limited (from 2022,
Director from 2014).
Director: Air New Zealand Limited
(from 2021).
Relevant former directorships held
in last three years include
Former Chairman: Sharesies Group
Limited (2017–2025).
Former Director: ANZ Bank New Zealand
Limited (2019–2025).
Age 60 years
Residence Queenstown, New Zealand
Member
Alison Gerry
Independent
Non-Executive Director
19
Overview
Operating
environment
Governance
Performance
overview
Remuneration
report
Directors’
report
Financial
report
Shareholder
information

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 has more than 30 years of
financial and public policy experience in
the financial services and infrastructure
sectors. She is also a highly experienced
non-executive director, having served on
the boards of several of Australia’s
leading companies.
Christine was Chief Executive Officer
of GasNet Australia Group, where she
oversaw the company’s operations and
strategic direction during a period of
significant industry reform. She later
became Co-Head of Unlisted
Infrastructure Investments at Colonial
First State Global Asset Management,
under the ownership of Commonwealth
Bank of Australia, managing large-scale
capital projects and long-term
investment portfolios.
In her early career, Christine was a
chartered accountant with Price
Waterhouse and spent eight years in
corporate advisory with Lloyds Corporate
Advisory and Centauras.
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: The Baker Heart &
Diabetes Institute (2013–2023) and
Stockland (2018–2024).
Age 64 years
Residence Melbourne, Australia
ChairMember
Christine O’Reilly
Independent
Non-Executive Director
Qualifications
BA (Hons), MBA
Responsibilities
Non-Executive Director since August
2023. Holly is Chair of the People &
Culture Committee and a member of the
Risk Committee and Nomination and
Board Operations Committee.
Career
Holly has more than 35 years of
international experience in retail,
telecommunications, manufacturing
and digital sectors. She is known for
her expertise in customer-centric
transformation, digital innovation and
building strong workplace cultures.
Holly’s executive career includes leading
Best&Less through a successful
turnaround as the Chief Executive
Officer. She also held senior roles at
Telstra, Pacific Brands and Ford Motor
Company in Australia and the United
States. She has served on a wide range
of major listed and unlisted boards in
both Australia and New Zealand and
has chaired remuneration, sustainability
and audit and risk committees.
Holly is also President of the
Commonwealth Remuneration Tribunal
and was previously Pro Chancellor of
Western Sydney University.
Relevant other directorships
Chairman: McKinnon (from 2024).
President: Commonwealth Remuneration
Tribunal (from 2024).
Director: 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 Director: Abacus Group Holdings
(2018–2022), Endeavour Group Limited
(2021–2023) and Woolworths Group
Limited (2016-2025).
Former Pro Chancellor: Western Sydney
University (2018–2024).
Age 61 years
Residence Sydney, Australia
ChairMember
Holly Kramer
Independent
Non-Executive Director
20ANZ 2025 Annual Report

Qualifications
BCom
Responsibilities
Non-Executive Director since March 2024.
Scott is a member of the Audit Committee,
Risk Committee and Nomination and
Board Operations Committee.
Career
Scott has more than 35 years of
business experience in New Zealand,
particularly in financial markets. Scott
continues to bring his strategic
leadership to New Zealand’s corporate,
philanthropic and educational sectors.
Scott’s executive leadership spanned
15 years as Chief Executive Officer of
First NZ Capital (now Jarden), where he
oversaw significant growth and market
development. During his tenure, First NZ
Capital incubated several businesses both
onshore and offshore that grew into
meaningful enterprises.
He has played an important role in shaping
New Zealand’s financial regulatory
landscape, participating in the Capital
Markets Development Taskforce, Financial
Markets Authority Establishment Board
and chairing the Securities Industry
Association. He is also a member of the
Australian Institute of Company Directors
ASX Chairs Forum. Scott is a Fellow of
INFINZ, Chartered Fellow of the Institute of
Directors in NZ and Member of Chartered
Accountants Australia & New Zealand.
From 2017 to 2021, Scott served as
Chancellor of the University of Auckland,
having also been a member of the
University Council from 2009.
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 has more than 30 years of experience
across the telecommunications, financial
services, manufacturing and energy
sectors. Known for his expertise in aligning
technology with business outcomes,
Jeff has a keen focus on innovation,
digital transformation and building agile,
collaborative cultures.
Jeff’s executive roles include Chief
Information Officer at IBM Corporation,
where he was globally responsible for IT
strategy, resources, systems and
infrastructure and the company’s agile
transformation. He also held senior
positions at Telstra, Honeywell, Toyota and
Suncorp Group, where he was both Chief
Information Officer and Chief Executive
Officer of Suncorp Business Services. He
later served as Executive Vice President
and Chief Operating Officer at World Fuel
Services Corporation, guiding digital
transformation and operational
modernisation initiatives.
He has also advised technology firms such
as Zoom Video Communications and Box,
Inc. In public service, Jeff contributed to
the Australian Fulbright Commission and
was a member of ANZ’s International
Technology and Digital Business Advisory
Panel from 2016 to 2019.
Relevant other directorships
Director: ANZ Group Services Pty Ltd
(from 2022), Sonrai Security Inc (from
2021) and Pexa Australia Limited
(from 2023).
Advisor: World Fuel Services (from 2023).
Age 61 years
Residence New Zealand
Member
Scott St John
Independent
Non-Executive Director
Age 63 years
Residence USA
ChairMember
Jeff Smith
Independent
Non-Executive Director
21
Overview
Operating
environment
Governance
Performance
overview
Remuneration
report
Directors’
report
Financial
report
Shareholder
information

Qualifications
BEc(Hons)
Responsibilities
Non-Executive Director since February
2023. Graham is a member of the ANZBGL
Audit Committee and Risk Committee.
Career
Graham has more than 40 years of
experience in banking, public policy and
corporate governance. His focus has
consistently been on operational
excellence, stakeholder engagement
and strategic transformation, particularly
during periods of structural change.
Graham’s career began at the Australian
Commonwealth Treasury in Canberra,
before being seconded to the International
Monetary Fund (IMF) in Washington, D.C.
He joined ANZ in 1991, embarking on a
27-year career that saw him in a
succession of senior leadership roles,
including Deputy Chief Executive Officer,
Chief Executive Officer Australia Retail,
Managing Director Corporate Banking
Division and Chief Executive Officer
New Zealand.
While at ANZ, he was also a Director of
ANZ National Bank Limited responsible
for the running of ANZ Group’s New
Zealand business.
Graham previously chaired key ANZ
entities such as the ANZ Special Assets
Management (SAM) Board, Esanda and
ANZ Wealth, and served on the Australian
Government’s Aged Care Financing
Authority, contributing to policy on
aged care funding.
Relevant other directorships
Chairman: Regis Healthcare Limited
(Director from 2017, Chairman from 2018).
Director: Assemble Communities
(from 2017).
ANZBGL Directors
The Board of ANZBGL (the Bank) meets concurrently with the Board of ANZGHL
(the non-operating holding company). The Board of ANZBGL is comprised of
the same Directors as the Board of ANZGHL, with the exception of 2 additional
Independent Directors on the Board of ANZBGL, whose details are set out below.
Age 70 years
Residence Melbourne, Australia
Member
Graham Hodges
ANZBGL Independent
Non-Executive Director
Qualifications
BBus, CPA
Responsibilities
Non-Executive Director since February
2024. John is a member of the ANZBGL
Audit Committee and Risk Committee.
Career
John has more than 35 years of experience
in banking and financial services. During
his career, he has built, managed,
optimised and supervised businesses
servicing corporate, institutional, private
and retail customers. His business
experience includes sales and trading,
corporate and investment banking, and
asset and private wealth management.
John also brings deep expertise in risk
management, strategy, transformational
change, finance, governance, regulation,
operations and technology. He has served
much of his career as a Company Director
and Accountable Executive with significant
statutory and regulatory responsibilities.
During his 25-year career at Deutsche
Bank, John held the roles of Deputy Chief
Executive Officer, Chief Operating Officer
and Chief Risk Officer. He more recently
was one of the founders of Barrenjoey
Capital Partners, also serving as a
non-executive Director and Chair of
the Audit Committee there.
Relevant other directorships
Director: Norfina Limited (Suncorp Bank)
(from 2024) and ASX Clearing and
Settlement Boards (from 2025).
Relevant former directorships held
in last three years include
Former Director: Barrenjoey Capital
Partners Group Holdings Pty Limited
(2020–2024).
Age 59 years
Residence Sydney, Australia
Member
John Cincotta
ANZBGL Independent
Non-Executive Director
22ANZ 2025 Annual Report

Simon Pordage
Position
Company Secretary
Qualifications
LLB (Hons), FGIA, FCG (CS, CGP)
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 Policy and Advocacy
Committee. Simon is committed to
the promotion and practice of good
corporate governance, and regularly
presents on governance.
Ken Adams
Position
Group General Counsel
Qualifications
BA, LLB, LLM
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.
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.
23
Overview
Operating
environment
Governance
Performance
overview
Remuneration
report
Directors’
report
Financial
report
Shareholder
information
Overview
Operating
environment
Governance
Performance
overview
Remuneration
report
Directors’
report
Financial
report
Shareholder
information

Nuno Matos
Chief Executive Officer
(appointed CEO on
12 May 2025)
Joined the Executive
Committee on
12 May 2025
Executive Committee
Michael Bullock
Group Executive
Technology & Group
Services (Acting)
Joined the Executive
Committee on
5 August 2025
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
Farhan Faruqui
Chief Financial Officer
(appointed CFO on
11 October 2021)
Joined the Executive
Committee on
1 February 2016
Elisa Clements
Group Executive
Talent & Culture
Joined the Executive
Committee on
9 October 2023
24ANZ 2025 Annual Report

Bruce Rush
Group Executive
Australia Retail
(Acting)
Joined the Executive
Committee on
2 July 2025
Pedro Rodeia
Group Executive Australia Retail
(effective 17 November 2025)
Donald Patra
Group Chief Information Officer
(effective 24 November 2025)
Christine Palmer
Group Chief Risk Officer
(effective 1 December 2025)
Stephen White
Group Executive Operations
Joined the Executive Committee
on 29 October 2025
Antonia Watson
Group Executive
and CEO
New Zealand
Joined the Executive
Committee on
17 June 2019
Mark Whelan
Group Executive
Institutional
Joined the Executive
Committee on
20 October 2014
Full biography details can
be found on our website
at anz.com/exco
Upcoming changes
Joined since
30 September 2025
25
Overview
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environment
Governance
Performance
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Financial
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Shareholder
information

Risk management
At ANZ, risk management is a foundational pillar
that enables us to deliver on our purpose: to shape
a world where people and communities thrive. In
an increasingly complex and dynamic environment,
we recognise that our ability to identify, assess,
and manage risk is critical to delivering on customer
commitments, maintaining trust, protecting our
stakeholders, and achieving sustainable growth.
Our Risk Management Framework (RMF)
Aligned with APRA’s CPS 220 standard, our Risk Management
Framework (RMF) is designed to support ANZ’s strategic objectives.
It is acknowledged that the risk management framework will be
updated and strengthened, including to better reflect the
importance of non-financial risks as part of the RCRP.
In April 2025, ANZ confirmed it had
entered into a court enforceable
undertaking (CEU) with the Australian
Prudential Regulation Authority (APRA)
for matters relating to Non-financial risk
management practices and risk culture
across the Group.
On 30 September 2025, ANZ submitted
its Root Cause Remediation Plan (RCRP)
to APRA as required by the CEU.
We acknowledge that our risk culture
and management of non-financial risk
is not where it needs to be nor what our
regulators legitimately expect from us.
We are committed to addressing that
and making a sustainable step-change
in risk culture and non-financial risk
management, supported by strong
execution disciplines, creating a more
resilient, stronger ANZ for our customers,
our shareholders, our people, and the
communities we operate in.
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. These help identify, monitor and
manage our material risks. We categorise
these material risks as financial, non-
financial and strategic risks. Further detail
on how ANZ manages financial risk is
provided in Note 18 of the Financial Report.
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:
•
The R
isk Management Strategy
(RMS) outlines how risk management
supports the Group’s purpose and
strategy, the responsibilities of the
Group Chief Risk Officer and the
risk function, and the values and
behaviours that guide risk decision-
making. The RMS describes each
material risk and how it is managed,
including policies, standards, and
procedures. It also details how risks
are identified, measured, evaluated,
monitored, reported, and controlled
or mitigated, along with the oversight
mechanisms and committees in place.
•
The R
isk Appetite Statement (RAS),
articulates 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.
•
The G
roup Strategic Planning Process
outlines the approach to implementing
ANZ Group’s strategic objectives,
considering the Material Risks the
Bank might have to navigate to
achieve its goals.
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.
26ANZ 2025 Annual Report

Principal Board

Committees
Audit
Committee
Risk
Committee
Digital Business
and Technology
Committee
Nomination and
Board Operations
Committee
People & Culture
Committee
Board of Directors
Executive Committee
ANZ’s most senior executives meet regularly to discuss
performance and review shared initiatives.
Enterprise
Accountability
Group
Group
Division
Country
Credit Ratings
System
Oversight
Committee
Capital and
Stress Testing
Oversight
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
Climate &
Environment
Committee
Investment
Committee
Group
Executive People
Committee
Divisional/
Functional
Accountability
Groups
Divisional
Initiatives Review
Committees/
Project Advisory
Councils
Divisional Risk Management
Committees
Key Management Committees
27
Risk management is operationalised
using the Three Lines-of-Defence Model.
Each line of defence has defined roles,
responsibilities and escalation paths to
support risk management at ANZ.
The first line of defence, comprising
business and enablement functions,
manages day-to-day risks and controls.
The second line, the Risk function,
provides independent oversight and
challenges decisions affecting the
Group’s risk profile. Internal Audit, the third
line, offers independent evaluation and
assurance on the effectiveness of the
Group’s RMF.
Suncorp Bank currently operates an
independent RMF. Suncorp Bank’s Risk
Management Framework (RMF) will be
retired and will be transitioned to the ANZ
RMF once migration is complete.
27
Overview
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information

Our risk culture
Risk culture is an important part
of our organisational culture,
influencing decision-making
through shared values, behaviours,
and practices. Our Risk Principles
form an important part of the RMF
by guiding risk management and
fostering an appropriate risk culture
across the Group.
Despite our strong focus on risk
culture there is still a requirement for
further improvement. Our expectations
for continuous improvement in risk culture
have not been met in key businesses
across the Group. ANZ has committed
under the RCRP to reviewing and
strengthening our approach to risk
culture, to support the Group to meet
the evolving expectations of our
customers our shareholders, the
community and regulators.
Risk culture is driven across the Group
through completion of risk culture plans,
awareness activities and delivery of the
Group wide non-financial risk framework.
Divisional and Functional level maturity
assessments assist the Board to form a
view of ANZ’s overall risk culture annually.
Risk culture is embedded in performance
and remuneration (see the Remuneration
Report), and recognition programs such
as Risk Role Models.
External Environment
The Groups’ financial performance is
closely linked to the political, economic
and financial conditions in the markets
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 that
impact economic stability, regulatory
environments and financial markets.
Geopolitics
ANZ faces a more complex, dynamic,
and challenging geopolitical environment
across its 29 markets. Sweeping and
uncertain US trade policies have upended
trade norms, and triggered market
volatility. Meanwhile, intensifying US–
China rivalry is driving economic security
concerns and accelerating supply chain
decoupling – particularly in technology,
critical minerals, and advanced
manufacturing. Conflicts in the Middle East
and Ukraine persist and continue to pose
escalation risks. But despite facing the
highest geopolitical risk in decades, supply
chains have proven surprisingly agile, and
the international system continues to show
resilience in managing risk events.
ANZ was the first major Australian bank
to establish a dedicated Geopolitical Risk
function and continues to build upon this
to manage compounding and evolving
geopolitical risks. To support our business,
Geopolitical Risk has increased the pace
of assessments and advice this year.
This includes more briefings to clients
and expanded engagement across the
bank to uplift geopolitical understanding.
The team continues to provide quarterly
updates to key senior risk committees,
works closely with Country Risk and
in-country teams to monitor regional
flashpoints, and coordinates with the
ANZ Fusion Cell, an internal group that
manages crisis response, by providing
timely, relevant strategic assessments and
consolidating internal communication of
existing risks.
Scams
ANZ continues to invest in measures to
protect customers and the community
from scams and other financial crimes.
In 2025, ANZ prevented and recovered
more than $220 million
1
in scam and
fraud related funds.
Our latest measures for ANZ customers
(Classic and Plus) include the launch of
Digital Padlock and Confirmation of
Payee. Digital Padlock gives ANZ
customers the ability to instantly lock
down access to their accounts if they
suspect they are being targeted by
cybercriminals. Confirmation of Payee
empowers customers to verify the payee
details, by confirming whether the
account name matches the details held
by the receiving bank.
ANZ also partnered with other major
banks to develop the world’s first inter-
bank fraud and scams intelligence-sharing
network, BioCatch Trust. This provides
ANZ with a real-time risk score of a
receiving bank on the Trust network,
enhancing our ability to detect complex
scam typologies, while reducing friction
for legitimate customers.
For ANZ Plus customers, we introduced
the Call Safe feature, which helps
customers and service teams verify the
identity of the person they are speaking
to before discussing personal or sensitive
information, or taking certain actions on
their behalf.
Education was a continued focus.
ANZ’s financial education program
MoneyMinded established a customer
referral pathway for repeat and
entrenched scams victims to access
a free scams financial education
workshop. We published new content
on ANZ’s security hub on anz.com to
enhance customer understanding of
common scam types and cyber threats,
and we engaged customers through
personalised scams education
messages across our digital channels.
Technological Disruptions
and Change
ANZ serves a diverse set of customers
across retail, commercial, institutional, and
financial sectors, delivering tailored digital
channels and products in 29 markets. The
financial landscape is rapidly evolving due
to regulatory change, industry innovation,
and shifting customer expectations,
accompanied by increased technology
and geopolitical risks. In response, ANZ
prioritises operational resilience, customer
protection and robust compliance. Our
emphasis on meeting APRA’s CPS230
standard demonstrates ANZ’s internal
resilience, and our leadership in payments
industry collaboration on resilience reflects
our commitment to maintaining payments
network continuity and confidence.
Operating within a complex environment
dependent on technology; critical
infrastructure; financial networks and
vendors, ANZ continues to advance
digitisation, automation and customer
protections. Across Asia, our Transactive
Global roll out has driven digital
transformation, improved fraud detection
and driven simplification whilst improving
non-financial risk across the region.
Across the Pacific we have improved
customer access to digital and faster
payments. In Australia and New Zealand
we continue investment in uplifting
anomaly detection, recoverability and
resilience at the same time as delivering
enhanced fraud and scam detection.
Across all our solutions, we focus on
resilience by design to anticipate and
withstand disruptions, further
strengthening our operational resilience.
1. includes ANZ Plus, ANZ Classic, ANZ Bank New Zealand and Suncorp Bank.
28ANZ 2025 Annual Report

The material risks facing the Group, and how these risks are managed, are summarised below.
Risk type
DescriptionManaging 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 cou
nterparty failing to fulfil its
obligations; or
•
a dec
rease in credit quality of a
counterparty resulting in a deterioration
of value.
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:
•
rep
aying depositors or maturing
wholesale debt; or
•
the G
roup 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:
•
cha
nges in interest rates, foreign
exchange rates, credit spreads, volatility,
correlations; or
•
fluctuations in bond, commodity or
equity prices.
We have a detailed market risk management and control
framework which includes incorporating an independent
risk measurement approach to quantify the magnitude of
market risk within the trading and balance sheet
portfolios. This approach 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
The risk that ANZ may not achieve its key
strategic objectives due to ineffective
adaptation to changes in the operating
environment undermining the bank’s
capacity to pivot or refine strategies in
response to evolving conditions.
ANZ’s strategic risk management is underpinned by a
rolling three-year business plan, updated annually to
remain responsive to a changing environment. This plan
is informed by structured analysis and reviewed by risk,
Group Strategy and Executive Committee to ensure
alignment with ANZ’s risk appetite and long-term goals.
Regular reviews of strategic objectives and market
conditions support ongoing alignment and adaptability.
Insights from these processes are presented to the
Board to guide strategic decision-making.
Material risks
29
Overview
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report
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information

Risk type
DescriptionManaging the risk
Climate risk
The financial and non-financial risks arising
from climate change including:
•
Phy
sical 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;
•
Tra
nsition risk – arising from the transition
to a lower emissions economy, including
changes in domestic and international
policy and regulatory settings, technological
innovation, social adaptation and market
changes; or
•
Lia
bility 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.
We continue to integrate and embed climate risk within
our Risk Management Framework.
While climate risk can be a driver of credit risk through
lending to our customers, it may also result in other
financial risks.
Climate risks is also considered to be a driver of other
material risks within our RMF.
Climate-related financial and non-financial risks are
managed through the risk management strategies
associated with these risks.
Financial crime risk
The risk of facilitating financial crime
including non-compliance with ANZ policies,
or regulatory expectations. It includes the
following non-financial risk themes:
Financial Crime – The risk of facilitating
money laundering, terrorism financing,
sanctions evasion, or bribery and
corruption events.
Internal Fraud – Fraud/theft attempted or
perpetrated by an internal party (or parties)
(i.e. an ANZ employee or contingent worker,
including instances where an employee is
acting in collusion with external parties).
External Fraud – Fraud attempted or
perpetrated without the deliberate
involvement of an ANZ employee or
contingent worker.
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-Money Laundering/Counter
Terrorism Financing Sanctions, Anti-Bribery & Anti-
Corruption and Anti-Fraud Programs and Policies.
This allows ANZ to deliver detection, investigative and
intelligence capability focused on identifying, mitigating,
and managing financial crime risk to help protect the
community. We continue to maintain our partnership
with the Australian Transaction Report and Analysis
Centre (AUSTRAC) Fintel Alliance and through
membership of the Financial Crime Prevention Network
in New Zealand to increase the resilience of the financial
sector to prevent exploitation by criminals, and support
investigations into serious crime and national security.
30ANZ 2025 Annual Report

Risk type
DescriptionManaging the risk
Compliance &
conduct risk
The risks of legal or regulatory actions,
material financial loss, or loss of reputation
caused by ANZ failing to:
•
comp
ly with laws, regulations, prudential
standards, licences, codes or policies;
•
appropr
iately manage customer interests
and market integrity.
It includes the non-financial risk themes of
conduct and regulatory risk.
ANZ manages compliance and conduct risks pursuant
to ANZ’s Risk Management Strategy, ANZ Non-Financial
Risk Framework and related policies.
Resilience risk
The risk of material adverse impacts of
operational disruption events on ANZ Group,
its customers, and the financial system. It
includes the non-financial risk themes of
operational resilience, data, third party,
technology and information security
(including cyber).
ANZ manages resilience through our Non-Financial Risk
Framework supported by resilience policies, standards and
procedures designed to protect critical operations to
safeguard customer interests and uphold financial stability.
The framework covers the approach to business continuity
and incident response management, and incorporates key
controls such as risk assessments, scenario testing, and
crisis management protocols. The framework is regularly
reviewed to reflect emerging threats, operational
dependencies, lessons learned from real events, regulatory
expectations, and industry best practices.
Specifically, data risk is governed to ensure accuracy,
integrity, and ethical use; information security and cyber risk
are mitigated through layered controls, continuous
monitoring, and enhanced cyber resilience strategies to
defend against threats like AI-enabled attacks; operational
resilience is maintained by identifying critical services and
ensuring continuity within defined tolerance through
monitoring, continuity planning and testing and Third Party
Risk Management Framework; and technology risk is
managed by focusing on information technology (IT)
systems resilience, stability, and secure change processes
aligned with regulatory expectations.
Operational risk
The risk of loss resulting from inadequate or
failed internal processes, people, systems,
or from external events. This includes the
non-financial risk themes of model, physical
security, transaction processing, people,
legal, statutory reporting and tax, and
change execution.
The management of operational risk is prescribed in the
Non-Financial Risk Framework, which ANZ continues to
review and evolve to ensure that it supports the delivery of
consistent processes and repeatable outcomes for ANZ
customers. There is an increased focus on change
execution risk which refers to the risk that change
initiatives may fail to deliver intended outcomes due to
breakdowns in planning, delivery, stakeholder
engagement, and adoption. This risk is linked to the
Group’s strategic priorities. The Group is adjusting its risk
taxonomy to ensure risk management, governance, and
oversight are concentrated where they are most needed.
For further information about the principal risks and uncertainties
that the ANZBGL Group faces, refer to Principal Risks and
Uncertainties section contained within the ‘2025 United Kingdom
Disclosure and Transparency Rules Submission’ available at
anz.com/shareholder/centre/reporting/regulatory-disclosure
31
Overview
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Improving Non-Financial risk management
Non-Financial Risk
Management
Strengthening non-financial risk (NFR)
management is a strategic imperative
for ANZ to protect customers, enable
resilient operations, and sustain trust
in the bank’s integrity.
Robust NFR management practices
underpin a strong, resilient bank that
delivers for all customers, and therefore
for shareholders. We acknowledge our
existing NFR management practices
have not always met expectations and
recognise we have more work to do to
uplift our management of NFR and to
improve risk culture across the bank.
Regulatory Oversight
ANZ’s NFR management is a key
priority for its core regulators.
On 3 April 2025, the bank confirmed
it had entered a court enforceable
undertaking (CEU) with APRA for matters
relating to NFR management practices
and risk culture across the Group. In
addition to accepting the CEU, APRA
required that ANZ to hold a further
operational risk capital overlay of $250
million, taking ANZ’s total operational risk
capital overlay to $1 billion.
ANZ’s response to the CEU
As part of the CEU agreed with APRA,
ANZ appointed an independent reviewer
to identify root causes and behavioural
drivers of shortcomings in ANZ’s NFR
management practices and risk culture.
The enterprise-wide review informed
the development of ANZ’s Root Cause
Remediation Plan (RCRP) which was
submitted to APRA on 30 September 2025.
The RCRP includes a defined set of Target
States and outlines deliverables across
seven core workstreams including
Governance, Accountability and Operating
Model, NFR Framework and Processes,
Culture, Performance and Remuneration,
Capabilities, and Data and Systems.
The RCRP was approved by APRA on
7 November 2025. Its approval marks
the next phase in the delivery of our
obligations under the CEU.
Delivering on the RCRP
ANZ has an opportunity to improve the
way it operates to ensure it is providing
customers a simple, efficient, and reliable
service that meets their needs, keeps its
promises, and consistently delivers the
experience they should expect from ANZ.
ANZ expects to spend approximately
$150 million on implementing the plan
required under the RCRP in 2026.
This will be funded by de-prioritising
other initiatives.
Delivering on the RCRP is a multi-year
process. This work will take approximately
three years with the first year dedicated
to design, followed by two years to
implement and embed.
ANZ will emerge a stronger, confident
organisation with solid risk management
and customers at its core.
ANZ have appointed Promontory to
provide independent assurance of its
progress against the RCRP and reports
outlining progress will be available on
anz.com.
Establishment of an
Enterprise NFR Program
To lead the bank in its NFR uplift and
response to the CEU, ANZ has established
an Enterprise NFR Program, Program PACT
(People, Accountability, Customers
and Trust).
Program PACT, alongside the prioritisation
of Critical Risk Programs (CRPs) like the
Retail ASIC matters and Global Markets
remediation responses, reflects a
commitment to deeply embed NFR
frameworks, governance (see "Settlement
of ASIC investigation" section on page 33),
practices and behaviours that improve
customer outcomes by driving sustainable
business outcomes and risk ownership
- underpinned by a proactive culture and
disciplined execution.
Over the next three years, the focus
of Program PACT is on demonstrating
that our approach to NFR management
is embedded and sustainable. It will be
measured not by task completion but
proof of:
Behavioural adoption
Reinforce a culture where risk is
proactively managed, and where
divisional leaders are empowered
- and expected - to own and
prioritise NFR management.
Governance maturity
Strong governance is the bridge
between intent and action. ANZ
is committed to ensure that the
systems, frameworks, and controls
introduced – not only for the
Enterprise NFR Program – are
consistently maintained and applied
to other programs across the bank.
Outcome delivery
Following behavioural change and
governance, ANZ committed to
deliver the intended outcomes and
demonstrate impact. ANZ needs
to do what it said it will do–on time,
to standard, and with external
validation from the Independent
Reviewer and APRA.
Continuous improvement
Across the bank, ANZ will be able to
consistently identify, detect, improve
on and fix NFR deficiencies.
32ANZ 2025 Annual Report

ANZ's relationship
with  Regulators
ANZ has relationships with
more than 800 regulatory bodies
globally. These bodies play an
important role in enabling
financial stability, protecting
consumers, preventing fraud and
maintaining trust in the financial
system. ANZ is committed to
dealing with regulatory bodies
in an open, constructive and
cooperative way.
Responding to the CEU
ANZ’s response to the CEU
has culture at its core. Its
commitment extends beyond
the design, implementation,
and embedding of a
framework and system. It
encompasses critical focus
areas such as leadership,
NFR capability, and a
strengthened control and
process environment – all
of which is underpinned by
the enterprise-wide cultural
change the CEU requires.
The program is business
owned and led.
Settlement of ASIC investigation
On 15 September 2025, ANZ
announced it had reached an
agreement with Australia’s
financial regulator, ASIC, to resolve
five regulatory investigations into
our Australian Markets business
(Institutional) and Australia
Retail division.
Under the agreement, which is
subject to Federal Court approval,
ANZ has agreed to pay a total penalty
of $240 million. ANZ is undertaking
specific remediation programs in both
its Australia Retail division and Australian
Markets business, which have
interdependencies with the broader
matters covered under the APRA CEU.
Australia Retail
The agreement covers three key issues:
1. Hardship support – Some customers
didn’t receive timely support when they
were struggling financially, because ANZ
didn’t respond within required timeframes.
2. Deceased estates – ANZ didn’t always
respond to families in a timely way, and
some accounts were charged fees after
a customer had passed away.
3. Online Saver accounts – Some eligible
customers missed out on bonus interest
they were promised due to system and
process errors, and ANZ didn’t always
show correct rates on its application form.
Markets
The penalty for our Markets business
relates to two separate issues:
1. Role as Duration Manager for an
AOFM Bond Issuance
•
ANZ w
as appointed by the Australian
Office of Financial Management (AOFM)
to act as the ‘Duration Manager’ for
a large bond issuance in April 2023.
•
ANZ agreed with ASIC that in its role as
Duration Manager, it didn’t adequately
communicate with the AOFM about the
intended manner of its trading or the
progress of its hedging activity, given
the timing and manner of ANZ’s trading.
This was unconscionable conduct.
•
ANZ a
lso failed to accurately report to
the AOFM after the transaction and in
doing so, made false or misleading
representations and agreed that in
carrying out its role as Duration
Manager, ANZ breached some of
its licence obligations.
•
ASIC has not alleged that ANZ engaged
in market manipulation or over-hedging
on the AOFM issuance. All of ANZ’s
trading as Duration Manager was to
hedge the risk borne by it in connection
with our role.
2. Incorrect data Reporting
ANZ provided inaccurate monthly
secondary bond turnover data to the
AOFM over a period of almost two years
and made a false annual attestation to the
AOFM about that data. ANZ also failed to
comply with its breach reporting
obligations in relation to the inaccurate
data reporting.
33
Overview
Operating
environment
Governance
Performance
overview
Remuneration
report
Directors’
report
Financial
report
Shareholder
information

Environmental sustainability remains one
of the highest priority issues identified by
our stakeholders, in terms of both risks
and opportunities.
Improving non-financial risk was highlighted in
response to the court enforceable undertaking
with the Australian Prudential Regulation
Authority (APRA) and resolution agreement with
the Australian Securities and Investments
Commission (ASIC).
Ethics, conduct and culture, which
remains top of mind for stakeholders,
particularly the importance of trust.
Financial wellbeing, for customers and the
broader community, was noted as integral
to the role of a bank.
Housing was identified by many of our
stakeholders as a long-term issue of
profound impact.
Responsible customer engagement,
such as the need for ANZ to support
customers, including those experiencing
financial hardship.
Our approach to ESG
What matters most to our stakeholders
We conducted a materiality assessment this year to engage with internal and external
stakeholders to seek to identify and assess our most material ESG issues. The results help
inform our business practices, ESG targets and key topics in our external ESG reporting.
Our ESG approach supports our purpose, focusing on responding to our seven
most material ESG issues identified through this assessment.
Detailed information on our approach to ESG
governance, our approach to the identification
and prioritisation of our material ESG issues, and
performance against our ESG targets can be
found in our 2025 ESG Report.
Our 2025 ESG Data and Frameworks Pack
includes key ESG metrics and comparative
performance data, and reporting against
international ESG standards and frameworks.
Our ESG reporting suite, which includes our 2025
Climate Report, is available at anz.com/esgreport
Information security, encompassing cyber
security and financial crime, was raised by many,
including the potential for cyber threats to cause
reputational damage and the rapidly evolving and
sophisticated nature of scams.
34ANZ 2025 Annual Report

Our approach to climate
and environment
For further information on our approach to climate change, refer to the 2025 Climate Report, which sets out the actions we
have progressed and how we have been supporting our customers’ transition. It has been prepared in accordance with the
recommendations of Task Force on Climate-related Financial Disclosures 2021 and is available at anz.com/esgreport.
Under the Corporations Act 2001 (Cth), Australian Sustainability Reporting Standard AASB S2 - Climate-related Disclosures
(the Australian equivalent of IFRS S2) will apply to ANZGHL for the financial year commencing 1 October 2025.
The report also contains important notices about the uncertainties, challenges and risks associated 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.
Society is responding to the shared
challenge of creating a pathway to
net-zero emissions. To achieve the Paris
Agreement goals, increased levels of
investment and lending will be needed
from businesses, governments and
financial institutions. Our vision at ANZ
is to finance a sustainable transition.
We have established three core
ambitions, supported by four action
pillars that bring together the themes of
the steps we are taking to deliver on our
ambitions. These ambitions and action
pillars are supported by having specific
focus areas and prioritised action plans
for our Institutional, Australia Commercial,
Australia Retail and New Zealand divisions
that we commenced implementing
aspects of this year.
Our C&E Strategy ambition is supported
by our Climate Change Commitment
1
of
transitioning our lending portfolio to net
zero financed emissions, reflecting where
we can have the most significant impact.
We estimate our lending to Institutional
customers contributes approximately
two-thirds of our total financed emissions.
The remaining financed emissions arise
from our lending to our commercial and
retail customers. Our Climate Change
Commitment will be available prior to
our Annual General Meeting at
anz.com/climate-change.
Our C&E Strategy forms the basis for
our approach to transition planning,
including how we plan to support an
effective and orderly transition for our
large business customers. The actions
under our C&E Strategy demonstrate our
progress towards credible transition
planning. We acknowledge that ongoing
work is required to satisfy a robust and
well-developed transition plan.
We continue to evolve our approach
to enable us to deliver our C&E
Strategy ambitions.
Our Climate and Environment Strategy (C&E Strategy) 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.
Financing a sustainable transition
Vision
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
Ambition
Understanding risks
and opportunities
Building capability
and capacity
Driving customer
engagement
and propositions
Collaborating with
stakeholders to support
the transition
Action
pillars
1. The Climate Change Commitment excludes Suncorp Bank and ANZ Bank New Zealand.
35
Overview
Operating
environment
Governance
Performance
overview
Remuneration
report
Directors’
report
Financial
report
Shareholder
information

Five-year summary
Performance overview

1
Five-year summary

2025 2024 2023
7
2022 2021

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

Net interest income 17,961 16,069 16,574 14,874 14,161
Other operating income 3,938 4,740 4,331 3,673 3,286
Operating expenses (12,880) (10,741) (10,139) (9,579) (9,051)
Profit before credit impairment and income tax 9,019 10,068 10,766 8,968 8,396
Credit impairment (charge)/release (441) (406) (245) 232 567
Income tax expense (2,750) (2,902) (3,080) (2,684) (2,764)
Non-controlling interests (41) (35) (28) (1) (1)
Cash profit from continuing operations
1,2
5,787 6,725 7,413 6,515 6,198
Cash profit/(loss) from discontinued operations
1,2
- - - (19) (17)
Cash profit
1
5,787 6,725 7,413 6,496 6,181
Adjustments to arrive at statutory profit
1
104 (190) (307) 623 (19)
Profit attributable to shareholders of the Company 5,891 6,535 7,106 7,119 6,162
Financial position
Gross loans and advances 833,330 807,057 710,590 675,989 633,764
Total assets 1,297,108 1,229,115 1,105,643 1,085,729 978,857
Customer Deposits 748,057 715,211 647,119 620,429 593,582
Net assets 71,867 70,628 70,017 66,401 63,676
CET1 12.0% 12.2% 13.3% 12.3% 12.3%
CET1 – Basel Harmonised
3
17.6% 17.6% 19.7% 19.2% 18.3%
Return on average ordinary equity (statutory)
4
8.2% 9.4% 10.5% 11.4% 9.9%
Return on average tangible equity (cash)
1,5
8.8% 10.3% 11.6% 11.1% 10.6%
Cost to income ratio (cash)
1
58.8% 51.6% 48.5% 52.0% 52.2%
Shareholder value – ordinary shares
Total return to shareholder 15.1% 27.0% 20.0% -14.0% 70.7%
Market capitalisation 99,100 90,800 77,116 68,170 79,483
Dividend (cents) 166 166 175 146 142
Franked portion – interim 70% 65% 100% 100% 100%
– final 70% 70% 56% 100% 100%
Share price – high (dollars) $34.09 $31.94 $26.08 $28.98 $29.64
– low (dollars)
$26.22 $23.90 $22.39 $20.95 $16.97
– closing (dollars)
$33.21 $30.48 $25.66 $22.80 $28.15
Share information (per fully paid ordinary share)

Earnings per share (cents) (statutory) 198.2 217.9 237.1 250.0 215.3
Dividend payout ratio (statutory) 83.9% 76.0% 74.0% 59.3% 65.3%
Net tangible assets per ordinary share
6
$21.91 $21.60 $21.77 $20.75 $21.09
No. of fully paid ordinary shares issued (millions)
2,984 2,979 3,005 2,990 2,824
DRP issue price - interim $28.89 $28.37 $23.55 $25.52 $27.91
DRP issue price - final
- $31.81 $24.34 $24.51 $27.68
Other information

No. of employees (full time equivalents) 42,698 42,370 40,342 39,381 40,221
No. of shareholders 483,272 500,169 530,601 541,788 534,166

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. Refer to page 40
for further information. 2
2.. The Group sold the 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.. 2025, 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.
. Average tangible equity excludes non-controlling interests, goodwill and other intangible assets. 6.. Net assets less total non-controlling interests,
goodwill and other intangible assets, divided by the number of ordinary shares. 7.
. On 1 October 2023, the Group adopted AASB 17 Insurance Contracts and restated 2023 comparative
information. 2022 and 2021 comparative information has not been restated.
36ANZ 2025 Annual Report

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37
Overview
Operating
environment
Governance
Performance
overview
Remuneration
report
Directors’
report
Financial
report
Shareholder
information

Performance overview

38
The results of the Group’s operations and financial position are set out on pages 38-51. Pages 10-15 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 26-33.
Discussion or disclosure of further business strategies and prospects for future financial years have 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

2025 2024

Statutory Cash Statutory Cash
Income Statement $m $m $m $m
Net interest income 17,961 17,961 16,069 16,069
Other operating income 4,225 3,938 4,478 4,740
Operating income
22,186 21,899 20,547 20,809
Operating expenses (13,023) (12,880) (10,741) (10,741)
Profit before credit impairment and income tax
9,163 9,019 9,806 10,068
Credit impairment (charge)/release (441) (441) (406) (406)
Profit before income tax
8,722 8,578 9,400 9,662
Income tax expense (2,790) (2,750) (2,830) (2,902)
Non-controlling interests
(41) (41) (35) (35)
Profit attributable to shareholders of the Company
5,891 5,787 6,535 6,725
Statutory profit attributable to shareholders of the Company decreased $644 million (10%) to $5,891 million. Statutory return on tangible equity
decreased 110 bps to 8.9% and statutory earnings per share decreased 19.7 cents to 198.2 cents.
The Group uses cash profit, a non-IFRS measure, to assess the performance of its business activities and enable 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 40 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 2025 Financial Report. Cash profit is not subject to audit by the external
auditor. A number of intangible assets were recognised as part of the Suncorp Bank acquisition accounting and the amortisation of these
intangible assets is treated as a cash profit adjustment from 2025. Except for this new item, the 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 Norfina Limited (formerly known as
Suncorp-Metway Limited, and trading as Suncorp Bank).
As a result of this, 2025 and 2024 include 12 months and 2 months results respectively. 2024 results also include 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 collectively
assessed credit impairment 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.
During 2025, the Group completed its purchase price allocation (PPA) to identify and measure the assets acquired and liabilities assumed at
acquisition date. The significant adjustments to provisionally determined balances arising from the PPA exercise included the recognition of core
deposit and brand intangible assets, fair value adjustments to gross loans and advances to reflect changes in interest rates and credit since loan
origination, provisions for contingent liabilities and related indemnities and related deferred tax balances with a corresponding decrease to
goodwill of $56 million from the provisional goodwill disclosed at 30 September 2024. The final goodwill balance of $1,346 million is attributable
to the assembled workforce and expected synergies arising from the economies of scale from the integration and consolidation of platforms and
funding benefits.
The impacts on the 2024 provisional balances are disclosed in Note 35 Suncorp Bank acquisition. Prior period has not been restated.

38ANZ 2025 Annual Report
Performance overview
38ANZ 2025 Annual Report

Performance overview

38
The results of the Group’s operations and financial position are set out on pages 38-51. Pages 10-15 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 26-33.
Discussion or disclosure of further business strategies and prospects for future financial years have 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

2025 2024

Statutory Cash Statutory Cash
Income Statement $m $m $m $m
Net interest income 17,961 17,961 16,069 16,069
Other operating income 4,225 3,938 4,478 4,740
Operating income 22,186 21,899 20,547 20,809
Operating expenses (13,023) (12,880) (10,741) (10,741)
Profit before credit impairment and income tax 9,163 9,019 9,806 10,068
Credit impairment (charge)/release (441) (441) (406) (406)
Profit before income tax 8,722 8,578 9,400 9,662
Income tax expense (2,790) (2,750) (2,830) (2,902)
Non-controlling interests
(41) (41) (35) (35)
Profit attributable to shareholders of the Company 5,891 5,787 6,535 6,725
Statutory profit attributable to shareholders of the Company decreased $644 million (10%) to $5,891 million. Statutory return on tangible equity
decreased 110 bps to 8.9% and statutory earnings per share decreased 19.7 cents to 198.2 cents.
The Group uses cash profit, a non-IFRS measure, to assess the performance of its business activities and enable 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 40 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 2025 Financial Report. Cash profit is not subject to audit by the external
auditor. A number of intangible assets were recognised as part of the Suncorp Bank acquisition accounting and the amortisation of these
intangible assets is treated as a cash profit adjustment from 2025. Except for this new item, the 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 Norfina Limited (formerly known as
Suncorp-Metway Limited, and trading as Suncorp Bank).
As a result of this, 2025 and 2024 include 12 months and 2 months results respectively. 2024 results also include 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 collectively
assessed credit impairment 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.
During 2025, the Group completed its purchase price allocation (PPA) to identify and measure the assets acquired and liabilities assumed at
acquisition date. The significant adjustments to provisionally determined balances arising from the PPA exercise included the recognition of core
deposit and brand intangible assets, fair value adjustments to gross loans and advances to reflect changes in interest rates and credit since loan
origination, provisions for contingent liabilities and related indemnities and related deferred tax balances with a corresponding decrease to
goodwill of $56 million from the provisional goodwill disclosed at 30 September 2024. The final goodwill balance of $1,346 million is attributable
to the assembled workforce and expected synergies arising from the economies of scale from the integration and consolidation of platforms and
funding benefits.
The impacts on the 2024 provisional balances are disclosed in Note 35 Suncorp Bank acquisition. Prior period has not been restated.

38ANZ 2025 Annual Report
Performance overview
Performance overview

39
Group profit results (continued)
2025 Significant items
During 2025, the Group recognised several significant items which impacted statutory and cash profit as summarised below:
PT Panin impairment
The Group recognised a pre-tax charge of $285 million (after-tax: $285 million) in respect of an impairment of the Group’s equity accounted
investment in PT Bank Pan Indonesia Tbk (PT Panin) to adjust its carrying value in line with its value-in-use (VIU) calculation. This was recognised in
the Group Centre division. This had no impact to CET1 capital as it resulted in an equivalent reduction in capital deductions.
Staff redundancies
In September 2025, the Group announced changes to simplify the bank, strengthen focus on its priorities and deliver for its customers. As a result
of the change the Group expects approximately 3,500 employees to depart by September 2026 and to reduce engagements with consultants
and other third parties impacting approximately 1,000 managed services contractors.
The Group recognised a pre-tax charge of $585 million (after-tax: $414 million) across the Group in the second half of 2025 associated with
these changes.
ASIC settlement
In September 2025, the Group entered into an agreement with the Australian Securities and Investments Commission (ASIC) to resolve five
matters within its Australia Markets and Australia Retail businesses that were the subject of separate regulatory investigations. Under the
agreement, which requires Federal Court approval, the Group is subject to total penalties of $240 million.
The Group recognised a pre-tax charge of $271 million (after-tax: $264 million) comprising $240 million of ASIC penalties and $31 million of
various costs associated with the matters. This was recognised across the Australia Retail and Institutional divisions.

Suncorp Bank migration
The Group announced at the October 2025 Strategy Day its intention to bring forward the integration of Suncorp Bank by June 2027 to
accelerate value creation for shareholders, to benefit customers and to significantly reduce operational complexity.
The Group recognised a pre-tax charge of $97 million (after-tax: $68 million) relating to costs associated with existing contracts that extend
beyond the revised migration date. This was recognised in the Suncorp Bank division.
Cashrewards closure
In September 2025, Cashrewards ceased making offers available on its Website, App and Notifier as part of the Group’s strategy to exit non-
bank activities that lack economic or strategic rationale.
The Group recognised a pre-tax charge of $78 million (after-tax: $78 million) relating to the impairment of the goodwill recognised on
Cashrewards acquisition. This was recognised in the Group Centre division. This had no impact to CET1 capital as it resulted in an equivalent
reduction in capital deductions.
The financial impacts from these significant items are summarised below:
C
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Operating income - - - - - - (285) (285)
Operating expenses (410) 3 (165) (11) (169) (3) (276) (1,031)
Profit/(Loss) before income tax (410) 3 (165) (11) (169) (3) (561)
(1,316)
Income tax (expense)/benefit 88 (1) 10 3 50 1 56 207
Cash profit (322) 2 (155) (8) (119) (2) (505)
(1,109)




39Performance overview39
Overview
Operating
environment
Governance
Performance
overview
Remuneration
report
Directors’
report
Financial
report
Shareholder
information

Performance overview

40
Group performance
Key measures of our financial performance are set out below.


Adjustments between statutory profit and cash profit ($m)

Adjustments between statutory profit and cash profit are summarised below:

Adjustment Comment for the adjustment
Economic hedges
2025: $128 million gain
2024: $264 million loss
Revenue and expense
hedges

2025: $76 million gain
2024: $74 million gain
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.
Gains on economic hedges in 2025 related to funding-related swaps, principally from the strengthening of the USD
against the AUD and NZD. Losses in 2024 related to funding-related swaps, principally from narrowing USD/EUR and
USD/JPY currency basis spreads. Further losses in 2024 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 in 2025 was driven by the appreciation of the AUD against the NZD. The
gain in 2024 was mainly driven by the appreciation of the AUD against the USD and NZD.

Amortisation of
acquired intangibles

2025: $100 million loss
2024: nil
The acquisition of Suncorp Bank resulted in the recognition of intangible assets of $685 million comprising core
deposit and brand intangibles, which are being amortised over their useful lives ranging between 3 to 6 years. The
amortisation is removed from cash profit as the assets and associated amortisation only arise through acquisition
accounting and would not occur in the ordinary course of business.
1.55
1.57
2025
2024
Net interest margin –
cash (%)
2020
Operating expenses to
operating income -cash (%)
Credit impairment charge
/(release) –cash ($m)
Cash profit
($m)
Earnings per share –
cash (cents)
Common equity
tier 1(%)
Dividend per share
(cents)
58.8
51.6
2025
2024
441
406
2025
2024
5,787
6,725
2025
2024
12.0
12.2
2025
2024
8.8
10.3
2025
2024
166
166
2025
2024
194.7
224.3
2025
2024
Return on tangible equity
–cash (%)
100
2025 Statutory profit
attributable to shareholders
of the Company
Economic
hedges
Revenue and
expense hedges
Amortisation of
acquired intangibles
2025 Cash profit
attributable to shareholders
of the Company
5,891
(128)
(76)
5,787
40ANZ 2025 Annual Report40ANZ 2025 Annual Report

Performance overview

40
Group performance
Key measures of our financial performance are set out below.


Adjustments between statutory profit and cash profit ($m)

Adjustments between statutory profit and cash profit are summarised below:

Adjustment Comment for the adjustment
Economic hedges
2025: $128 million gain
2024: $264 million loss
Revenue and expense
hedges

2025: $76 million gain
2024: $74 million gain
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.
Gains on economic hedges in 2025 related to funding-related swaps, principally from the strengthening of the USD
against the AUD and NZD. Losses in 2024 related to funding-related swaps, principally from narrowing USD/EUR and
USD/JPY currency basis spreads. Further losses in 2024 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 in 2025 was driven by the appreciation of the AUD against the NZD. The
gain in 2024 was mainly driven by the appreciation of the AUD against the USD and NZD.

Amortisation of
acquired intangibles

2025: $100 million loss
2024: nil
The acquisition of Suncorp Bank resulted in the recognition of intangible assets of $685 million comprising core
deposit and brand intangibles, which are being amortised over their useful lives ranging between 3 to 6 years. The
amortisation is removed from cash profit as the assets and associated amortisation only arise through acquisition
accounting and would not occur in the ordinary course of business.
1.55
1.57
2025
2024
Net interest margin –
cash (%)
2020
Operating expenses to
operating income -cash (%)
Credit impairment charge
/(release) –cash ($m)
Cash profit
($m)
Earnings per share –
cash (cents)
Common equity
tier 1(%)
Dividend per share
(cents)
58.8
51.6
2025
2024
441
406
2025
2024
5,787
6,725
2025
2024
12.0
12.2
2025
2024
8.8
10.3
2025
2024
166
166
2025
2024
194.7
224.3
2025
2024
Return on tangible equity
–cash (%)
100
2025 Statutory profit
attributable to shareholders
of the Company
Economic
hedges
Revenue and
expense hedges
Amortisation of
acquired intangibles
2025 Cash profit
attributable to shareholders
of the Company
5,891
(128)
(76)
5,787
40ANZ 2025 Annual Report
Performance overview

41
Group cash profit performance
Cash profit ($m)




2025 2024

$m $m Movt
Net interest income 17,961 16,069 12%
Other operating income 3,938 4,740 -17%
Operating income
21,899 20,809 5%
Operating expenses (12,880) (10,741) 20%
Profit before credit impairment and income tax
9,019 10,068 -10%
Credit impairment (charge)/release (441) (406) 9%
Profit before income tax
8,578 9,662 -11%
Income tax expense (2,750) (2,902) -5%
Non-controlling interests
(41) (35) 17%
Cash profit attributable to shareholders of the Company
5,787 6,725 -14%
Cash profit attributable to shareholders of the Company decreased $938 million (14%) compared with 2024.
Net interest income increased $1,892 million (12%) driven by a $136.1 billion (13%) increase in average interest earning assets, partially offset by
a 2 bps decrease in net interest margin. The increase in average interest earning assets was driven by the acquisition of Suncorp Bank, lending
growth, higher Markets activities, and higher cash and liquid assets. The decrease of 2 bps was driven by unfavourable assets and deposit pricing,
and unfavourable wholesale funding impact, partially offset by higher earnings on capital and replicating portfolio, and favourable impact from
Suncorp Bank acquisition.
Other operating income decreased $802 million (17%) driven by a decrease of $454 million in the Markets business unit from lower trading gains
across Rates, Credit and Commodities, a $285 million decrease from impairment of PT Bank Pan Indonesia Tbk (PT Panin), and a $72 million
decrease in net fee and commission income mainly from the Institutional (excluding Markets business unit) division.
Operating expenses increased $2,139 million (20%) driven by the impact of Suncorp Bank acquisition, staff redundancies from operating model
changes, ASIC settlement, Suncorp Bank accelerated migration, and Cashrewards goodwill impairment, partially offset by productivity initiatives.
Credit impairment increased $35 million (9%) driven by a $183 million increase in individually assessed credit impairment, partially offset by a
$148 million decrease in collectively assessed credit impairment driven by the Suncorp Bank acquisition related collectively assessed credit
impairment charge of $244 million in 2024, partially offset by the higher collectively assessed credit impairment charge in 2025.
1,892
146
2024 Cash profit
attributable to
shareholders of
the Company
Net interest
income
Other
operating
income
Operating
expenses
Credit
impairment
charge
Income tax
expense &
non-controlling
interests
2025 Cash profit
attributable to
shareholders of
the Company
6,725
(802)
(2,139)
5,787
(35)
41Performance overview41
Overview
Operating
environment
Governance
Performance
overview
Remuneration
report
Directors’
report
Financial
report
Shareholder
information