2025 ANZBGL Annual Report

Annual Report9 November 2025ANZFinancials

Australia and New Zealand Banking Group Limited
9/833 Collins Street Docklands Victoria 3008 Australia
ABN 11 005 357 522
10 November 2025

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

Australia and New Zealand Banking Group Limited (ANZBGL)
2025 Annual Report

ANZBGL today released its 2025 Annual Report.

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

Yours faithfully

Simon Pordage
Company Secretary
Australia and New Zealand Banking Group Limited

Australia and
New Zealand Banking
Group Limited
2025 Annual Report

Contents
Overview
Our 2025 reporting suite 1
Operating environment
Our operating environment 2
Our ambition and strategy 4
About our business 6
Governance
Directors 8
Risk management 12
Performance overview 18
Remuneration report 32
Directors’ report 72
Financial report 75
Glossary 211

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 31. Commentary on our performance
overview contained on pages 18 to 31 references information reported in the
Financial Report pages 75 to 210.
The Remuneration Report on pages 32 to 71 and the Financial Report on pages
75 to 210 have been audited by KPMG.
This report covers all ANZBGL operations worldwide over which, unless otherwise
stated, we had control for 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
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,
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’, ‘indicator ’, ‘plan’,
‘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 12 to
17 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.
1
Overview
Operating
environment
Governance
Performance
overview
Remuneration
report
Directors’
report
Financial
report
Glossary

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.
2Australia and New Zealand Banking Group Limited 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
3
Overview
Operating
environment
Governance
Performance
overview
Remuneration
report
Directors’
report
Financial
report
Glossary

Our ambition
and strategy
Our ambition is for ANZ to unlock
our potential to win the preference
of customers, shareholders and
the communit y.
Australia and New Zealand Banking Group Limited 2025 Annual Report4

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
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:
5
Overview
Operating
environment
Governance
Performance
overview
Remuneration
report
Directors’
report
Financial
report
Glossary

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.
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.
6Australia and New Zealand Banking Group Limited 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 20.
Australia
$2,933 million
New Zealand
$2,158 million
Rest of the world
$840 million
Our international presence and profit composition by geography
1
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
7
Overview
Operating
environment
Governance
Performance
overview
Remuneration
report
Directors’
report
Financial
report
Glossary

Relevant other directorships
Chairman: ANZGHL (from 2022), 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).
Directors
As at the date of this report, there
are ten members on the Board of
Directors of ANZBGL. Their names,
positions within ANZBGL and
relevant other directorships are
described below.
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 an Independent Non-Executive
Director. Jane Halton, AO PSM ceased as
an Independent Non-Executive Director
on 31 March 2025, having served on the
Board since 2016.
Relevant other directorships
Director: ANZGHL (from 2025) and the
Financial Markets Foundation for Children
(from 2025).
Nuno Matos
Chief Executive Officer and Executive Director
since May 2025
Paul O’Sullivan
Chairman, Independent Non-Executive Director
since November 2019
8Australia and New Zealand Banking Group Limited 2025 Annual Report

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).
Relevant other directorships
Chairman: Infratil Limited (from 2022,
Director from 2014).
Director: ANZGHL (from 2025) and
Air New Zealand Limited (from 2021).
Relevant former directorships
held in last three years include
Former Chairman: Sharesies Group
Limited (2020-2025).
Former Director: ANZ Bank
New Zealand Limited (2019-2025).
Relevant other directorships
Chairman: Norfina Limited (Suncorp Bank)
(from 2025, Director from 2025).
Director: ANZGHL (from 2024) and
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).
Alison Gerry
Independent Non-Executive Director
since May 2025
Richard Gibb
Independent Non-Executive Director
since February 2024
John Cincotta
Independent Non-Executive Director
since February 2024
9
Overview
Operating
environment
Governance
Performance
overview
Remuneration
report
Directors’
report
Financial
report
Glossary

Relevant other directorships
Chairman: Australia Pacific Airports
Corporation (from 2024).
Director: ANZGHL (from 2022), 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).
Relevant other directorships
Chairman: Regis Healthcare Limited
(Director from 2017, Chairman from 2018).
Director: Assemble Communities
(from 2017).
Relevant other directorships
Chairman: McKinnon (from 2024).
President: Commonwealth Remuneration
Tribunal (from 2024).
Director: ANZGHL (from 2023) and
Fonterra Co-operative Group Limited
(from 2020).
Member: Board Advisory Group, Bain &
Company (from 2021).
Senior Advisor: Pollination (from 2023).
Relevant former directorships
held in last three years include
Former 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).
Holly Kramer
Independent Non-Executive Director
since August 2023
Christine O’Reilly
Independent Non-Executive Director
since November 2021
Graham Hodges
Non-Executive Director
since February 2023
10Australia and New Zealand Banking Group Limited 2025 Annual Report

Relevant other directorships
Chairman: ANZ Bank New Zealand Limited
(from 2024, Director from 2021) and
Mercury NZ Limited (from 2024, Director
from 2017).
Director: ANZGHL (from 2024) and 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).
Relevant other directorships
Director: ANZGHL (from 2022), ANZ
Group Services Pty Ltd (from 2022), Sonrai
Security Inc (from 2021) and Pexa
Australia Limited (from 2023).
Advisor: World Fuel Services (from 2023).
Jeff Smith
Independent Non-Executive Director
since August 2022
Scott St John
Independent Non-Executive Director
since March 2024
11
Overview
Operating
environment
Governance
Performance
overview
Remuneration
report
Directors’
report
Financial
report
Glossary

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 17 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 Risk 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 Risk 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 Group 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.
12Australia and New Zealand Banking Group Limited 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
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.
13
Overview
Operating
environment
Governance
Performance
overview
Remuneration
report
Directors’
report
Financial
report
Glossary

1. includes ANZ Plus, ANZ Classic, ANZ Bank New Zealand and Suncorp Bank.
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.
14Australia and New Zealand Banking Group Limited 2025 Annual Report

Material risks
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 counterparty failing to fulfil its
obligations; or
• a decrease 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:
• repaying depositors or maturing
wholesale debt; or
• the Group having insufficient capacity
to fund increases in assets.
The Group recognises the inherent liquidity and funding
risk in the balance sheet and has established a set of
key principles, to mitigate and control liquidity and
funding risk.
Our framework is top down, being defined by liquidity
principles and policies. A liquidity limit framework is in
place with liquidity limits set based on a liquidity stress
testing framework.
Market risk
The risk stems from our trading and
balance sheet activities and is the risk to
the Group’s earnings arising from:
• changes 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.
15
Overview
Operating
environment
Governance
Performance
overview
Remuneration
report
Directors’
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Financial
report
Glossary

Risk type
DescriptionManaging the risk
Climate risk
The financial and non-financial risks arising
from climate change including:
• Physical risk – arising from both longer-
term changes in climate (chronic risk) as
well as changes to the frequency and
magnitude of extreme weather events
(acute risk). Examples of chronic physical
risk drivers include rising sea levels, rising
average temperatures and ocean
acidification. Examples of acute physical
risk drivers include heatwaves, floods,
bushfires and cyclones;
• Transition 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
• Liability 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.
16Australia and New Zealand Banking Group Limited 2025 Annual Report

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
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:
• comply with laws, regulations, prudential
standards, licences, codes or policies;
• appropriately 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.
17
Overview
Operating
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Governance
Performance
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Remuneration
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Directors’
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Financial
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Glossary

Performance overview
Performance overview

18
The results of the Group’s operations and financial position are set out on pages 18-31. Pages 2-7 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 12-17.
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 17,903 17,903 16,037 16,037
Other operating income 4,245 3,958 4,484 4,746
Operating income 22,148 21,861 20,521 20,783
Operating expenses (12,866) (12,723) (10,669) (10,669)
Profit before credit impairment and income tax 9,282 9,138 9,852 10,114
Credit impairment (charge)/release (435) (435) (406) (406)
Profit before income tax 8,847 8,703 9,446 9,708
Income tax expense (2,771) (2,731) (2,816) (2,888)
Non-controlling interests
(41) (41) (35) (35)
Profit attributable to shareholders of the Company 6,035 5,931 6,595 6,785
Statutory profit attributable to shareholders of the Company decreased $560 million on the prior year to $6,035 million. Statutory return on
tangible equity decreased 90 bps to 9.4%.
The Group uses cash profit, a non-IFRS measure, to assess the performance of its business activities and enables comparison with our peer
group. We calculate cash profit by adjusting statutory profit for non-core items. In general, it represents the financial performance of our core
business activities. We use cash profit internally to set targets and incentivise our Senior Executives and leaders through our remuneration plans.
Refer to page 20 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 33 Suncorp Bank acquisition. Prior period has not been restated.

18Australia and New Zealand Banking Group Limited 2025 Annual Report
Performance overview

19
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 $579 million (after-tax: $408 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.
The financial impacts from these significant items are summarised below:
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Operating income - - - - - - (285)
(285)
Operating expenses (410) 3 (165) (11) (169) (3) (192) (947)
Profit/(Loss) before income tax (410) 3 (165) (11) (169) (3) (477)
(1,232)
Income tax (expense)/benefit 88 (1) 10 3 50 1 56 207
Cash profit (322) 2 (155) (8) (119) (2) (421)
(1,025)

19
Overview
Operating
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Governance
Performance
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Remuneration
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Directors’
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Financial
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Glossary
19
Overview
Operating
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Governance
Performance
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Remuneration
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Directors’
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Financial
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Glossary

Performance overview

20
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 $685 million comprising core
deposit and brand intangibles, which are being amortised over their useful lives ranging between 3 to 6 years. The
amortisation is removed from cash profit as the assets and associated amortisation only arise through acquisition
accounting and would not occur in the ordinary course of business.
1.54
1.57
2025
2024
Net interest margin –
cash (%)
2020
Operating expenses to
operating income -cash (%)
Credit impairment charge
/(release) –cash ($m)
Cash profit
($m)
58.2
51.3
2025
2024
435
406
2025
2024
5,931
6,785
2025
2024
9.2
10.6
2025
2024
Common equity
tier 1(%)
12.0
12.2
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
6,035
(128)
(76)
5,931
20Australia and New Zealand Banking Group Limited 2025 Annual Report
Performance overview

21
Group cash profit performance
Cash profit ($m)

2025 2024

$m $m Movt
Net interest income 17,903 16,037 12%
Other operating income 3,958 4,746 -17%
Operating income
21,861 20,783 5%
Operating expenses (12,723) (10,669) 19%
Profit before credit impairment and income tax
9,138 10,114 -10%
Credit impairment (charge)/release (435) (406) 7%
Profit before income tax
8,703 9,708 -10%
Income tax expense (2,731) (2,888) -5%
Non-controlling interests
(41) (35) 17%
Cash profit attributable to shareholders of the Company
5,931 6,785 -13%
Cash profit attributable to shareholders of the Company decreased $854 million (13%) compared with 2024.
Net interest income increased $1,866 million (12%) driven by a $136.0 billion (13%) increase in average interest earning assets, partially offset by
a 3 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 3 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 $788 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 $64 million
decrease in net fee and commission income mainly from the Institutional (excluding Markets business unit) division.
Operating expenses increased $2,054 million (19%) driven the impact of Suncorp Bank acquisition, staff redundancies from operating model
changes, ASIC settlement, and Suncorp Bank accelerated migration, partially offset by productivity initiatives.
Credit impairment increased $29 million (7%) driven by a $177 million increase in individually assessed credit impairment, partially offset by $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.
1,866
151
2024 Cash profit
attributable to
shareholders of
the Company
Net interest
income
Other
operating
income
Operating
expenses
Credit
impairment
Income tax
expense &
non-controlling
interests
2025 Cash profit
attributable to
shareholders of
the Company
6,785
(788)
(2,054)
(29)
5,931
21
Overview
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Governance
Performance
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Remuneration
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Directors’
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Glossary
21
Overview
Operating
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Governance
Performance
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Remuneration
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Directors’
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Glossary

Performance overview

22
Analysis of cash profit performance

Net interest income
Group net interest margin (bps)

2025 2024

$m $m Movt
Net interest income
1
17,903 16,037 12%
Net interest margin (%)
1
1.54 1.57 -3 bps
Average interest earning assets 1,160,327 1,024,290 13%
Average deposits and other borrowings
971,840 859,844 13%
1. Includes the major bank levy of -$451 million (2024: -$389 million).

Net interest income increased $1,866 million (12%) driven by a $136.0 billion (13%) increase in average interest earning assets, partially offset
by a 3 bps decrease in net interest margin.
Net interest margin decreased 3 bps driven by unfavourable assets and deposit pricing impacts due to pricing competition, and unfavourable
wholesale funding impact. This was partially offset by higher earnings on capital and replicating portfolio, and favourable impact from Suncorp
Bank acquisition.
Average interest earning assets increased $136.0 billion (13%) driven by the acquisition of Suncorp Bank, lending growth across all divisions
particularly in the Australia Retail and Institutional (excluding Markets business unit), higher Markets activities, and higher cash and liquid assets.
Average deposits and other borrowings increased $112.0 billion (13%) from the impact of Suncorp Bank acquisition, and growth across at-call
deposits, term deposits, repurchase agreements and commercial paper.

3
1
3
2024 Cash
net interest
margin
Assets
pricing
Deposits
pricing
Wholesale
funding
Capital &
replicating
portfolio
Assets &
funding
mix
Group Centre
liquids
Markets
activities
Suncorp
Bank impact
2025 Cash
net interest
margin
157
(2)
(3)
(3)
(2)
0
154
22Australia and New Zealand Banking Group Limited 2025 Annual Report
Performance overview

23
Other operating income
Other operating income ($m)

2025 2024

$m $m Movt
Net fee and commission income
1
1,790 1,854 -3%
Markets other operating income 1,861 2,315 -20%
PT Panin impairment
(285) - n/a
Other
1
592 577 3%
Total cash other operating income
3,958 4,746 -17%
1. Excluding the Markets business unit.

The Markets business unit is managed on a total revenue basis, with the Net interest income and Other operating income individually not being a
true reflection of overall return for the business. Markets Net interest income and Other operating income are summarised in the table below with
corresponding commentaries provided on a total Markets income basis.

2025 2024
Markets income
$m $m Movt
Net interest income
2

278 (131) large
Other operating income
2

1,861 2,315 -20%
Total
2,139 2,184 -2%
2. Net interest income includes funding costs in the Franchise trading book, primarily on commodity assets, where the related revenue is recognised as Other operating income.

Net fee and commission income decreased $64 million (3%) driven by lower non-lending fees in the Institutional division, higher customer
remediation, lower insurance commission in the Australia Retail division, lower cards revenue in the New Zealand division, partially offset by the
impact of Suncorp Bank acquisition.
Markets income decreased $45 million (2%) with a $454 million decrease in Other operating income, partially offset by a $409 million increase in
Net interest income. The net $45 million decrease was attributable to decreases in derivative valuation adjustments driven by lower gains from
credit and funding spread movements, Commodities revenue due to non-repeat of larger trading gains in the prior year, and Credit & Capital
Markets revenue from reduced trading gains. This was partially offset by increases in Balance Sheet revenue from higher average levels of
investment securities and increased yields, and Rates revenue due to increased customer activity.
PT Panin impairment
of $285 million to adjust PT Panin’s carrying value in line with its VIU calculation.

15
2024 Cash
other
operating
income
Net fee and
commission
Markets
other
operating
income
PT Panin
impairment
2025 Cash
other
operating
income
4,746
(64)
(454)
(285)
3,958
Other
1
1
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Overview
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Performance overview

24
Operating expenses
Operating expenses ($m)

2025 2024
$m $m Movt
Personnel
6,714 6,140 9%
Premises
736 688 7%
Technology
2,220 1,894 17%
Restructuring
764 235 large
Other
2,289 1,712 34%
Total cash operating expenses 12,723 10,669 19%
Full time equivalent staff 42,640 42,142 1%
Average full time equivalent staff 42,711 40,379 6%
Personnel expenses increased $574 million (9%) driven by the impact of Suncorp Bank acquisition ($385 million) and inflationary impacts on
wages, partially offset by benefits from productivity initiatives.
Premises expenses increased $48 million (7%) driven by the impact of Suncorp Bank acquisition ($49 million).

Technology expenses increased $326 million (17%) driven by the impact of Suncorp Bank acquisition ($192 million), accelerated software
amortisation and impairment on certain technology assets, higher software licence costs and inflationary impacts on vendor costs. This was
partially offset by benefits from technology simplification.
Restructuring expenses increased $529 million driven by operating model changes to drive a cost reset across the Group announced in the
second half of 2025, and Suncorp Bank accelerated migration ($97 million).
Other expenses increased $577 million (42%) driven by the impact of Suncorp Bank acquisition ($119 million), ASIC settlement ($271 million),
other legal matters and higher investment spend.
574
48
326
529
577
2024 Cash
operating
expenses
PersonnelPremisesTechnologyRestructuringOther2025 Cash
operating
expenses
10,669
12,723
24Australia and New Zealand Banking Group Limited 2025 Annual Report
Performance overview

25
Credit impairment

2025 2024 Movt
Collectively assessed credit impairment charge/(release) ($m) 114 262 -56%
Individually assessed credit impairment charge/(release) ($m) 321 144 large
Credit impairment charge/(release) ($m)
435 406 7%
Gross impaired assets ($m)
2,538 1,693 50%
Credit risk weighted assets ($b) 369.6 361.2 2%
Total allowance for expected credit losses (ECL) ($m)
4,778 4,555 5%
Individually assessed allowance for ECL as % of gross impaired assets
15.7% 18.2%
Collectively assessed allowance for ECL as % of credit risk weighted assets
1.18% 1.18%
Collectively assessed credit impairment charge/(release) ($m)

The collectively assessed impairment charge of $114 million for 2025 was driven by methodology changes to uplift ECL modelled outcomes
mainly in the Australian home loan portfolio, deterioration in credit risk profile, and portfolio growth. This was partially offset by reduction in
management temporary adjustments and improvement in economic outlook. The collectively assessed impairment charge of $262 million for
2024 was driven by deterioration in credit risk profile across all divisions, the acquisition accounting adjustment in respect of acquired Suncorp
Bank performing loans and advances, and portfolio growth. This was partially offset by a reduction in management temporary adjustments as
anticipated risks are now represented in the portfolio credit profiles, and an improvement in economic outlook.
Individually assessed credit impairment charge/(release) ($m)

The individually assessed credit impairment charge increased $177 million driven by the Institutional division ($110 million) due to higher
impairments on several single name customers and lower write-backs and recoveries, the Australia Commercial division ($55 million) due to
impairment flows in the SME Banking and Agri portfolios, and the Suncorp Bank division ($24 million) due to new impairments in the commercial
property portfolio.
262
114
215
5
2024 Collectively
assessed credit
impairment charge
Australia
Retail
Australia
Commercial
InstitutionalNew ZealandSuncorp BankPacific
(2)
Group Centre2025 Collectively
assessed credit
impairment charge
(33)
(69)
(33)
(231)
144
321
3
55
110
24
2024 Individually
assessed credit
impairment charge
Australia
Retail
Australia
Commercial
InstitutionalNew ZealandSuncorp BankPacificGroup Centre2025 Individually
assessed credit
impairment charge
(14)
(1)
0
25
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Glossary
25
Overview
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Performance overview

26
Gross impaired assets by division ($m)

Gross impaired assets increased $845 million (50%) driven by increases in the Australia Retail division ($568 million) due to restructured home
loan facilities, the Institutional division ($96 million) due to several single name customers, the Suncorp Bank division ($96 million) due to new
impairments in the commercial property and home loan portfolio, and the Australia Commercial division ($94 million) mainly due to a new single
name impairment in the Agri portfolio.
Total allowance for expected credit losses ($m)

The allowance for ECL increased $223 million driven by a $132 million increase in collectively assessed allowance for ECL, and a $91 million
increase in the individually assessed allowance for ECL.
The increase in collectively assessed allowance for ECL was driven by methodology changes to uplift ECL modelled outcomes mainly in the
Australian home loan portfolio ($380 million), deterioration in credit risk profile ($92 million), portfolio growth ($4 million) and the impact of foreign
currency translation ($18 million). This was partially offset by reduction in management temporary adjustments ($215 million) and improvement in
economic outlook ($147 million) from a revision to modelling assumptions for the downside and severe scenarios and improvement in base case
economic assumptions.
The increase in individually assessed allowance for ECL was driven by increases across the Institutional division ($70 million) due to higher
impairments on several single name customers and lower write-backs, the Suncorp Bank division ($19 million) due to new impairment in the
commercial property portfolio, and the Australia Commercial division ($18 million) due to impairment flows in the SME Banking and Agri portfolios.

568
94
96
96
2024 Gross
impaired assets
Australia
Retail
Australia
Commercial
InstitutionalNew ZealandSuncorp BankPacificGroup Centre2025 Gross
impaired assets
(7)
(2)
-2,538
1,693
129
59
39
1
2024 Total
allowance
for expected
credit losses
Australia
Retail
Australia
Commercial
InstitutionalNew ZealandSuncorp BankPacificGroup Centre2025 Total
allowance
for expected
credit losses
4,555
4,676
(27)
(75)
(3)
26Australia and New Zealand Banking Group Limited 2025 Annual Report
Performance overview

27
Divisional performance

Australia Australia New Suncorp Group
2025 Retail Commercial Institutional Zealand Bank Pacific Centre Group
Net interest margin
1
1.83% 2.53% 0.75% 2.60% 2.08% 3.34% n/a 1.54%
Operating expenses to operating income 68.4% 43.6% 45.2% 38.8% 62.9% 73.1% n/a 58.2%
Cash profit ($m)
1,048 1,302 2,608 1,609 418 43 (1,097) 5,931
Net loans and advances ($b) 348.8 67.2 216.1 122.9 73.2 1.7 - 830.0
Customer deposits ($b) 186.5 118.9 282.2 101.6 56.2 3.7 - 749.2
Number of FTE
11,023 3,480 6,368 6,689 2,671 986 11,423 42,640
Australia Australia New Suncorp Group
2024 Retail Commercial Institutional Zealand Bank
2
Pacific Centre Group
Net interest margin
1
1.91% 2.59% 0.75% 2.57% 1.93% 3.88% n/a 1.57%
Operating expenses to operating income 59.7% 43.0% 41.7% 38.8% 73.2% 64.5% n/a 51.3%
Cash profit ($m) 1,607 1,342 2,858 1,536 (122) 60 (496) 6,785
Net loans and advances ($b) 332.5 65.0 210.5 123.5 70.9 1.7 - 804.0
Customer deposits ($b) 176.8 116.3 264.4 100.9 54.7 3.6 (0.1) 716.6
Number of FTE 10,832 3,294 6,272 6,756 2,798 985 11,205 42,142
1. The net interest margin excluding Markets business unit was 2.25% (2024: 2.35%) for the Group and 2.20% (2024: 2.38%) for the Institutional division.
2. 2024 Suncorp Bank cash profit reflects 2 months of earnings post acquisition and Suncorp Bank acquisition related adjustment charge after tax of $196 million.
27
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Performance overview

28

Divisional performance

Australia Retail
Lending volumes increased driven by home loan growth. Net interest margin decreased driven by lower asset margin from home loan
pricing competition, unfavourable deposit margin reflecting impact of lower cash rates and higher net funding costs. This was partially
offset by higher deposit margins from pricing optimisation, and higher earnings on replicating portfolio. Other operating income
decreased driven by lower insurance-related income and higher customer remediation. Operating expenses increased driven by higher
restructuring expense, ASIC settlement, inflationary impacts, higher customer remediation, and higher investment spend. This was
partially offset by benefits from productivity initiatives. Credit impairment increased driven by higher collectively assessed credit
impairment.
Australia Commercial
Lending volumes increased driven by Diversified & Specialist Businesses. Net interest margin decreased driven by lower asset margin
from pricing competition, unfavourable deposit margin, and unfavourable deposit mix with a shift towards lower margin savings and
term deposits. This was partially offset by higher earnings on replicating portfolio, and lower net funding costs. Other operating income
decreased driven by higher customer remediation. Operating expenses increased driven by inflationary impacts, partially offset by lower
restructuring expense, lower investment spend and benefits from productivity initiatives. Credit impairment increased driven by higher
individually assessed credit impairment charge due to impairment flows in the SME Banking and Agri portfolios, partially offset by lower
collectively assessed credit impairment.

Institutional
Lending volumes increased driven by Corporate Finance, partially offset by Transaction Banking. Net interest margin (excl. Markets
business unit) decreased driven by lower cash rates, lower asset margin due to lending competition, and unfavourable deposit mix and
margins. Other operating income decreased driven by Markets from lower trading gains across Rates, Credit and Commodities.
Operating expenses increased driven by ASIC settlement and inflationary impacts. This was partially offset by benefits from productivity
initiatives and lower restructuring expense. Credit impairment increased driven by higher individually assessed credit impairment due to
higher impairments on several single name customers and lower write-backs and recoveries, partially offset by lower collectively
assessed credit impairment.

New Zealand
Lending volumes increased driven by home loan growth. Net interest margin increased driven by favourable lending margin, partially
offset by unfavourable deposit margin. Other operating income decreased driven by lower card revenue. Operating expenses
increased driven by inflationary impacts, partially offset by lower restructuring expense, lower investment spend, and benefits from
productivity initiatives. Credit impairment decreased driven by lower collectively assessed credit impairment, and lower individually
assessed credit impairment charge.
Suncorp Bank
As Suncorp Bank was acquired by the Group on 31 July 2024, 2024 includes only 2 months results. 2024 results also included
acquisition related adjustments of $196 million loss after tax comprising a collectively assessed credit impairment charge of $244
million ($171 million after tax) for Suncorp Bank’s performing loans and advances, and an accelerated software amortisation expense of
$36 million ($25 million after tax) on alignment to the Group’s software capitalisation policy.
Pacific
Cash profit decreased driven by lower net interest income and higher operating expenses.

Group Centre
Cash loss increased primarily driven by PT Panin impairment, and staff redundancies.

28Australia and New Zealand Banking Group Limited 2025 Annual Report
Performance overview

29
Financial position of the Group
Condensed balance sheet

As at

2025 2024

$b $b Movt
Assets
Cash / Settlement balances owed to ANZ / Collateral paid 188.4 166.5 13%
Trading assets and investment securities
213.8 186.0 15%
Derivative financial instruments
47.5 54.4 -13%
Net loans and advances
830.0 804.0 3%
Other
18.0 18.7 -4%
Total assets
1,297.7 1,229.6 6%

Liabilities
Settlement balances owed by ANZ / Collateral received 38.5 22.8 69%
Deposits and other borrowings
956.4 905.2 6%
Derivative financial instruments
43.9 55.3 -21%
Debt issuances
169.3 156.4 8%
Other
19.1 21.1 -9%
Total liabilities
1,227.2 1,160.8 6%
Total equity 70.4 68.8 2%
Cash / Settlement balances owed to ANZ / Collateral paid increased $21.9 billion (13%) driven by increases in settlement balances owed to ANZ
($17.9 billion), short-dated reverse repurchase agreements ($12.1 billion) and the impact of foreign currency translation, partially offset by lower
balances with central banks ($9.6 billion).
Trading assets and investment securities increased $27.8 billion (15%) driven by increases in government and semi-government bonds and
treasury bills, increase in commodity assets, and the impact of foreign currency translation.
Derivative financial assets and liabilities decreased $6.9 billion (13%) and $11.4 billion (21%) respectively driven by market movements, primarily
the depreciation of the NZD and AUD against USD.
Net loans and advances increased $26.0 billion (3%) driven by increases across the Australia Retail ($16.3 billion), New Zealand ($4.9 billion) and
Suncorp Bank ($2.4 billion) divisions due to home loan growth, and the Institutional division ($2.9 billion) due to higher core lending volumes,
partially offset by the impact of foreign currency translation.
Settlement balances owed by ANZ / Collateral received increased $15.7 billion (69%) driven by increases in cash clearing accounts.
Deposits and other borrowings increased $51.2 billion (6%) driven by higher customer deposits across the Institutional ($12.8 billion), Australia
Retail ($9.7 billion), New Zealand ($5.1 billion) and Australia Commercial ($2.7 billion) divisions, increases in deposits from banks and repurchase
agreements ($11.2 billion), certificates of deposit ($3.2 billion), and commercial paper ($1.9 billion), and the impact of foreign currency translation.
Debt issuances increased $12.9 billion (8%) driven by the issue of new senior and subordinated debt, partially offset by the redemption of ANZ
Capital Notes 5.

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30
Liquidity

Average
2025 2024
Total liquid assets ($b)
1
312.8 273.9
Liquidity Coverage Ratio (LCR)
1
132% 133%
1. Full year average, calculated as prescribed per APRA Prudential Regulatory Standard (APS 210 Liquidity) and consistent with APS 330 requirements.
Group holds a portfolio of high quality unencumbered liquid assets in order to protect the Group’s liquidity position in a severely stressed
environment, as well as to meet regulatory requirements. High Quality Liquid Assets comprise three categories, with the definitions consistent with
Basel 3 LCR:
• Highest-quality liquid assets (HQLA1): Cash, highest credit quality government, central bank or public sector securities eligible for repurchase
with central banks to provide same-day liquidity.
• High-quality liquid assets (HQLA2): High credit quality government, central bank or public sector securities, high quality corporate debt
securities and high quality covered bonds eligible for repurchase with central banks to provide same-day liquidity.
• Alternative liquid assets (ALA): Eligible securities listed by the RBNZ.
Group monitors and manages the size and composition of its liquid assets portfolio on an ongoing basis in line with regulatory requirements and
the risk appetite set by the ANZBGL Board.
The LCR remained above the regulatory minimum of 100% throughout this period.
Funding

2025 2024

$b $b
Wholesale funding instruments 265.7 248.9
Customer deposits 749.2 716.6
Other liabilities 212.3 195.4
Shareholders’ equity
70.4 68.8
Total liabilities and shareholders’ equity 1,297.6 1,229.7
Net Stable Funding Ratio 115% 116%
The Group targets a diversified funding base, avoiding undue concentrations by investor type, maturity, market source and currency.
Net Stable Funding Ratio remained above the regulatory minimum of 100% throughout this period.
During 2025, the Group issued $36.7 billion of term wholesale funding (excluding unsubordinated debt with shorter tenors of 12 to 18 months).

30Australia and New Zealand Banking Group Limited 2025 Annual Report
Performance overview

31
Capital management

2025 2024 Movt
Common Equity Tier 1 (Level 2)
- APRA Basel III 12.0% 12.2%
Credit risk weighted assets ($b)
369.6 361.2 2%
Total risk weighted assets ($b) 458.5 446.6 3%
APRA Leverage Ratio 4.4% 4.7%
The Group’s capital management framework includes managing to Board approved risk appetite settings and maintaining all regulatory
requirements. APRA requirements at Level 1 and Level 2 include ANZ operating at or above APRA’s expectation for Domestic Systematically
Important Banks (D-SIBs).
APRA, under the authority of the Banking Act 1959, sets minimum regulatory requirements for banks including what is acceptable as regulatory
capital and provides methods of measuring the risks incurred by ANZ Bank Group.
The ANZ Bank Group’s Common Equity Tier 1 ratio was 12.0% based on APRA Basel III standards, exceeding APRA’s minimum requirements. It
increased 25 bps driven by cash earnings, an increase due to decrease in capital floor driven by volume management between standardised and
IRB RWA, and an increase in IRRBB RWA. This was partially offset by dividends paid during the year.
At 30 September 2025, ANZ Bank Group’s APRA Leverage Ratio was 4.4% which is above the 3.5% minimum for internal ratings-based (IRB)
ADIs, including ANZ.
Dividends
ANZBGL paid the following dividends during the year:
•

$2,472 million 2024 final dividend to ANZ BH Pty Ltd on 20 December 2024;
•

$2,108 million 2024 interim dividend to ANZ BH Pty Ltd on 1 July 2025.
On 7 November 2025, the Directors proposed a final dividend of $2,476 million be paid on 19 December 2025, to ANZ BH Pty Ltd.
Further details on dividends paid during the year ended 30 September 2025 are set out in Note 6 Dividends in the Financial Report.
31
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31
Overview
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Remuneration report
1. LTVR restricted rights comprise 100% of the CRO’s LTVR.
Holly Kramer
Chair – People & Culture Committee
Remuneration report
2025 Remuneration
Report – audited
Dear Shareholder,
2025 has been an eventful and challenging
year for ANZ. While we were pleased to
welcome our new CEO, Nuno Matos, we
have also had to confront the impact of
issues resulting from non-financial risk
(NFR) shortcomings at the bank.
From a remuneration outcome
perspective, the Board carefully weighed
up a range of factors in its deliberations,
including the reputational and financial
impacts of a number of matters, referred
to throughout the 2025 Remuneration
Report as ‘NFR Matters’. These included a
settlement with ASIC, the imposition of a
Court Enforceable Undertaking with APRA,
and the findings from independent
reviews into the root causes regarding NFR
management and the 2024 Markets
trading issues.
The Board also balanced a full year
statutory profit that was 10% lower than
2024, against a range of accomplishments
in the year. These include the achievement
of synergy targets related to the Suncorp
Bank acquisition, significant uplifts in active
ANZ Plus customers - many of which are
new-to-bank, achievement of our four
environmental ESG targets, recognition of
Institutional as a market leading business,
and enhancement of a number of digital
propositions in New Zealand including the
modern banking platform core. Similarly, it
was important to acknowledge the way
that our executives have met the challenge
of delivering the APRA Root Cause
Remediation Plan and have embraced the
vision and changes led by our CEO to
transform ANZ into a leading bank in terms
of customer and shareholder outcomes.
First strike and
shareholder feedback
Finally, we were mindful of our
shareholders feedback from 2024, where
we experienced a strike against our
Remuneration Report. The Chairman and I
met with many of our shareholders over the
course of 2025, to better understand the
key drivers behind their voting decisions.
We are appreciative of the candid feedback,
and we have endeavoured to incorporate
that into our decision-making for 2025.
2025 Group Scorecard
The 2025 Group Scorecard outcome
was 30% (of maximum), which was
significantly impacted by the Risk Modifier
as a result of the various NFR Matters.
More detail on the Group Scorecard
assessment can be found in section
6.1.1. The Group Scorecard accounts for
100% of the CEO’s Short Term Variable
Remuneration (STVR), 25% to 50% of
Disclosed Executives’ STVR and is an
input into the overall employee variable
remuneration pool. We believe that the
Group Scorecard reflects what was a
challenging year for ANZ.
2025 variable
remuneration decisions
Irrespective of the 2025 Group Scorecard
outcome, the Board held executives to
account for the matters discussed above.
This resulted in the following outcomes:
1. STVR: Despite the issues predating his
arrival, the CEO proposed a 0% STVR for
himself to lead by example and as a
reflection of his commitment to the ANZ
team. The Board approved this outcome
and determined that 0% STVR was also
appropriate for our current and former
Australian based executive leadership
team (excluding two executives in acting
roles), in recognition of their collective
accountability for NFR management. This
means that neither our current nor former
CEO received STVR for the year.
2. LTVR: In accordance with our framework,
the Board completed a risk-based pre
grant assessment when determining the
2026 restricted rights component of the
Long Term Variable Remuneration (LTVR)
grants for current executives, which
comprise 50% of the LTVR opportunity.
1

Specifically, the Group Executive
Institutional had a 50% reduction to his
2026 LTVR and the Chief Risk Officer
(CRO) was ineligible for 2026 LTVR as
a result of his move to a non-Group
Executive role – reflecting their
accountability for shortcomings
identified in Institutional Markets. The
Group Executive Australia Commercial
had a 25% reduction to 2026 LTVR
reflecting accountability for NFR Matters
in Commercial.
3. Malus: The former CEO and three former
executives who left the bank during the
year were not eligible for 2026 LTVR
grants. Therefore, the Board determined
that some or all equity due to vest in
November/December 2025 would be
forfeited for these individuals (i.e. malus)
to ensure overall consequences were
appropriate and proportionate. In the
case of our former CEO, who was
ultimately accountable for the various NFR
Matters, and the former Group Executive
Australia Retail, who was accountable for
shortcomings in Retail, the Board also
forfeited the calendar year 2026 equity
on foot. See section 10.1.1 for details of
the application of malus.
The below table summarises the variable
remuneration decisions determined by the
Board for each Disclosed Executive as part
of the 2025 performance and remuneration
review process. The Board considered the
overall impact across 2024 and 2025,
during which many of the NFR Matters came
to light, to determine the appropriate
outcomes with respect to 2025 STVR, 2026
LTVR, and the application of malus. The total
2024 and 2025 value forfeited is shown as
a percentage of current annual fixed
remuneration (FR) rather than variable
remuneration, to enable ease of comparison
across Disclosed Executives – i.e. differing
LTVR eligibility and pro-rated STVR for some
individuals makes variable remuneration a
more challenging reference point.
The Board considers that the major
reductions are a demonstration of a strong
accountability culture and is committed to
continuing to clearly link remuneration
outcomes to performance.
Changes for 2026
Taking into consideration feedback from
various shareholders, the Board agreed to
remove LTVR restricted rights from the
minimum shareholding calculation for
Executive Committee members, and
change the minimum shareholding
requirement (MSR) from 200% of fixed
52Australia and New Zealand Banking Group Limited 2025 Annual Report52
Contents
1. Key Management Personnel
(KMP) 54
2. Remuneration governance 55
3. Executive performance and
remuneration approach 56
4. Five-year performance 57
5. Executive performance and
remuneration framework 59
6. Executive remuneration
outcomes 68
7. Accountability and
Consequence Framework 78
8. Internal governance 80
9. Non-Executive Director
(NED) remuneration 81
10. Other statutory information 83
Variable Remuneration decisions by Board as part of
2025 review process
Malus
1
Total 2024 & 2025
Forfeited
2
2025 STVR2026 LTVR
Full Face
ValueValue
% of Fixed
Remuneration
Current CEO
N Matos$0Proposed a zero
outcome for his time as
CEO during 2025 –
part-year STVR
100% of LTVR
value
Full 2026 LTVR value
plus portion for
commencement as
CEO in 2025
$0.975m
39%
Former CEO
S Elliott$0Reflects accountability
as former CEO for NFR
Matters and resulting
financial and
reputational impacts
Not eligibleNot eligible for 2026
LTVR - noting 2025
LTVR of $3.2m was
forfeited prior to 2024
AGM
$7.39m$13.49m
539%
Current
Disclosed
Executives
Board applied its discretion to
adjust STVR to zero, with
exception of individuals in Acting
roles and A Watson whose
outcomes are determined by
the ANZ NZ Board
50% of full LTVR opportunity (restricted
rights) is subject to a risk based pre grant
assessment. The below adjustments vs full
LTVR opportunity were made to ensure
appropriate overall consequences, balanced
against future focused nature of this award
M Whelan$00% of restricted rights (50% of full LTVR)$3.5m
235%
K Corbally$0Not eligible$2.1m
162% -
212%
3
C Morgan$050% of restricted rights (75% of full LTVR)$2.1m 183%
E Clements$0$1.3m
144%
F Faruqui$0$1.75m
137%
A Watson$692K$0.8m
74%
B Rush (Acting)$229Kn/a
M Bullock (Acting)$155KNot eligible n/a
Former Disclosed

Executives
M Carnegie$0Not eligible$2.9m$4.4m
339%
G Florian$0Not eligible$0.24m$1.78m
141%
A Strong$0Not eligible$0.16m$1.16m
129%
1. Malus reflects the downward adjustment of unvested deferred variable remuneration. Full face value calculated based on the one day volume weighted average price (VWAP) of
ANZGHL shares traded on the ASX on 30 September 2025 multiplied by the number of deferred shares and/or rights. 2. Represents the impact of the Board’s decisions in 2024 and
2025, with the total opportunity forfeited representing the total STVR/LTVR dollar forfeited (compared to maximum/full opportunity) plus the estimated full face value of forfeited
equity. 3. 162% represents forfeited value due to Board’s decision that K Corbally not eligible for 2026 LTVR. 212% represents estimated value if eligible and Board’s intention for
50% to be forfeited.
Lowest
relative impact
Highest
relative impact
remuneration to 150% of fixed
remuneration (excluding the CEO). While
these changes likely mean it will take a
longer period for executives to accumulate
the MSR, the five-year requirement to meet
the MSR remains unchanged.
Delivering the 2026 component of the
Root Cause Remediation Plan (RCRP) in
response to the Court Enforceable
Undertaking is critical for ANZ, not only
to strengthen NFR management but to
support ANZ’s cultural transformation.
Therefore, to reinforce its importance, the
Group and Executive scorecards will have
a specific Risk/RCRP objective weighted
at 25%. This is in addition to the Risk
Modifier that will also have an additional
impact if there are material shortfalls in
RCRP delivery. To accommodate this
significant weighting, the financial
component of scorecards will reduce
from 50% to 45% for the three-year
RCRP delivery program.
Non-Executive Director (NED) fees
For 2025 there was no change to NED
fees following the annual NED fee review.
Conclusion
As we look forward to 2026, my Board
colleagues and I are focused on the
achievement of ANZ’s 2030 strategy. We
have agreed with management a 2026
Group Scorecard, which underpins delivery
and has been designed to reward the
ambitious targets that we have set.
Holly Kramer
Chair – People & Culture Committee
53
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33
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Glossary

The Remuneration Report for Australia and New Zealand Banking Group Limited (ANZBGL) outlines our remuneration
strategy and structure and the remuneration practices that apply to Key Management Personnel (KMP). This report has
been prepared, and audited, as required by the Corporations Act 2001. It forms part of the Directors’ Report.
This report includes disclosures for the full financial year 2025 – 1 October 2024 to 30 September 2025. Ordinary shares and employee
equity, i.e. deferred shares, deferred share rights, performance rights and restricted rights held prior to 3 January 2023
1
were previously
ANZBGL related equity – post the listing of ANZGHL the equity was converted to ANZGHL related equity. References to ‘the Board’
throughout this report mean the Boards of ANZGHL and ANZBGL.
The ANZ Group Scorecard approach disclosures in Section 5.3 and the 2025 ANZ Group Scorecard outcomes disclosures in Section
6.1.1 relate to ANZGHL rather than ANZBGL given this forms the basis for determining performance and remuneration outcomes for the
CEO and Disclosed Executives.
KMP are Directors of the Group (or entity) whether executive directors or otherwise, and those personnel with a key responsibility for the
strategic direction and management of the Group (or entity), i.e. members of the Group Executive Committee (ExCo) who have Financial
Accountability Regime (FAR) Accountability and who report to the CEO, referred to as Disclosed Executives.
1. ANZ Group Holdings Limited (ANZGHL) replaced Australia and New Zealand Banking Group Limited (ANZBGL) as the listed entity on 3 January 2023 under a scheme of arrangement
approved by shareholders at the AGM on 15 December 2022.
1.1 Disclosed Executive
and Non-Executive Director
changes
There were several changes to our KMP
during the 2025 year:
• Jane Halton retired as a Non-Executive
Director (NED) on 31 March 2025.
• Alison Gerry commenced as a NED on
9 May 2025.
• Shayne Elliott concluded as CEO and
Executive Director on 11 May 2025.
• Nuno Matos commenced as CEO and
Executive Director on 12 May 2025.
• Antony Strong concluded as Group
Executive, Strategy & Transformation
1 July 2025.
• Maile Carnegie concluded as Group
Executive, Australia Retail on 1 July 2025,
with Bruce Rush appointed as Acting
Group Executive, Australia Retail & CEO
Suncorp Bank from 2 July 2025.
Subsequently Pedro Rodeia appointed
Group Executive, Australia Retail from
17 November 2025.
• Gerard Florian concluded as Group
Executive, Technology & Group Services
on 4 August 2025, with Michael Bullock
appointed as Acting Group Executive,
Technology & Group Services from 5
August 2025. Subsequently Donald Patra
appointed Group Chief Information Officer
from 24 November 2025.
• Stephen White appointed as Group
Executive Operations from 29 October
2025.
• Kevin Corbally will step down from the role
of Chief Risk Officer (CRO), and be
appointed Managing Director, Capital
Management Institutional. He will continue
to serve as CRO until the commencement
of Christine Palmer, appointed Group CRO
from 1 December 2025.
1.2 Key Management Personnel (KMP) detail
The KMP whose remuneration is disclosed in this year’s report are:
2025 NEDs – Current
P O’SullivanChairman
J CincottaDirector (ANZBGL NED only)
A GerryDirector from 9 May 2025
R GibbDirector
G HodgesDirector (ANZBGL NED only)
H KramerDirector
C O’ReillyDirector
J SmithDirector
S St JohnDirector
2025 NEDs – Former
J HaltonFormer Director – retired 31 March 2025
2025 CEO and Disclosed Executives – Current
N MatosCEO and Executive Director from 12 May 2025
M BullockActing Group Executive, Technology & Group Services from 5 August 2025
E ClementsGroup Executive, Talent & Culture (GE T&C)
K CorballyChief Risk Officer (CRO)
F FaruquiChief Financial Officer (CFO)
C MorganGroup Executive, Australia Commercial
B RushActing Group Executive, Australia Retail & CEO Suncorp Bank from 2 July 2025
A WatsonGroup Executive and CEO, New Zealand
M WhelanGroup Executive, Institutional
2025 CEO and Disclosed Executives – Former
S ElliottFormer CEO and Executive Director – concluded in role 11 May 2025 and
ceased employment 30 September 2025
M CarnegieFormer Group Executive, Australia Retail – concluded in role 1 July 2025 and
ceased employment 1 August 2025
G FlorianFormer Group Executive, Technology & Group Services – concluded in role 4
August 2025 and ceasing employment 7 November 2025
A StrongFormer Group Executive, Strategy & Transformation – concluded in role and
ceased employment 1 July 2025
See section 1.1 regarding changes to KMP announced in 2025, effective for 2026.
No additional changes to KMP to those announced since the end of 2025 up to the date
of signing the Directors’ Report.
1. Key Management Personnel (KMP)
1.1 Disclosed Executive and Non-Executive Director changes1.2 Key Management Personnel (KMP) detail
54Australia and New Zealand Banking Group Limited 2025 Annual Report
2. Remuneration governance
2.1 First strike and shareholder feedback2.2 The People & Culture Committee
2.1 First strike and
shareholder feedback
At the AGM in 2024, ANZ recorded a ‘first
strike’ against our Remuneration Report.
The Chairman and the Chair of the People
& Culture Committee met with many of
our shareholders over the course of 2025,
to better understand the key drivers
behind their voting decisions.
Feedback from some shareholders
that in their view reflected that 2024
remuneration outcomes were misaligned,
particularly given issues raised by APRA
and ASIC, as outlined in the Chairman’s
2024 message.
Importantly, 2024 outcomes were
determined based on information
known at that time. The Board highlighted
that reviews were ongoing, and full
accountability would be established once
these had been concluded. In light of the
findings from independent reviews
completed in 2025 and in accordance
with CPS 511, the Board deliberated on
the degree of accountability for each
executive when determining 2025
variable remuneration outcomes. In
addition, the Board considered the
combined impact of remuneration
outcomes over 2024 and 2025.
Given the above, the Board has sought to
enhance transparency in the 2025
Remuneration Report, particularly
regarding the Board’s decision-making for
2025 of variable remuneration outcomes
and how risk management and non-
financial considerations were factored into
those decisions.
The Board are appreciative of the candid
feedback from shareholders and have
endeavoured to incorporate that into the
decision-making for 2025.
2.2 The People & Culture
Committee
2.2.1 Role of the People &
Culture Committee
The Board is ultimately responsible for and
oversees ANZ Group’s Performance and
Remuneration Framework and its effective
application throughout the ANZ Group.
The People & Culture Committee’s role is
to assist the Board in its oversight of the
effective operation of the Performance
and Remuneration Framework and other
Talent & Culture (T&C) matters. It has
been delegated authority to act as the
remuneration committee for ANZBGL.
During the year the People & Culture
Committee met on six occasions and
reviewed and approved, or made
recommendations to the Board on
matters including:
• remuneration for the CEO and other key
executives broader than those disclosed
in the Remuneration Report in
accordance with ANZ’s Board level
Performance and Remuneration
Policies, and fees for the NEDs;
• matters related to Performance and
Remuneration Framework compliance
with APRA’s Prudential Standard CPS
511 Remuneration;
• annual objectives setting, reporting
and assessment of the ANZ Group
Scorecard and annual variable
remuneration spend;
• performance and reward outcomes
for key senior executives, including the
consideration of material events that
have either occurred or came to light
during the year;
• the release, further deferral or
application of malus of deferred
remuneration or clawback;
• key senior executive appointments
and terminations;
• the review of ANZ’s Board level
Performance and Remuneration
Policies, and the Accountability &
Consequence Framework (A&CF);
• building capabilities required to
deliver on our strategy;
• succession plans for key senior
executives; and
• culture, diversity and inclusion,
employee engagement, and how
we work.
2.2.2 Link between
remuneration and risk
The People & Culture Committee has a
strong focus on the relationship between
business performance, risk management
and remuneration, aligned with our business
strategy. The chairs of the Risk and Audit
Committees and the full Board (ANZGHL
and ANZBGL) are in attendance for specific
People & Culture Committee meetings. A
joint meeting of the People & Culture, Risk
and Audit Committees was held to review:
• material risk, conduct and audit events
that either occurred or came to light in
2025;
• 2025 performance and variable
remuneration recommendations at both
the Group, CEO and Disclosed Executive
level.
To further strengthen the link between
remuneration and risk:
• the Board had three NEDs, in addition to
the Chairman, in 2025 who served on
both the People & Culture Committee and
the Risk Committee;
• the People & Culture Committee has free
and unfettered access to risk and financial
control personnel, noting that the CRO and
CFO attend People & Culture Committee
meetings for specific agenda items;
• the CRO together with GE T&C and Group
General Manager Internal Audit (GGM IA)
provides an independent report to the
People & Culture Committee on the most
material risk, conduct and audit events as
relevant to help inform considerations of
performance and remuneration, and
accountability and consequences at the
Group, Divisional and individual level;
• the CRO also provides an independent
report to assist the Board in their
assessment of performance and
remuneration outcomes for the CEO and
Disclosed Executives;
• the chairs of the Risk and Audit
Committees are asked to provide input to
ensure appropriate consideration of all
relevant risk and internal audit issues;
• the ANZ Group Scorecard and Divisional
Scorecards include a Risk Modifier, a key
element that forms an integral part of
each framework’s assessment and
directly impacts the overall outcomes; and
• the LTVR restricted rights pre grant and
pre vest assessments undertaken by the
Board are primarily based on non-financial
risk outcomes.
More details about the role of the
People & Culture Committee,
including its Charter, can be found on
our website. Go to anz.com > Our
company > Strong governance
framework > ANZ People & Culture
Committee Charter
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3. Executive performance and remuneration approach
3.1 Summary of approach3.2 Alignment of remuneration and risk
ANZ’s ambition and strategy
1
Is underpinned by our Performance and Remuneration Policies which include our Reward Principles:
Attract, motivate
and keep great
people
Reward our people for
doing the right thing having
regard to our customers
and shareholders
Focus on how things are
achieved as much as what
is achieved
Fair and simple
to understand
With remuneration delivered to our CEO and Disclosed Executives through:
Fixed remuneration (FR)Performance linked variable remuneration
Short Term Variable Remuneration (STVR)Long Term Variable Remuneration (LTVR)
Linked to shareholder interests through:
• Substantial shareholding requirements, see Section 8.3 – around 80% of variable remuneration at maximum opportunity is
deferred into ANZ equity and 75% for the CRO to ensure alignment with shareholder interests and to ensure focus on long-term
value creation
• Significant variable remuneration deferral up to 5 and 6 years in ANZ equity
• Significant weighting to the LTVR component, i.e. around 60% of variable remuneration, which includes Relative and Absolute
Total Shareholder Return (TSR) hurdles
• Consideration of the shareholder experience in respect of the share price and dividend in determining individual outcomes
1. See the ‘Our ambition and strategy’ section of the Annual Report.
3.1 Summary of approach
The following overview highlights how the executive performance and remuneration framework supports ANZ’s ambition and strategy
and is aligned to shareholder interests.
2.2.3 Conflicts of interest
To help mitigate potential conflicts of interest:
• management are not in attendance when
their own performance or remuneration is
being discussed by the People & Culture
Committee or Board;
• the CRO’s remuneration arrangements
differ to other Disclosed Executives to
preserve the independence of the role;
• the Enterprise Accountability Group (EAG)
also has processes in place to help
mitigate conflicts of interest as outlined in
section 7; and
• the People & Culture Committee seeks
input from a number of sources to inform
their consideration of performance and
remuneration outcomes for the CEO and
Disclosed Executives including:
–independent reports from Risk, Finance,
Talent and Culture, and Internal Audit;
–material risk, conduct and audit event
data provided by the CRO; and
–input from both the Audit Committee
and the Risk Committee of the Board.
2.2.4 External advisors
provided information but not
recommendations
The People & Culture Committee
can engage independent external
advisors as needed.
Throughout the year, the People &
Culture Committee and management
received information from the following
external advisors: Ashurst, Deloitte,
EY, PayIQ Executive Pay and
PricewaterhouseCoopers. This
information related to market data,
market practices, analysis and
modelling, legislative requirements
and the interpretation of governance
and regulatory requirements.
During the year, ANZ did not receive any
remuneration recommendations from
external advisors about the remuneration
of KMP.
ANZ employs in-house remuneration
professionals who provide
recommendations to the People & Culture
Committee and the Board. The Board
made its decisions independently, using
the information provided and with careful
regard to ANZ’s key strategic priorities,
ambition and values, risk appetite, and
the ANZ Group Performance and
Remuneration Framework, ANZ’s Board
level Performance and Remuneration
Policies and ANZ’s Reward Principles
56Australia and New Zealand Banking Group Limited 2025 Annual Report
4.1 Five-year ANZ financial performance summary
When determining variable remuneration outcomes for the CEO, Disclosed Executives and employees, a range of different financial
indicators are considered. The Group uses cash profit as a measure of performance for the Group’s ongoing business activities, as this
provides a basis to assess Group and Divisional performance against earlier periods and against peer institutions.
The adjustments made in arriving at cash profit are included in statutory profit which is subject to audit. Although cash profit is not
audited, the external auditor has informed the Audit Committee that, with the exception of the new cash profit adjustment in 2025 in
respect of the amortisation of acquired intangible assets recognised in 2025 as part of the Suncorp Bank acquisition, the cash profit
adjustments have been determined on a consistent basis across each period presented.
2025 statutory profit is down 10% compared to the prior financial year, while cash profit is down 14%, with both measures impacted by
significant items during the year.
During 2024 the Group commenced a $2 billion share buy-back to return surplus capital to its shareholders, which up to 30 September
2025 has resulted in the Group returning $1,175m of capital to shareholders via the acquisition of 39.5 million shares on the market. As
announced on 13 October 2025, the remaining share-buy back has now been ceased.
4. Five-year performance
4.1 Five-year ANZ financial performance summary4.2 Historical performance and remuneration outcomes
3.2 Alignment of remuneration and risk
Alignment of remuneration and risk
Variable remuneration for the CEO and Disclosed Executives is aligned to risk management through:
Assessing behaviours
based on ANZ’s values
and risk/compliance
standards including
the FAR
Determining variable
remuneration
outcomes with risk as a
modifier – impacting
outcomes at both a
Group Scorecard and
individual level
Weighting the
measurement of
remuneration
outcomes toward the
longer-term with a
significant proportion
at risk
Emphasising risk in the
determination and
vesting of LTVR
restricted rights
(Section 5.4.2)
Reinforcing the
importance of risk
culture in driving
sustainable long-term
performance in the
LTVR design
Providing material
weight to non-financial
metrics, particularly risk,
in line with APRA
requirements
Ensuring risk
measures are
considered over a
long-time horizon of
up to 5 and 6 years
Determining
accountability
1

and applying
consequences
where appropriate
Strengthening risk
consequences with
clawback (Section 5.5)
Prohibiting the hedging
of unvested equity
Variable remuneration can be adjusted downwards, including to zero, allowing the Board to hold executives accountable, individually or
collectively, for the longer-term impacts of their decisions and actions.
1. The term ‘accountability’ is used in the broader sense – i.e. taken to mean that the CEO/Disclosed Executives are ultimately responsible for the effective management of risk and the
performance of the bank, and therefore should bear appropriate consequences for the impacts of the matters. As used in this report, the term should not be taken to mean
accountability under FAR, unless otherwise stated. Where referring to FAR accountability, the term ‘Accountability’ will be capitalised.
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ANZ’s financial performance
1
, including cash profit
2
, over the last five years.
20212022202320242025
Statutory profit attributable to ordinary shareholders ($m)6,1627,1197,1066,5355,891
Cash profit ($m, unaudited)6,1816,4967,4136,7255,787
Cash profit - continuing operations ($m, unaudited)6,1986,5157,4136,7255,787
Cash profit before provisions and tax - continuing operations
($m, unaudited)
8,3968,96810,76610,0689,019
Return on equity - cash (%) - continuing operations (unaudited)9.910.411.09.78.1
Basic earnings per share - cash - continuing operations
(cents, unaudited)
216.5228.8247.3224.3194.7
1. The Group completed the divestment of its Aligned Dealer Group business, its Onepath Pensions and Investment business, and life insurance business across the 2020 and 2019
financial years. The financial results of these divested businesses were treated as discontinued operations in 2022 and 2021. The Group ceased reporting discontinued and continuing
operations from completion in 2022. On 1 October 2023, the Group adopted AASB 17 Insurance Contracts (AASB 17), applied AASB 17 effective 1 October 2022 and restated prior
period comparative information. 2. Cash profit excludes non-core items included in statutory profit. The net after tax gain adjusted from statutory profit to arrive at cash profit was
$104m for 2025, made up of several items. It is provided to assist readers understand the results of the core business activities of the Group.
4.2 Historical performance and remuneration outcomes
The table below shows the link between financial performance and variable remuneration outcomes
1
over the past five years, noting
that risk and other factors have also impacted outcomes.
20212022202320242025
Current CEO STVR outcome (% of maximum opportunity)----0%
Former CEO STVR
2
outcome (% of maximum opportunity)53%74%96%52%0%
Disclosed Executive STVR
3
outcome (average % of
maximum opportunity
4
)
60%78%89%60%10%
Disclosed Executive STVR
3
outcome (range % of maximum
opportunity
4
)
46% - 66%71% - 96%80% - 100%40% - 71%0% - 64%
LTVR/VR PR vesting outcome (% vested)43.3%51.6%n/a0%25%
Share price
5
at 30 September ($)28.1522.825.6630.4833.21
Total dividend (cents per share)142146175166166
Total shareholder return (12 month %)70.7-14202715.1
1. In prior year Remuneration Reports, STVR outcome was provided as a % of target. 2. Previously referred to as AVR pre-2022 for the former CEO. 3. Previously referred to as VR
pre-2022 for Disclosed Executives. 4. Pre 2022, % of maximum opportunity applied to the full VR due to the combined VR structure for Disclosed Executives in those years.
5. On 1 October 2020, opening share price was $17.21.
58Australia and New Zealand Banking Group Limited 2025 Annual Report
5.1 Remuneration structure
There are two core components of remuneration at ANZ – fixed remuneration and at risk variable remuneration.
In structuring remuneration, the Board aims to find the right balance between fixed and variable remuneration (at risk), the way it is
delivered (cash versus deferred remuneration) and appropriate deferral time frames (the short, medium and long-term).
The Board sets and reviews annually the CEO and Disclosed Executives’ FR based on financial services market relativities and reflecting
each executive’s responsibilities, performance, qualifications and experience. FR is delivered as cash and superannuation contributions.
The CEO and Disclosed Executives’ variable remuneration is comprised of STVR and LTVR, consistent with external market practice.
Information relating to variable remuneration delivery is detailed in sections 5.3 and 5.4.
5.2 Remuneration mix
The CEO and Disclosed Executives
1
have an aligned remuneration mix of 30% FR, 30% STVR and 40% LTVR at maximum/full
opportunity, and structure, with the exception of longer deferral for the CEO in line with APRA’s deferral
2
requirements.
CEO
Remuneration mix – CEO ($m)
2.500
2.500+1.200+1.300+1.688+1.688
2.500
Minimum opportunity
8.375 (44% cash, 56% equity)
Maximum/full opportunity
30%30%40%
LTVR RRLTVR PRSTVR deferred sharesSTVR cashFR
Disclosed Executives
The dollar amounts in the below example are for illustrative purposes only, and are based on the FR value of $1.25m.
Remuneration mix – Disclosed Executives
1
($m)
1.250
Minimum opportunity
4.188 (45% cash, 55% equity)
Maximum/full opportunity
1.250
1.250+0.625+0.625+0.844+0.844
30%30%40%
LTVR RRLTVR PRSTVR deferred sharesSTVR cashFR
1. Excluding CRO and acting Group Executive roles. 2. At target performance, 63% of variable remuneration for the CEO and Disclosed Executives, and 56% of variable remuneration
for the CRO is deferred for at least four years from the date the Board approved the variable remuneration in October, and the date shareholders approve the CEO’s LTVR, noting that
this complies with the FAR minimum deferral requirement of 60% for the CEO and 40% for Disclosed Executives.
5. Executive performance and remuneration framework
5.1 Remuneration structure
5.2 Remuneration mix
5.3 STVR remuneration detail
5.4 LTVR remuneration detail
5.5 Board discretion
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Chief Risk Officer
To preserve the independence of the role and to minimise any conflicts of interest in carrying out the risk control function across
the organisation, the CRO’s remuneration arrangements differ to other Disclosed Executives.
While the STVR opportunity of 100% of FR is the same as the CEO and Disclosed Executives, the LTVR opportunity is different,
i.e. 100% of FR instead of 135% of FR, reflecting the delivery of LTVR as 100% restricted rights instead of 50% performance
rights and 50% restricted rights. Maximum variable remuneration opportunity is 200% of FR for the CRO. The CRO’s
remuneration mix at maximum opportunity is 33.3% FR/33.3% STVR/33.3% LTVR.
Acting Group Executive, Australia Retail and CEO Suncorp Bank
Due to the acting nature of B Rush’s appointment, and that his role is classified as a FAR Accountable Person for Suncorp Bank, his
remuneration arrangements differ to other Disclosed Executives. For the time spent in this acting role, his FR is set at $1.15 million per
annum from 2 July 2025. His STVR maximum opportunity is set at 125% of FR and LTVR at 100% of FR at full opportunity. His
remuneration mix at maximum opportunity is therefore 31% FR/38% STVR/31% LTVR. To ensure compliance with FAR and CPS 511
deferral requirements, his STVR will be delivered as 50% cash and 50% shares deferred over years 2 to 3, with his LTVR delivered as
100% restricted rights deferred over years 4 and 5.
Acting Group Executive, Technology & Group Services
Due to the acting nature of M Bullock’s appointment, his remuneration arrangements differ to other Disclosed Executives. For the time
spent in this acting role, his FR is set at $1 million per annum from 5 August 2025. His Variable Remuneration (VR) maximum opportunity is
set at 210% of FR at full opportunity. His remuneration mix at maximum opportunity is therefore 32% FR/68% VR. To ensure compliance
with FAR and CPS 511 deferral requirements, his VR will be delivered as 60% cash and 40% shares deferred over years 4 and 5.
5.3 STVR remuneration detail
In 2024, the People & Culture Committee recommended and the Board approved, changes to the ANZ Group Scorecard and
performance approach for financial year 2025 onward. The intention was to provide a greater focus on fewer, more meaningful
objectives that would drive sustainable long-term performance, and to provide a more transparent link between performance and
remuneration outcomes. This approach is also consistent with shareholder feedback.
Key changes arising from this review included:
• reduction in the number of objectives and indicators;
• provision of weighting for each objective rather than at the category level only;
• introduction of threshold/target/stretch targets for each indicator;
• increase in the performance assessment weighting for Group performance for frontline Disclosed Executives, from 25% to 40%,
to recognise the increase in Group-wide priorities, excluding the Group Executive and CEO, New Zealand; and
• increase in the weighting of financial measures from 40% to 50% in the Group and Divisional Scorecards.
Key features of the STVR are detailed in the table below:
STVR elementDetail
ObjectiveTo align with the achievement of stretching performance objectives that support our business strategy
and drive long-term sustainable outcomes for shareholders, with material weight provided to non-
financial measures in accordance with Prudential Standard CPS 511 Remuneration.
Maximum opportunity100% of FR.
EligibilityCEO and Disclosed Executives.
Link to performanceBased on Group and individual performance.
ANZ Group ScorecardAt the start of each year, the ANZ Group Scorecard is agreed upon by the Board and is designed to be
stretching. For the CEO, STVR is assessed on ‘What’ assessment (ANZ Group Scorecard) x ‘How’ Modifier.
Divisional ScorecardsAt the start of each year, stretching performance objectives are set for Disclosed Executives through
Divisional Scorecards, aligned with the ANZ Group Scorecard. For Disclosed Executives, STVR is
assessed on ‘What’ assessment (ANZ Group Scorecard and Divisional Scorecards) x ‘How’ Modifier. The
weighting to Divisional Scorecards varies from 50% to 75% for Disclosed Executives.
Scorecard weightingsThe ANZ Group Scorecard weighting for Disclosed Executives varies based on role focus. To reinforce
the importance of collective accountability and contribution to Group outcomes, for 2025 the Group
weightings increased from 25% to 40% for frontline Disclosed Executives (excluding Group Executive &
CEO, New Zealand). The CRO retained a 25% weighting to reinforce independence of the role:
• 50% weighting for enablement Disclosed Executives: CFO, Group Executive Strategy & Transformation,
GE T&C, and Group Executive Technology & Group Services;
• 40% weighting for frontline Disclosed Executives: Group Executive Australia Retail, Group Executive
Australia Commercial, and Group Executive Institutional;
• 25% weighting for CRO, and Group Executive & CEO New Zealand.
60Australia and New Zealand Banking Group Limited 2025 Annual Report
STVR elementDetail
Delivery vehicles and
security issued
50% cash, 50% deferred shares (DS). The number of deferred shares to be granted is calculated based on
the volume weighted average price (VWAP) of the shares traded on the ASX in the five trading days leading
up to and including 1 October, i.e. in line with the beginning of the financial year. Allocations prior to the 2022
financial year were based on the VWAP in the five trading days leading up to and including the date of grant.
In some cases, we may grant deferred share rights to executives instead of deferred shares. Each deferred
share right entitles the holder to one ordinary share.
Performance periodOne year.
2025 ANZ Group
Scorecard performance
measures and Risk
Modifier
WeightObjectiveKey Performance Indicator
135%Deliver strong financial outcomes; focused on
high quality growth and returns
Cash NPAT (v Plan) $m
Cash ROE (Internal Expected Loss (IEL)
basis v Plan)
215%Drive productivity; leverage AI, our geographic
network and how we partner, to drive
transformational change across the bank
Productivity (based on FY24 baseline)
310%Deliver value from the Suncorp Bank acquisition;
manage Suncorp Bank well, growing high value
Suncorp customer deposits and deliver the
benefits of integration as planned
Suncorp Bank Funds under
Management (Deposits)
Integration cost net of synergies
410%Grow the number of active ANZ Plus customers
and launch new products and features; by
executing our roadmap, deepening
engagement, and scaling the migration of
existing customers
Number of active ANZ Plus customers
Percentage of ANZ Plus customers
engaged with a Financial Wellbeing
(FWB) feature
Number of ANZ transact and save
customers migrated to ANZ Plus
5
15%
Improve core platform resilience:
a) Deliver Key NFR Transformation Initiatives
Complete the implementation of all 16
risk themes in I.AM Amplified
Deliver a clear and well progressed
plan for fully sustainably embedding
the I.AM Amplified transformation
Identify and map ANZ’s critical
operations (as defined under CPS 230)
with all dependencies, tolerance
settings and Business continuity plans
defined in Operational Resilience
Management (ORM) ready to operate
5%b) Launch and progress the implementation of
the Modern Banking Platform Core in NZ
Successfully launch Term Deposits on
Modern Banking Platform (MBP) to
Personal customers in the live
production environment
610%Strengthen our reputation; enhancing our
employee value proposition and our social
license to operate
Improved Inclusion Index
Deliver Environmental ESG targets
as planned
Key Consideration
1Demonstrable progress and on track to achieve ‘Sound’ risk culture rating
2Continue to enhance our approach to managing financial and non-financial risk management
including critical data management
3Continue to strengthen our reputation and confidence with the community and regulators
Delivery
1
and deferral
period
Year 2 DS 25%
Year 3 DS 25%
Year 1 Cash 50%
Downward adjustment
including malus and
clawback
Subject to the Board’s ongoing discretion to apply in-year adjustments, malus and clawback –
considered by the Board before any scheduled release of deferred remuneration.
1. If the CEO receives above target STVR, the amount above target will be delivered as 40% cash and 60% DS (20% year 4, 20% year 5, 20% year 6) to ensure compliance with the
minimum deferral requirements with respect to FAR and APRA’s Prudential Standard CPS 511 Remuneration.
Financial
Risk
Strategic
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5.3.1 Performance assessment of STVR
The following provides a summary of the performance assessment approach for the CEO and Disclosed Executives in respect of
assessment of performance against scorecards.
• Compliance with the FAR is the gateway that requires the Accountable Person to meet their obligations in line with their Accountability
Statement under the FAR.
• The ‘What’ assessment comprises the outcome of the ANZ Group Scorecard and Divisional Scorecard. Each Scorecard is subject to
a Risk Modifier
1
as detailed below.
• The ‘How’ Modifier is used to adjust the ‘What’ assessment outcome. It considers a macro view of the individual’s approach to risk,
demonstration of ANZ behaviours, and their contribution to building a successful ExCo team.
See below for further detail on the performance assessment approach of STVR.
1. Note for the CRO, Risk is incorporated in the Scorecard rather than as a separate Modifier.
FAR
Compliance
Gateway
‘How’
Modifier %
Key Inputs:
• Risk Standards
Assessment
• Behaviours
ANZ Group Scorecard
assessment %
Weighting
CEO: 100%
CRO, GE NZ: 25%
Frontline DEs: 40%
Enablement DEs: 50%
Divisional Scorecard
assessment %
Weighting
CEO: n/a
CRO, GE NZ: 75%
Frontline DEs: 60%
Enablement DEs: 50%
‘What’ assessment
Overall
Performance
Assessment %
Key Inputs:
• Informs STVR
outcome
CEO performance
The CEO’s STVR is assessed against the ANZ Group Scorecard, adjusted by the ‘How’ Modifier, which takes into consideration the
CEO’s leadership of ANZ’s values and behaviours and ANZ’s risk and compliance standards. The weighting to financial performance for
the CEO is around 50% in 2025 noting that the CEO’s STVR is not formulaic.
At the end of the financial year, the People & Culture Committee reviews and recommends to the Board for approval the CEO’s overall
performance taking into consideration:
i. Performance against the ANZ Group Scorecard
ii. 'How' Modifier which includes:
a. Risk Standards Assessment
i. Control function reports from the CRO on risk management, CFO on financial performance, GE T&C on talent and culture matters
and GGM IA on internal audit matters
ii. Material risk, audit and conduct events that have either occurred or come to light during the year
b. Behaviours
iii. Input from the Chairman
iv. Compliance with FAR obligations
v. Input from both the Audit Committee and the Risk Committee of the Board
Disclosed Executive performance
At the end of the financial year, the People & Culture Committee recommends to the Board for approval the performance of each
Disclosed Executive
1
against:
i. the ANZ Group Scorecard – 25% to 50% weighting
ii. their Divisional Scorecard – 50% to 75% weighting
iii. 'How' Modifier as detailed for the CEO
iv. Compliance with FAR obligations
v. Input from both the Audit Committee and the Risk Committee of the Board
Similar to the ANZ Group Scorecard, the Divisional Scorecards include the key Scorecard categories of Financial and Strategic, with Risk
acting as a Modifier.
2
The weighting of each element varies to reflect the responsibilities of each individual’s role. The Financial element
weightings range from 25% to 50%.
1. Performance arrangements for the CRO are addressed additionally by the Risk Committee. Performance arrangements for the Group Executive & CEO New Zealand are
determined and approved by the ANZ NZ HR Committee/ANZ NZ Board in consultation with and endorsed by the People & Culture Committee/Board, consistent with their
respective regulatory obligations. 2. Except for the CRO who has a percentage weighting assigned to risk measures.
62Australia and New Zealand Banking Group Limited 2025 Annual Report
5.4 LTVR remuneration detail
The LTVR has two components – LTVR performance rights and LTVR restricted rights. The weighting of LTVR at full opportunity is 50:50
for the CEO and Disclosed Executives with the exception of the CRO and Acting Group Executive, Australia Retail and CEO Suncorp
Bank, whose allocations are 100% LTVR restricted rights. The Acting Group Executive, Technology & Group Services is not eligible to
receive LTVR.
Having a risk-based focus reflects the intent of APRA’s Prudential Standard CPS 511 Remuneration in ensuring remuneration
arrangements appropriately incentivise individuals to prudently manage risks. The performance conditions are designed to ensure there
is focus on both material risk events and building a strong risk culture over the longer term.
The award of restricted rights ensures that LTVR provides material weight to non-financial measures (as required under CPS 511
Remuneration), as well as supporting long-term alignment with shareholders.
The following tables detail features of the LTVR performance rights and LTVR restricted rights. This is the LTVR approach that applied to
the 2025 LTVR award granted in November 2024.
5.4.1 LTVR performance rights (PR) – CEO and Disclosed Executives excluding the CRO
1
LTVR PR elementDetail
ObjectiveTo align with the achievement of stretching performance objectives that support our business strategy
and drive long-term sustainable outcomes for shareholders, with material weight provided to non-
financial measures in accordance with Prudential Standard CPS 511 Remuneration.
Full opportunityCEO and Disclosed Executives (excluding the CRO
1
) 67.5% of FR.
EligibilityCEO and Disclosed Executives excluding the CRO.
1
Link to performanceRelative and Absolute Total Shareholder Returns outcomes.
Delivery vehicle and
security issued
Performance rights – each performance right is a right to acquire one ordinary ANZ share at nil cost
subject to meeting of performance conditions.
Performance periodFour years from 1 October 2024 to 30 September 2028.
Performance measuresThe performance rights are subject to two performance hurdles:
• 75% weighting – Relative Total Shareholder Return (RTSR) measures ANZ’s share price movement,
dividends paid, and any return on capital compared with the RTSR performance over the performance
period of a comparator group of companies comprising select financial services companies as
detailed below.
• 25% weighting – Compound annual growth rate of Absolute Total Shareholder Return (ATSR) equalling
or exceeding ANZ’s weighted average cost of capital (WACC). The ATSR hurdle is an internal hurdle
focused on ANZ achieving or exceeding a threshold level of growth being the WACC over the
performance period. Value is created for shareholders when the ATSR exceeds ANZ’s WACC. The
Board will review and approve any changes to the WACC on a quarterly basis throughout the
performance period, based on the output from the Capital Asset Pricing Model (CAPM) methodology,
which takes into consideration the risk-free bond rate, the market risk premium and the beta – i.e. the
volatility of ANZ’s historical share price relative to the market.
Performance hurdles
RTSR
If ANZ’s TSR when compared to the TSR of the
constituents of the comparator group:
The percentage of performance rights which
will vest is:
Does not reach the 50
th
percentile0%
Reaches or exceeds the 50
th
percentile50%, plus 2% for every one percentile increase
above the 50
th
percentile up to the 75
th
percentile
Reaches or exceeds the 75
th
percentile100%
ATSR
If the ATSR of ANZ:
The percentage of performance rights which
will vest is:
Does not reach the threshold
2
0%
Reaches the threshold50%
Exceeds the threshold but does not reach
150% of threshold
Progressive pro-rata vesting between 50%
and 100%, on a straight line basis
Reaches or exceeds 150% of threshold100%
1. Also excluding acting Group Executives. 2. Based on the WACC at the start of the performance period, the ATSR threshold was 9.75% and the full vesting level was based on an
ATSR of 14.63%; this may be subject to change based on the WACC over the performance period unless the Board exercises discretion to set it otherwise.
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Holding periodThe holding period commences the day after the end of the four-year performance period, and finishes
on the 4
th
, 5
th
or 6
th
anniversary of grants.
Deferral periodThe deferral period is the sum of the four-year performance period and the applicable holding period.
~2 yr HP
~1 yr HP
4-year Performance Period
Deferral period = 4-year Performance Period + Holding Period (HP)
Year 4 CEO: 33% / DE: 50%
Year 5 CEO: 33% / DE: 50%
Year 6 CEO 34%
Exercise periodPerformance rights can only be exercised at the end of the relevant deferral period when the rights vest
and become exercisable. There is a two-year exercise period which commences at the end of the
relevant deferral period.
Downward adjustment
including malus and
clawback
Subject to the Board’s ongoing discretion to apply malus and clawback – considered by the Board before
any scheduled release of deferred remuneration.
Comparator companiesWhen considering an appropriate cohort of peers for benchmarking RTSR performance, the Board take
into consideration organisations with a similar scope of activities, common geographical focus, broadly
comparable risk compliance and regulatory profiles, and relative stability and transparency across
market cycles.
The Select Financial Services (SFS) comparator group
3
is made up of: Bank of Queensland Limited;
Bendigo and Adelaide Bank Limited; Commonwealth Bank of Australia Limited; Macquarie Group Limited;
National Australia Bank Limited; Standard Chartered PLC; and Westpac Banking Corporation.
DividendsA dividend equivalent payment is made in respect of performance rights that vest. These are accrued
from the beginning of the holding period to the end of the relevant deferral period. For example,
performance rights with a five-year deferral period will have dividends accrued for approximately a
one-year period.
Grant value and
calculation of number
of rights
The number of performance rights before any consideration of the pre grant assessment outcome is
calculated as follows:
CEO and Disclosed Executives (excluding the CRO and acting Group Executives): FR x 67.5% / five-day
VWAP
4
= estimated number of performance rights granted
Satisfying vestingOn vesting, the Board may determine to settle the relevant LTVR performance rights with a cash
equivalent payment, rather than with shares.
3. As previously disclosed in the 2024 Remuneration Report, in July 2023 the Board approved the removal of Suncorp Group Limited from the comparator group, post the Suncorp Bank
acquisition. This change applied to both prior awards currently on foot and future LTVR awards of performance rights from financial year 2025. 4. The value the Board uses to determine
the number of performance rights to be allocated to the CEO and Disclosed Executives is the face value of ANZGHL shares traded on the ASX in the five trading days leading up to and
including 1 October, i.e. the beginning of the financial year and the LTVR performance period.
5.4.2 LTVR restricted rights (RR) – CEO and Disclosed Executives
1
LTVR RR elementDetail
ObjectiveTo align with the achievement of stretching performance objectives that support our business strategy
and drive long-term sustainable outcomes for shareholders, with material weight provided to non-
financial measures in accordance with Prudential Standard CPS 511 Remuneration.
Full opportunityCEO and Disclosed Executives
1
(excluding CRO and Acting Group Executive, Australia Retail and CEO
Suncorp Bank) 67.5% of FR, CRO and Acting Group Executive, Australia Retail and CEO Suncorp Bank
100% of FR.
EligibilityCEO and Disclosed Executives.
1
Link to performanceSubject to both a pre grant and pre vest assessment based on risk-based measures.
Delivery vehicle and
security issued
Restricted rights – each restricted right is a right to acquire one ordinary ANZ share at nil cost subject to
meeting of applicable performance conditions.
1. Excluding Acting Group Executive, Technology & Group Services.
64Australia and New Zealand Banking Group Limited 2025 Annual Report
Performance periodFour years from 1 October 2024 to 30 September 2028.
Pre grant assessmentDetermines whether any reduction should be made to LTVR restricted rights grant value. Based on
whether ANZ has met in the prior financial year and plans to meet over the four-year performance period,
the following prudential minimums:
Step 1
Assess Prudential soundness
Step 2
Assess risk measures
Step 3
Apply Board discretion
• Nil award if ANZ does not
meet capital ratio and
liquidity prudential
minimums.
• Consideration of any
Material Risk Outcomes
2

from executive actions or
inactions which are
expected to/or have
resulted in significant
impacts.
• Consideration of any
significant adverse change
in APRA’s Active
Supervision level.
• Consideration of Risk
Culture (additional measure
for pre vest) that examines
whether or not ANZ has
maintained (or made
progress towards) a sound
risk culture, considering
both executive actions or
inactions.
• Board to determine whether any
reduction should be made to LTVR
restricted rights outcome based on
consideration of a range of factors,
including:
– the outcomes from steps 1 and 2;
– the impact, if any, of the issue/s on
ANZ’s reputation/standing in the
market;
– whether the issue was specific to
ANZ, the banking industry or the
broader market;
– any impacts already applied (e.g.
regarding downward adjustment
mechanisms, pre grant assessment
impact to LTVR restricted rights);
– whether any impact should be made
on an individual or collective basis.
The assessments are not intended to be formulaic given the circumstances requiring the application of
Board discretion will typically be different or unique, however a Board decision making framework is in
place to guide the Board in applying discretion.
Pre vest assessmentDetermines whether the LTVR restricted rights amount granted should vest in full and is based on
outcomes over the four-year performance period.
The pre vest assessment also takes into consideration any adjustments already applied for the same
event/outcomes in either the current or prior years, i.e. adjustments to STVR and LTVR, malus and
clawback, to ensure the overall impact is fair and proportionate to the severity of the outcome.
Step 1
Assess Prudential soundness
Step 2
Assess risk measures
Step 3
Apply Board discretion
• Nil award if ANZ does not
meet capital ratio and
liquidity prudential
minimums.
• Consideration of any
Material Risk Outcomes
2

from executive actions or
inactions which are
expected to/or have
resulted in significant
impacts.
• Consideration of any
significant adverse change
in APRA’s Active
Supervision level.
• Consideration of Risk
Culture (additional
measure for pre vest) that
examines whether or not
ANZ has maintained (or
made progress towards) a
sound risk culture,
considering both executive
actions or inactions.
• Board to determine whether any
reduction should be made to LTVR
restricted rights outcome based on
consideration of a range of factors,
including:
– the outcomes from steps 1 and 2;
– the impact, if any, of the issue/s on
ANZ’s reputation/standing in the
market;
– whether the issue was specific to
ANZ, the banking industry or the
broader market;
– any impacts already applied (e.g.
regarding downward adjustment
mechanisms, pre grant assessment
impact to LTVR restricted rights);
– whether any impact should be made
on an individual or collective basis.
2. Considers all risk types including capital adequacy risk, liquidity and funding risk, credit risk, market risk, climate risk, non-financial risk and strategic risk.
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Holding periodThe holding period commences the day after the end of the four-year performance period, and finishes
on the 4
th
, 5
th
or 6
th
anniversary of grants.
Deferral periodThe deferral period is the sum of the four-year performance period and the applicable holding period.
~2 yr HP
~1 yr HP
4-year Performance Period
Deferral period = 4-year Performance Period + Holding Period (HP)
Year 4 CEO: 33% / DE: 50%
Year 5 CEO: 33% / DE: 50%
Year 6 CEO 34%
Exercise periodRestricted rights can only be exercised at the end of the relevant deferral period when the rights vest and
become exercisable. There is a two-year exercise period which commences at the end of the relevant
deferral period.
Downward adjustment
including malus and
clawback
Subject to the Board’s ongoing discretion to apply malus and clawback – considered by the Board before
any scheduled release of deferred remuneration.
DividendsA dividend equivalent payment is made in respect of restricted rights that vest. These are accrued from
the beginning of the deferral period to the end of the relevant deferral period. For example, restricted
rights with a five-year deferral period will have dividends accrued for approximately a five-year period.
Grant value and
calculation of number
of rights
The number of restricted rights before any consideration of the outcome from the pre grant assessment
is calculated as follows:
CEO and Disclosed Executives (excluding CRO): FR x 67.5%/five-day VWAP
3
= estimated number of
restricted rights granted
CRO: FR x 100% five-day VWAP
3
= estimated number of restricted rights granted
Material risk outcomes
process
The consideration of material risk outcomes is a key process that forms part of our broader
Accountability and Consequence Framework (A&CF) (Section 7), and is a comprehensive bottom-up
process designed to ensure that all relevant events are surfaced and considered appropriately. Key steps
include:
• Risk, conduct and audit events are reported in ANZ’s Compliance & Operational Risk System.
• Divisional Accountability Groups review serious risk, conduct and audit events, and provide
recommendations regarding accountability and consequences, where appropriate.
• Enterprise Accountability Group (EAG) reviews recommendations of the Divisional Accountability
Groups and makes final determination (with some exceptions where local Board approval is required or
for material risk takers and other non-administrative direct reports to the CEO, where Board approval is
required).
• People & Culture Committee reviews the most serious risk, conduct and audit events as part of
independent report from CRO, and determines impacts at the Group, Division and individual level for
the CEO and ExCo.
Satisfying vestingOn vesting, the Board may determine to settle the relevant LTVR restricted rights with a cash equivalent
payment, rather than with shares.
3. The value the Board uses to determine the number of restricted rights to be allocated to the CEO and Disclosed Executives is the face value of ANZGHL shares traded on the ASX in
the five trading days leading up to and including 1 October (beginning of the financial year and LTVR performance period).
66Australia and New Zealand Banking Group Limited 2025 Annual Report
5.5 Board discretion
Variable remuneration is ‘at risk’ remuneration and can range from zero to maximum opportunity. At the end of the financial year, the
Board
1
approves variable remuneration recommendations for the CEO and each Disclosed Executive following lengthy and detailed
discussions and assessment, supported by comprehensive analysis of performance from a number of sources.
Board discretion is applied when determining all CEO and Disclosed Executive variable remuneration outcomes including:
• the outcomes of the ANZ Group and Divisional Scorecards;
• STVR and LTVR outcomes for each financial year;
• LTVR vesting outcomes (including pre vest assessment); and
• downward adjustment of variable remuneration as part of consequence management, in accordance with applicable law and any
terms and conditions provided (see below).
Downward adjustment of variable remuneration
The Board may choose to exercise the following options or a combination of these at any time, but will always consider their use, if
any of the circumstances specified by Prudential Standard CPS 511 Remuneration occur.
• In year adjustment is the primary adjustment mechanism under ANZ’s A&CF; further deferral/freezing, malus and/or clawback will
be considered if not able to proportionally impact in year adjustment.
• In year adjustment, further deferral/freezing and malus are applicable to all employees, while clawback is limited to select
employees (primarily the CEO, Disclosed Executives and senior employees in jurisdictions where clawback regulations apply).
1. In year adjustment
The most common type of
downward adjustment, which
reduces the amount of
variable remuneration an
employee may have otherwise
been awarded for that year.
2. Further deferral/freezing
Delays the decision to pay/
allocate variable remuneration,
or further defers the vesting of
deferred remuneration or
freezes vested/unexercised
shares and rights. This would
typically only be considered
where an investigation is
pending/underway.
3. Malus
Is an adjustment to reduce
the value of all or part of
deferred remuneration before
it has vested. Malus is used in
cases of more serious
performance or behaviour
issues. Any and all variable
remuneration we award or
grant to an employee is
subject to ANZ’s on-going
and absolute discretion to
apply malus and adjust
variable remuneration
downward (including to zero)
at any time before the
relevant variable
remuneration vests.
4. Clawback
Is the recovery of variable
remuneration that has already
vested or been paid (up to two
years from vesting/payment or
a longer period as determined
by Board discretion, policy or
applicable law). This would
typically only be considered if
the other types of downward
adjustment/other
consequences are considered
inadequate given the severity
of the situation.
Before any scheduled vesting of deferred remuneration, the Board (for the CEO, Disclosed Executives and other specified roles) and/
or the Enterprise Accountability Group (EAG) (for other employees) considers whether any further deferral, malus, or clawback should
be applied (Section 7).
1. Remuneration arrangements for the Group Executive and CEO, New Zealand are determined and approved by the ANZ NZ Board in consultation with and endorsed by the
Board, consistent with their respective regulatory obligations.
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6. Executive remuneration outcomes
6.1 Short term variable remuneration (STVR)
6.2 Long term variable remuneration (LTVR)
6.3 2025 Received remuneration
6.4 2025 Statutory remuneration –
CEO and Disclosed Executives
Remuneration outcomes have been presented
in the following three ways:
01.
Awarded remuneration –
STVR and LTVR
(Sections 6.1.2, 6.2.1 and 6.2.2)
02.
Received remuneration
(Sections 6.2.1, 6.3)
03.
Statutory remuneration
(Section 6.4)
6.1 Short term variable remuneration (STVR)
6.1.1 ANZ Group Scorecard – 2025 outcomes
On the following pages we have outlined ANZ’s 2025 Group Scorecard and provided a summary of outcomes for each
Scorecard objective to inform the overall assessment for 2025. Scorecard objectives represent the key focus of the scorecard
and basis for assessing performance. Scorecard key performance indicators (KPIs) help inform the assessment of performance
against the objective, along with additional quantitative and qualitative inputs as appropriate.
Reflects actual cash and the deferred component of STVR awarded in the year. As
non-cash components are subject to future vesting outcomes, the awarded value
may be higher or lower than the future realised value.
Reflects the actual remuneration received in the year, i.e. cash paid and the value of
previously awarded STVR deferred shares and LTVR restricted rights/performance
rights which vested in the year.
Reflects remuneration in accordance with Australian Accounting Standards
which includes FR and the amortised accounting value of equity based variable
remuneration, not the actual awarded or received value in respect of the relevant
financial year, i.e. includes the value of STVR and LTVR expensed in the year. This
is different to remuneration received in 2025, which includes prior year awards
which vested.
68Australia and New Zealand Banking Group Limited 2025 Annual Report
2025 ANZ Group Scorecard
Key Performance Indicator (KPI)KPI result
75%100%125%
WeightObjectiveThresholdTargetExceed
135%Deliver strong financial
outcomes; focused on high
quality growth and returns
Cash NPAT (v Plan) $m
$5,787 or $6,140
adjusted
1
Cash ROE (Internal Expected
Loss (IEL) basis v Plan)
7.00% or 7.49%
adjusted
1
215%Drive productivity; leverage
AI, our geographic network
and how we partner, to drive
transformational change
across the bank
Productivity (based on FY24
baseline)
$343m
310%Deliver value from the
Suncorp Bank acquisition;
manage Suncorp Bank well,
growing high value Suncorp
customer deposits and
deliver the benefits of
integration as planned
Suncorp Bank Funds under
Management (Deposits)
$2.64bn
Integration cost net of synergies$47.9m
410%Grow the number of active
ANZ Plus customers and
launch new products and
features; by executing our
roadmap, deepening
engagement, and scaling the
migration of existing
customers
Number of active ANZ Plus
customers
863K
Percentage of ANZ Plus
customers engaged with a
Financial Wellbeing (FWB)
feature
49.4%
Number of ANZ transact and
save customers migrated to
ANZ Plus
0 (adjusted
approach)
5
15%
Improve core platform
resilience:
a) Deliver Key NFR
Transformation Initiatives
Complete the
implementation of all 16 risk
themes in I.AM Amplified
All 16 risk themes
now live
Deliver a clear and well
progressed plan for fully
sustainably embedding the
I.AM Amplified transformation
Plan has been
superseded by the
APRA Enforceable
Undertaking, and
subsequent actions
Identify and map ANZ’s critical
operations (as defined under
CPS 230) with all dependencies,
tolerance settings and Business
continuity plans defined in
Operational Resilience
Management (ORM) ready
to operate
CPS 230
is live
5%b) Launch and progress the
implementation of the
Modern Banking Platform
Core in NZ
Successfully launch Term
Deposits on Modern Banking
Platform (MBP) to Personal
customers in the live
production environment
Target
delivered
610%Strengthen our reputation;
enhancing our employee
value proposition and our
social license to operate
Improved Inclusion Index
67.3%
Deliver Environmental ESG
targets
2
as planned
2 targets exceeded,
2 targets achieved
ANZ Group Scorecard Assessment (pre-Risk Modifier)
Below target
1. There were several material items impacting the evaluation of 2025 financial performance which were not factored into the original Plan approved by the Board, such as large scale
restructuring and ASIC imposed penalties and customer remediation. The Board considered the various relevant items and determined an adjusted value for the Scorecard
assessment related to the impairment of the Panin carrying value ($285m) and the accelerated recognition of future costs attributable to the accelerated Suncorp Bank migration
timelines ($68m). 2. These are a subset of ANZ’s ESG targets, which are set out in the 2025 ESG Report. The basis of measurement used for assessing achievement of the ESG targets
in the Remuneration Report may differ to that used in the ESG Report.
Financial
Strategic
6,5727,3027,667
8.24%9.16%9.62%
$76m
800K
38%
500K
n/a16n/a
n/a19n/a
69.9%
All 4 ESG targets achieved
n/a
Plan
Deliveredn/a
$2.044bn
$343m
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Risk Modifier
Key ConsiderationOutcomes
The overarching Risk Modifier assessment is focused on risk discipline ensuring good customer and regulatory outcomes.
As part of the Board’s determination of the Risk Modifier outcome, the following considerations have been taken into
account. Taking into consideration the below and the various NFR Matters, a significant risk modifier was applied.
1Demonstrable progress and on track to achieve ‘Sound’ risk culture rating
Below
standard
2Continue to enhance our approach to managing financial and non-financial risk management including critical
data management
3Continue to strengthen our reputation and confidence with the community and regulators
Risk Modifier Assessment
Significant
adjustment
Overall ANZ Group Scorecard ‘What’ Assessment (post-Risk Modifier)
30% of
Maximum
Overall 2025 ANZ Group Scorecard ‘What’ Assessment
6.1.2 CEOs and DEs STVR – 2025 outcomes
The STVR awarded tables show a year-on-year comparison of STVR awarded to the current and former CEOs, and current and former
Disclosed Executives for the 2024 and 2025 performance periods. STVR awarded reflects actual cash and the deferred shares
component of STVR awarded in respect of the relevant financial year. As non-cash components are subject to future vesting outcomes,
the awarded value may be higher or lower than the future realised value.
Current CEO
While the current CEO N Matos is not accountable for the various NFR Matters due to his commencement in May 2025, the CEO
proposed and the Board approved a zero STVR outcome for 2025 (0% of maximum opportunity).
Former CEO
The Board determined that an STVR outcome for S Elliott of zero (0% of maximum opportunity) was appropriate for 2025 having regard
to the overall performance of the Group, and his accountability as the former CEO for the various NFR Matters.
Whilst the table below shows the 2024 STVR awarded to S Elliott as previously disclosed in the 2024 Remuneration Report, the 2024
STVR deferred shares have subsequently been subject to the application of malus (see People & Culture Committee Chair letter).
Risk
Overall Assessment
The Group Scorecard accounts for 100% of the CEO’s STVR, 25% to 50% of Disclosed Executives’ STVR and is an input into the
overall employee variable remuneration pool.
In 2025, ANZ delivered mixed results across financial and strategic objectives covering customer, risk, people and reputation.
Financial performance was below threshold, impacted by lower than planned revenue and higher expenses from remediation
and restructuring activities, however this was partially offset by cost saving and productivity initiatives.
The Suncorp Bank acquisition exceeded synergy targets, and Suncorp Bank continued to achieve strong financial and customer
outcomes. Similarly, ANZ’s Institutional and NZ businesses continued to perform strongly. While ANZ Plus customer growth was
strong, surpassing targets, migration to the new platform was deferred due to the planned change in migration approach from a
product focus to a single ANZ Plus front end for the benefit of all customers. Positive progress was also made on ANZ’s ESG
targets and the implementation of the modern banking platform core in NZ.
However, shortcomings in ANZ’s NFR management and risk culture resulted in impacts to the customer experience, significant
remediation costs, a penalty from ASIC, an additional $250m capital overlay, and ANZ entering a Court Enforceable Undertaking
with APRA. As a result, ANZ’s reputation was impacted and the Board considered it appropriate to apply a significant adjustment
to the overall assessment of performance via the Risk Modifier, with an overall 2025 performance outcome of 30% of maximum.
The Board believes that this outcome appropriately reflects what was a challenging year for ANZ. Irrespective of the overall
assessment, given the particular circumstances and challenges facing ANZ, no STVR was awarded this year to the current and
former CEO and our Australian based executive leadership team.
Importantly, the journey towards a stronger, more customer focused, simplified and resilient ANZ has commenced, with clear
lessons learned and a renewed focus on sustainable growth and stakeholder confidence.
70Australia and New Zealand Banking Group Limited 2025 Annual Report
Awarded STVR in the relevant financial year – CEOs
Actual STVRSTVR as % of
Financial
year
STVR maximum
opportunity
$
Total STVR
$
STVR cash
$
STVR deferred
shares
$
Maximum
opportunity
Current CEO
N Matos
1
2025 975,000 - - - 0%
Former CEO
S Elliott
1
2025 1,525,000 - - - 0%
2024 2,500,000 1,300,000 650,000 650,000 52%
1. 2025 STVR based on time as a CEO (N Matos, S Elliott).
Disclosed Executives
STVR outcomes for Disclosed Executives continue to differ year-on-year demonstrating the variability in performance year-on-year and
the at risk nature of this element of remuneration (i.e. it is not guaranteed and may be adjusted up or down ranging from zero to a
maximum opportunity).
Most Disclosed Executives received a 2025 STVR outcome of zero as a result of the various NFR Matters, with the exception of the
following three individuals:
• the Group Executive and CEO, New Zealand whose remuneration outcomes are determined and approved by the ANZ NZ Board in
consultation with and endorsed by the Board in accordance with respective regulatory obligations; and
• the two acting Disclosed Executives as the individuals are in role on an acting basis.
2025 STVR outcomes for Disclosed Executives ranged from 0% to 64% of maximum opportunity.
To ensure an overall fair and proportionate consequence for the various NFR Matters, downward Board discretion was also applied to
LTVR restricted rights for select individuals as a result of the 2026 risk based pre grant assessments. Similarly, malus was applied to the
calendar year 2025 and 2026 vestings of previously deferred remuneration for select executives (see section 10.1.1).
Awarded STVR in the relevant financial year – Disclosed Executives
Actual STVRSTVR as % of
Financial
year
STVR maximum
opportunity
$
Total STVR
$
STVR cash
$
STVR deferred
shares
$
Maximum
opportunity
Current Disclosed Executives
M Bullock
1
2025 336,000 155,000 93,000 62,000 46%
E Clements
1
2025 850,000 - - - 0%
2024 784,000 470,400 235,200 235,200 60%
K Corbally2025 1,300,000 - - - 0%
2024 1,300,000 624,000 312,000 312,000 48%
F Faruqui2025 1,275,000 - - - 0%
2024 1,275,000 885,000 442,500 442,500 69%
C Morgan2025 1,150,000 - - - 0%
2024 1,135,000 650,000 325,000 325,000 57%
B Rush
1
2025 359,375 228,519 114,260 114,260 64%
A Watson
2
2025 1,115,606 692,131 346,066 346,066 62%
2024 1,129,635 797,660 398,830 398,830 71%
M Whelan2025 1,500,000 - - - 0%
2024 1,500,000 595,000 297,500 297,500 40%
1. STVR based on time as a Disclosed Executive in 2024 (E Clements), 2025 (M Bullock, B Rush, M Carnegie, G Florian, A Strong). 2. Paid in NZD and converted to AUD. Year to date
average exchange rate used to convert NZD to AUD as at 30 September for the relevant year.
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Actual STVRSTVR as % of
Financial
year
STVR maximum
opportunity
$
Total STVR
$
STVR cash
$
STVR deferred
shares
$
Maximum
opportunity
Former Disclosed Executives
M Carnegie
1
2025 975,000 - - - 0%
2024 1,300,000 865,000 432,500 432,500 67%
G Florian
1
2025 1,060,500 - - - 0%
2024 1,262,500 865,000 432,500 432,500 69%
A Strong
1
2025 675,000 - - - 0%
2024 850,000 580,000 290,000 290,000 68%
1. STVR based on time as a Disclosed Executive in 2024 (E Clements), 2025 (M Bullock, B Rush, M Carnegie, G Florian, A Strong).
6.2 Long term variable remuneration (LTVR)
The LTVR rewards for the achievement of longer term strategic objectives, drives outperformance relative to peers, and creates
long-term sustained value for all stakeholders.
6.2.1 CEOs and DEs LTVR – 2025 outcomes
2025 Received LTVR
2020 performance rights granted to the former CEO and Disclosed Executives (excluding the CRO) in December 2020, reached the end
of their performance period in November 2024. Based on performance against hurdles, 25% of the performance rights vested. The
remaining 75% of rights lapsed and executives received no value from this proportion of the awards.
Performance rights vesting outcomes
Over four years
HurdleGrant date
1
First date
exercisable
1
ANZ TSR/
CAGR
2
TSR
Median TSR/
CAGR
2
TSR
threshold
target
Upper quartile
TSR/CAGR
2

TSR maximum
target% vested
Overall
performance
rights
outcome
75% relative TSR
Select Financial Services (SFS)
comparator group
07-Dec-2022-Nov-24103.31%124.57%133.45%0%
25% vested
and 75%
lapsed
25% absolute CAGR
2
TSR07-Dec-2022-Nov-2419.42%8.5%12.75%100%
1. Grant date for the former CEO was 16 December 2020, and date first exercisable was 16 December 2024. The former CEO’s performance period was the same as the performance
period for Disclosed Executives. 2. Compound Annual Growth Rate (CAGR).
2025 Awarded LTVR and pre grant assessment outcome
This section relates to 2025 LTVR awards allocated in November 2024 as part of the 2024 review process, whereas the next section
(6.2.2) relates to 2026 LTVR awards to be allocated in November/December 2025 as part of the 2025 review process.
As disclosed in the 2024 Remuneration Report and informed by information available at that time, the Board determined in October
2024 that the 2025 LTVR restricted rights (50% of full LTVR opportunity), should be awarded at 90% of full opportunity to current
Disclosed Executives (November 2024) and the former CEO (December 2024 post 2024 AGM) due to risk considerations.
This adjustment formed part of a holistic assessment (i.e. including consideration of risk adjustments impacting STVR), to ensure a
proportionate collective impact for the NFR matters contributing to the additional capital overlay. This resulted in a total 2025 LTVR
award (awarded at the start of the 2025 financial year) at 95% of full opportunity (90% of full opportunity for the CRO, whose LTVR is
delivered wholly in restricted rights).
72Australia and New Zealand Banking Group Limited 2025 Annual Report
The restricted rights component of LTVR was subject to a pre grant assessment by the Board (outcomes are summarised below), and
will be subject to a pre vest assessment by the Board of non-financial measures at the end of the four-year performance period to
determine whether the restricted rights should vest in full.
Restricted rights 2025 pre grant assessment (Section 5.4.2)
StepActionOutcome
Step 1Assess Prudential SoundnessMet
Step 2Assess Risk MeasuresNot met
Step 3Apply Board discretionNo adjustment
Pre grant assessment outcome90%
The performance rights component of LTVR is subject to TSR hurdles, which will determine the level of vesting and subsequent value
of performance rights at the end of the performance period.
Former CEO LTVR: 2025 LTVR was to be subject to shareholder approval at the 2024 AGM. Prior to the 2024 AGM, the former CEO
forfeited his 2025 LTVR award of $3,206,250 (128.25% of FR, which would have been delivered in the form of 53% performance rights
and 47% restricted rights) resulting in the withdrawal of the resolution.
Current and former Disclosed Executives' LTVR: 2025 LTVR awarded at 95% of their full opportunity (128.25% of FR, and 90% for the
CRO), delivered as part performance rights and part restricted rights (except for the CRO whose LTVR was delivered wholly in restricted
rights).
2025 Awarded LTVR – CEOs and Disclosed Executives
Actual LTVR
1
LTVR as % of
LTVR full
opportunity
1
$
Total LTVR
1
$
LTVR
performance
rights
$
LTVR restricted
rights
$Full opportunity
Current CEO
2
and Current Disclosed Executives
3

E Clements 1,147,500 1,090,125 573,750 516,375 95%
K Corbally 1,300,000 1,170,000 - 1,170,000 90%
F Faruqui 1,721,250 1,635,188 860,625 774,563 95%
C Morgan 1,552,500 1,474,875 776,250 698,625 95%
A Watson
4
1,525,007 1,448,756 762,503 686,253 95%
M Whelan 2,025,000 1,923,750 1,012,500 911,250 95%
Former CEO and Former Disclosed Executives
S Elliott
5
3,375,000 - - - 0%
M Carnegie 1,755,000 1,667,250 877,500 789,750 95%
G Florian 1,704,375 1,619,156 852,188 766,969 95%
A Strong 1,215,000 1,154,250 607,500 546,750 95%
1. LTVR full opportunity based on FR at start of financial year. 2. N Matos did not receive a 2025 LTVR award, however approval will be sought from shareholders at the 2025 AGM
to ‘top up’ his 2026 LTVR award in recognition of his commencement as CEO in 2025. 3. 2025 LTVR award granted in November 2024 - prior to M Bullock and B Rush becoming
Disclosed Executives. 4. Awarded in NZD and converted to AUD. Year to date average exchange rate used to convert NZD to AUD as at 30 September for the relevant year. 5. S Elliott
forfeited his 2025 LTVR resulting in the withdrawal of the resolution seeking shareholder approval at the 2024 AGM of the proposed grant of restricted rights and performance rights
to the former CEO.
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6.2.2 CEO and DEs LTVR – 2026 outcomes
2026 Awarded LTVR and pre grant assessment outcome
Taking into account the findings of independent reviews into the NFR Root Causes and the Markets matters completed in 2025, the
Board determined in October 2025 that the 2026 LTVR restricted rights (50% of full LTVR opportunity), should be awarded at 100% of
full opportunity to three of the current Disclosed Executives (November 2025) and the current CEO (December 2025 post 2025 AGM).
The Board also determined that two of the current Disclosed Executives will have their 2026 LTVR restricted rights impacted by the risk
based pre grant assessment: the Group Executive, Institutional will be awarded zero of full restricted rights opportunity, and the Group
Executive, Australia Commercial will be awarded 50% of full restricted rights opportunity. This decision was balanced against the future
focused nature of this award and the need to ensure overall consequences were appropriate. Following the announcement of the CRO
stepping out of a Disclosed Executive role, he is not eligible to receive 2026 LTVR. The former CEO and former Disclosed Executives are
also not eligible to receive 2026 LTVR.
The restricted rights component of LTVR was subject to a pre grant assessment by the Board (outcomes are summarised below), and
will be subject to a pre vest assessment by the Board of non-financial measures at the end of the four-year performance period to
determine whether the restricted rights should vest in full.
Restricted rights 2026 pre grant assessment (Section 5.4.2)
StepActionOutcome
Step 1Assess Prudential SoundnessMet
Step 2Assess Risk MeasuresNot met
Step 3Apply Board discretionAssessed at individual level
Pre grant assessment outcome0% to 100%
The performance rights component of LTVR is subject to TSR hurdles, which will determine the level of vesting and subsequent value
of performance rights at the end of the performance period.
Current CEO LTVR: 2026 LTVR is subject to shareholder approval at the 2025 AGM – 2026 LTVR award of $4,691,250, delivered in the
form of 50% performance rights and 50% restricted rights. 2026 LTVR includes a ‘top up’ in recognition of his commencement as CEO
in 2025 (noting that N Matos did not receive a 2025 LTVR award).
Current Disclosed Executives' LTVR: 2026 LTVR awarded at between 50% and 100% of their full opportunity, delivered as part
performance rights and part restricted rights.
2026 LTVR opportunity – CEOs and Disclosed Executives
LTVR as % of full opportunity
1
2026 LTVR restricted rights pre
grant assessment outcome
LTVR restricted rights
(50% of full opportunity)
LTVR performance rights
(50% of full opportunity)Total 2026 LTVR
Current CEO and Current Disclosed Executives
N Matos
2
100%50%50%100%
M Bullock
3
- - - -
E Clements100%50%50%100%
K Corbally
4
- - - -
F Faruqui100%50%50%100%
C Morgan50%25%50%75%
B Rush
5
100%100% - 100%
A Watson100%50%50%100%
M Whelan0%0%50%50%
Former CEO and Former Disclosed Executives
S Elliott
6
- - - -
M Carnegie
6
- - - -
G Florian
6
- - - -
A Strong
6
- - - -
1. LTVR full opportunity based on FR at start of financial year. 2. N Matos did not receive a 2025 LTVR award, however approval will be sought from shareholders at the 2025 AGM to
‘top up’ his 2026 LTVR award in recognition of his commencement as CEO in 2025. 3. M Bullock is not eligible to receive 2026 LTVR, in accordance with the remuneration structure for
his role. 4. K Corbally is not eligible to receive 2026 LTVR, following the announcement that he will step down from the CRO role. 5. B Rush is eligible to receive 2026 LTVR, in
accordance with the remuneration structure for his role (FAR Accountable Person for Suncorp Bank). 6. The former CEO and former Disclosed Executives are not eligible to receive
2026 LTVR.
74Australia and New Zealand Banking Group Limited 2025 Annual Report
6.3 2025 Total received remuneration
This table shows the remuneration the current and former CEOs and current and former Disclosed Executives actually received in
relation to the 2025 financial year as cash paid, or in the case of prior equity awards, the value which vested or lapsed/forfeited in 2025,
i.e. vesting/lapse/forfeiture from November/December 2024. See section 10.1.1 for details on deferred variable remuneration which
vested or lapsed/forfeited during the 2025 year.
FR adjustments were received by two current Disclosed Executives (E Clements and C Morgan) and one former Disclosed Executive
(A Strong) effective 1 October 2024 to maintain or improve market positioning, approved by the Board in October 2024. There were no
other adjustments to FR for Disclosed Executives in 2025.
2025 Total received remuneration – CEOs and Disclosed Executives
Received value includes the value of prior equity awards which vested in that year
Fixed
remuneration
$
Cash variable
remuneration
$
Total cash
$
Deferred variable
remuneration which
vested in Nov/Dec
2024
1
$
Actual
remuneration
received
2
$
Deferred variable
remuneration which
lapsed/forfeited in
Nov/Dec 2024
1,3
$
Current CEO and Current Disclosed Executives
N Matos
4
975,000 - 975,000
- 975,000
-
M Bullock
4
160,000 93,000 253,000 - 253,000 -
E Clements
5
850,000 - 850,000 304,580 1,154,580 -
K Corbally 1,300,000 - 1,300,000 1,564,131 2,864,131 -
F Faruqui 1,275,000 - 1,275,000 1,307,991 2,582,991 (825,688)
C Morgan
5
1,150,000 - 1,150,000 329,760 1,479,760 -
B Rush
4
288,397 114,260 402,656 - 402,656 -
A Watson
6
1,115,606 346,066 1,461,672 1,058,998 2,520,670 (761,273)
M Whelan 1,500,000 - 1,500,000 1,356,173 2,856,173 (825,688)
Former CEO and Former Disclosed Executives
S Elliott 2,500,000 - 2,500,000 2,773,971 5,273,971 (3,488,272)
M Carnegie
4
1,092,000 - 1,092,000 1,173,955 2,265,955 (930,782)
G Florian
4
1,388,750 - 1,388,750 1,119,112 2,507,862 (844,476)
A Strong
4,5
675,000 - 675,000 552,313 1,227,313 -
1. Point in time value of previously deferred remuneration granted as deferred shares and/or rights, and is based on the one day VWAP of ANZGHL shares traded on the ASX on the date
of vesting or lapsing/forfeiture multiplied by the number of deferred shares and/or rights. See section 10.1.1 for details. 2. The sum of fixed remuneration, cash STVR and deferred
variable remuneration which vested during the year. 3. The lapsed/forfeited values relate to 75% of the performance rights awarded in December 2020 lapsing in November 2024 due
to the performance hurdles not being met. 4. Fixed remuneration based on time as CEO (N Matos)/Disclosed Executive (M Bullock, B Rush, M Carnegie, G Florian, A Strong). 5. Fixed
remuneration reflects increases applied from 1 October 2024 to maintain or improve market positioning (E Clements, C Morgan, A Strong). 6. Paid in NZD and converted to AUD. Year to
date average exchange rate used to convert NZD to AUD as at 30 September for the relevant year.
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6.4 2025 Statutory remuneration – CEO and Disclosed Executives
The following table outlines the statutory remuneration disclosed in accordance with Australian Accounting Standards. While it
shows the FR awarded (cash and superannuation contributions) and also the cash component of the 2025 variable remuneration
award, it does not show the actual variable remuneration awarded or total received in 2025 (Sections 6.1.2, 6.2.1 and 6.2.2), nor
does it reflect the application of malus applied to unvested equity as detailed in section 10.1.1. Instead, the table shows the
amortised accounting value for this financial year of deferred remuneration (including prior year awards).
1. Cash salary includes any adjustments required to reflect the use of ANZ’s Lifestyle Leave Policy for the period in the KMP role. 2. Non monetary benefits generally consist of company-
funded benefits (and the associated Fringe Benefits Tax) such as car parking, taxation services and costs met by the Company in relation to relocation/accommodation. 3. The total cash
incentive relates to the cash component of STVR only. The relevant amortisation of the STVR deferred components is included in share-based payments and has been amortised over the
vesting period. The total STVR was approved by the ANZBGL and ANZGHL Boards in October 2025, and in addition for A Watson by the ANZ NZ Board in October 2025. 100% of the cash
component of the STVR awarded for the 2024 and 2025 years vested to the executive in the applicable financial year. 4. For Australian based executives other than N Matos, the 2024 and
2025 superannuation contributions reflect the Superannuation Guarantee Contribution based on the Maximum Contribution Base. As N Matos is a holder of a long stay visa, his fixed
remuneration does not include the Superannuation Guarantee Contribution, however he is able to elect voluntary superannuation contributions. A Watson participates in KiwiSaver where
ANZ provides an employer superannuation contribution matching member contributions up to 4% of total gross pay. KiwiSaver employer superannuation contributions are also contributed
on top of cash STVR at the time of payment. 5. For Australian based executives, long service leave accrued takes into consideration the impact of changes to the Superannuation
Guarantee percentage. Year-on-year fluctuations in long service leave accrued relate to the impact of historical fixed remuneration increases on the accrual as calculated at the end of each
financial year and the Superannuation Guarantee percentage. 6. As required by AASB 2 Share-based payments, the amortisation value includes a proportion of the fair value (taking into
account market-related vesting conditions) of all equity that had not yet fully vested as at the commencement of the financial year. The fair value is determined at grant date and is allocated
on a straight-line basis over the relevant vesting period. The amount included as remuneration neither relates to, nor indicates, the benefit (if any) that the executive may ultimately realise if
the equity becomes exercisable. No terms of share-based payments have been altered or modified during the financial year. There were no cash settled share-based payments or any
other form of share-based payment compensation during the financial year for the current or former CEOs or current or former Disclosed Executives.
2025 Statutory remuneration – CEO and Disclosed Executives
Short–term employee benefits
Post–
employment
Long–term
employee benefits
Share–based payments
6
Total amortisation value of
Long service leave
accrued during
the year
5

$
Variable
remuneration
Other equity
allocations
7
Financial
year
Cash salary
1
$
Non monetary
benefits
2
$
Total cash
incentive
3
$
Super
contributions
4

$
Deferred
shares
$
Deferred
share rights
$
Restricted
rights
$
Performance
rights
$
Deferred
shares
$
Termination
benefits
$
Total
remuneration
$
Current CEO and Current Disclosed Executives
N Matos
8
2025 975,000 52,228 - - 14,408- - ---- 1,041,636
M Bullock
8
2025 151,781 8,774 93,000 8,219 2,313
3,889
28,963 ---- 296,939
E Clements
8,9
2025 819,551 12,710 - 30,449 24,259 177,824 - 170,159 92,268 -- 1,327,220
2024 755,468 13,042 235,200 28,532 62,803 258,379 - 74,331 41,931 -- 1,469,686
K Corbally2025 1,270,051 10,210 - 29,949 17,940 262,990 106,601 627,587 - -- 2,325,328
2024 1,271,968 10,394 312,000 28,032 28,812 504,806 184,609 412,784 - -- 2,753,405
F Faruqui2025 1,245,051 24,043 - 29,949 18,636 318,456 1,023 418,445 342,243 -- 2,397,846
2024 1,246,968 15,990 442,500 28,032 19,593 587,723 11,970 276,254 339,842 -- 2,968,872
C Morgan
9
2025 1,119,551 22,124 - 30,449 17,267 181,405 - 322,058 176,676 55,156 - 1,924,686
2024 1,106,468 33,024 325,000 28,532 17,191 248,970 - 193,884 109,398 238,340 - 2,300,807
B Rush
8
2025 280,910 - 114,260 7,487 22,945 14,852 - 28,580 - -- 469,034
A Watson
5,10
2025 1,056,978 18,938 346,066 60,279 8,542 408,520 - 370,899 310,191 -- 2,580,413
2024 1,043,345 10,870 398,830 64,667 7,560
494,722
- 244,918 294,280 -- 2,559,192
M Whelan 2025 1,470,051 10,210 - 29,949 20,239
290,184
- 490,988 393,757 -- 2,705,378
2024 1,471,968 10,394 297,500 28,032 31,775
589,980
- 323,689 378,985 -- 3,132,323
Former CEO and Former Disclosed Executives

S Elliott
8,11
2025 2,462,551 21,730 - 37,449 - 802,902 - 1,866,081 1,492,733 - 999,208 7,682,654
2024 2,471,968 10,394 650,000 28,032 34,899 983,953 - 470,353 1,050,043 - - 5,699,642
M Carnegie
8,12
2025 1,061,551 23,103 - 30,449 - 405,453 - 1,559,907 929,167 - 708,122 4,717,752
2024 1,271,468 30,510 432,500 28,532 24,194 537,168 - 278,624 318,478 - - 2,921,474
G Florian
8,13
2025 1,333,083 19,106 - 42,638 - 396,513 - 1,494,480 924,111 - 465,331 4,675,262
2024 1,234,468 21,358 432,500 28,032 19,520 519,518 - 262,636 314,818 - - 2,832,850
A Strong
8,9,14
2025 645,051 6,383 - 29,949 - 300,202 - 1,023,405 546,818 - 368,829 2,920,637
2024 821,968 - 290,000 28,032 33,855 382,072 - 173,812 94,524 - - 1,824,263
76Australia and New Zealand Banking Group Limited 2025 Annual Report
7. Other equity allocations (C Morgan) relate to the employment arrangements of deferred variable remuneration forfeited and bonus opportunity forgone as a result of joining ANZ.
8. Remuneration based on time as a KMP in either 2024 (E Clements) or 2025 (N Matos, M Bullock, B Rush, S Elliott, M Carnegie, G Florian, A Strong). 9. 2025 fixed remuneration
reflects increases applied from 1 October 2024 to maintain or improve market positioning (E Clements, C Morgan, A Strong). 10. Paid in NZD and converted to AUD. 11. 2025
remuneration for S Elliott based on time as a KMP up to date of cessation 30 September 2025 (noting that his annual FR for 2025 was $2.5m). Share-based payments include the
expensing treatment on retirement for unvested deferred remuneration - unvested deferred remuneration remains subject to vesting conditions. Termination benefits reflect payment
for accrued annual leave and long service leave and payment in lieu of notice in accordance with his contract, payable on cessation of employment. Year-on-year increase in total
remuneration relates to the future year expensing treatment of unvested deferred remuneration brought forward for disclosure purposes only and the provision of contractual items
on termination. 12. 2025 remuneration for M Carnegie based on time as a KMP up to date of cessation 1 August 2025 (noting that her annual FR for 2025 was $1.3m). Share-based
payments include the expensing treatment on retirement for unvested deferred remuneration - unvested deferred remuneration remains subject to vesting conditions. Termination
benefits reflect payment for accrued annual leave and long service leave and payment in lieu of notice in accordance with her contract, payable on cessation. 13. 2025 remuneration
for G Florian based on time as a KMP up to date of cessation 7 November 2025 (noting that his annual FR for 2025 was $1.2625m). Share-based payments include the expensing
treatment on retirement for unvested deferred remuneration - unvested deferred remuneration remains subject to vesting conditions. Termination benefits reflect payment for
accrued annual leave and long service leave and payment in lieu of notice in accordance with his contract, payable on cessation of employment. 14. 2025 remuneration for A Strong
based on time as a KMP up to date of cessation 1 July 2025 (noting that his annual FR for 2025 was $0.9m). Share-based payments include the expensing treatment on retirement
for unvested deferred remuneration - unvested deferred remuneration remains subject to vesting conditions. Termination benefits reflect payment for accrued annual leave and long
service leave and payment in lieu of notice in accordance with his contract, payable on cessation of employment.
Note that the statutory remuneration for the former CEO and former Disclosed Executives is disclosed up to the
date they ceased employment with ANZ, rather than the date they ceased in role.
Short–term employee benefits
Post–
employment
Long–term
employee benefits
Share–based payments
6
Total amortisation value of
Long service leave
accrued during
the year
5

$
Variable
remuneration
Other equity
allocations
7
Financial
year
Cash salary
1
$
Non monetary
benefits
2
$
Total cash
incentive
3
$
Super
contributions
4

$
Deferred
shares
$
Deferred
share rights
$
Restricted
rights
$
Performance
rights
$
Deferred
shares
$
Termination
benefits
$
Total
remuneration
$
Current CEO and Current Disclosed Executives
N Matos
8
2025 975,000 52,228 - - 14,408- - ---- 1,041,636
M Bullock
8
2025 151,781 8,774 93,000 8,219 2,313
3,889
28,963 ---- 296,939
E Clements
8,9
2025 819,551 12,710 - 30,449 24,259 177,824 - 170,159 92,268 -- 1,327,220
2024 755,468 13,042 235,200 28,532 62,803 258,379 - 74,331 41,931 -- 1,469,686
K Corbally2025 1,270,051 10,210 - 29,949 17,940 262,990 106,601 627,587 - -- 2,325,328
2024 1,271,968 10,394 312,000 28,032 28,812 504,806 184,609 412,784 - -- 2,753,405
F Faruqui2025 1,245,051 24,043 - 29,949 18,636 318,456 1,023 418,445 342,243 -- 2,397,846
2024 1,246,968 15,990 442,500 28,032 19,593 587,723 11,970 276,254 339,842 -- 2,968,872
C Morgan
9
2025 1,119,551 22,124 - 30,449 17,267 181,405 - 322,058 176,676 55,156 - 1,924,686
2024 1,106,468 33,024 325,000 28,532 17,191 248,970 - 193,884 109,398 238,340 - 2,300,807
B Rush
8
2025 280,910 - 114,260 7,487 22,945 14,852 - 28,580 - -- 469,034
A Watson
5,10
2025 1,056,978 18,938 346,066 60,279 8,542 408,520 - 370,899 310,191 -- 2,580,413
2024 1,043,345 10,870 398,830 64,667 7,560
494,722
- 244,918 294,280 -- 2,559,192
M Whelan 2025 1,470,051 10,210 - 29,949 20,239
290,184
- 490,988 393,757 -- 2,705,378
2024 1,471,968 10,394 297,500 28,032 31,775
589,980
- 323,689 378,985 -- 3,132,323
Former CEO and Former Disclosed Executives

S Elliott
8,11
2025 2,462,551 21,730 - 37,449 - 802,902 - 1,866,081 1,492,733 - 999,208 7,682,654
2024 2,471,968 10,394 650,000 28,032 34,899 983,953 - 470,353 1,050,043 - - 5,699,642
M Carnegie
8,12
2025 1,061,551 23,103 - 30,449 - 405,453 - 1,559,907 929,167 - 708,122 4,717,752
2024 1,271,468 30,510 432,500 28,532 24,194 537,168 - 278,624 318,478 - - 2,921,474
G Florian
8,13
2025 1,333,083 19,106 - 42,638 - 396,513 - 1,494,480 924,111 - 465,331 4,675,262
2024 1,234,468 21,358 432,500 28,032 19,520 519,518 - 262,636 314,818 - - 2,832,850
A Strong
8,9,14
2025 645,051 6,383 - 29,949 - 300,202 - 1,023,405 546,818 - 368,829 2,920,637
2024 821,968 - 290,000 28,032 33,855 382,072 - 173,812 94,524 - - 1,824,263
77
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7.1 Board considerations of
consequences for material
risk, audit and conduct events
Considerations regarding accountability
and consequences for our most senior
executives are considered and determined
by the People & Culture Committee and
Board, including the application of malus
and clawback (Section 5.5) for the CEO
and Disclosed Executives.
When determining consequences,
consideration is given to the level of
accountability, and the severity of the
issue, including customer impacts.
Consequences may include, for example,
one or more of the following: counselling,
formal warnings, impacts to in-year
performance and remuneration outcomes
or the application of malus to previously
deferred remuneration and ultimately
termination of employment or clawback
for the most serious issues.
As part of our standard process, reports
on the most material risk, audit and
conduct issues are presented to the
People & Culture, Risk and Audit
Committees at a joint meeting. This
information is considered by the Board
when assessing the performance of the
Group and in determining the
performance and remuneration outcomes
of the CEO and Disclosed Executives.
The Board has exercised its discretion in
2025 to apply malus to the unvested
deferred remuneration held by the former
CEO, three former Disclosed Executives
and other former executives.
7.2 Role of the Enterprise
Accountability Group
The Enterprise Accountability Group (EAG)
is the governance mechanism for the
operation of the Accountability and
Consequence Framework (A&CF), and
reviews accountability and consequences
for employees below the CEO and ExCo/
Disclosed Executives.
The EAG is chaired by the CEO and
members include the CRO, CFO and GE
T&C. It operates under the delegated
authority of the People & Culture
Committee, and is responsible for:
• supporting the Board in monitoring the
implementation and ongoing
effectiveness of ANZ’s A&CF;
• reviewing the most material risk,
conduct and audit events to determine
accountability and the application of
consequences, where appropriate;
• providing guidance to the Divisions and
considering initiatives across the
Divisions to strengthen risk behaviours;
• acknowledging material positive risk
events and recognising risk role models,
whose achievements are profiled across
the organisation;
• approving the release or application of
downward adjustment for deferred
variable remuneration (noting that for
the CEO and Disclosed Executives this
is approved by the Board).
The EAG has processes in place to ensure
that we mitigate the risk of conflicts of
interest in reviewing events and
determining accountability and
consequences. For example, when
undertaking accountability reviews, a
recommendation regarding the review
leader and scope must be approved by
the CRO (or in the case of an event
involving Group Risk by the CEO), to ensure
the individual is capable of undertaking an
impartial and unbiased review.
7.3 Risk role models
In 2025, 142 individuals were recognised
by the EAG for role modelling outstanding
risk behaviours through their efforts to
identify, manage and mitigate the
organisation’s risks and contribute to a
strong risk culture. Recognition included a
personalised e-mail from the CEO, local
recognition events, and having their
achievement profiled on our intranet and
in internal newsletters.
7.4 Compliance with
Prudential Standard CPS 511
Remuneration
ANZ’s A&CF is an integral part of our
enterprise approach to meeting the
requirements of APRA’s Prudential
Standard CPS 511 Remuneration.
We introduced clawback provisions for
the CEO and our Disclosed Executives
effective 2022, in addition to existing
downward adjustment tools such as
in-year adjustment, further deferral
and malus.
In 2025, we have continued to raise
employee awareness with respect to
accountability and consequences through
7. Accountability and Consequence Framework
7.1 Board considerations of consequences for material
risk, audit and conduct events
7.2 Role of the Enterprise Accountability Group
7.3 Risk role models
7.4 Compliance with Prudential Standard CPS 511 Remuneration
7.5 Evolving the Accountability & Consequence Framework
7.6 Speak up culture
7.7 Application of consequences
78Australia and New Zealand Banking Group Limited 2025 Annual Report
explicit references to the A&CF (including
remuneration consequences) in employee
training and communications and
performance and remuneration policies.
In addition, as part of our annual
performance and remuneration process,
we have provided People Leaders with
guidance regarding appropriate (and in
some cases, mandatory) remuneration
consequences for conduct and
performance issues, including insights
from consequences applied in the
previous year. These activities are part of
our continued focus on consistency in the
application of remuneration consequence
across ANZ globally.
7.5 Evolving the Accountability
& Consequence Framework
Our A&CF is designed to support our
commitment that when things go wrong,
we fix them and hold executives (current
and former where we can), to account
where appropriate. We are also focused
on ensuring that we learn from root
causes of events, mitigate the risk of
future recurrences and continuously seek
to strengthen our risk culture. We review
the effectiveness of the A&CF every year
and implement enhancements to further
strengthen the A&CF based on regulatory
and internal stakeholder input.
7.6 Speak up culture
We continue to raise employee awareness
of, and promote the various ways
employees can speak up and raise issues
and ideas for improvement including
initiatives such as:
targeted jurisdiction and business-
specific awareness sessions,
designed to build trust in the
process and promote speak up
channels;
digital communications designed to
build confidence and trust in the
Whistleblower Program and
process;
monitoring of responses in our
employee engagement surveys.
Key risk and speak up scores, including
‘My people leader (the person I report to)
demonstrates personal accountability for
managing risk and sound risk behaviours
(92%)‘, ‘In my team I can raise issues and
concerns about risk management without
fear of reprisals’ (90%), ‘In my team, it feels
safe to ask questions, make mistakes,
highlight problems & take social risks
(85%)’ and ‘When I speak up, my ideas,
opinions and concerns are heard’ (80%)
remained high, in keeping with 2024, 2023
and 2022 results.
1
7.7 Application of
consequences
In 2025, there were 1,569 employee
relations cases involving alleged breaches
of our Code, with 567 resulting in a formal
consequence or the employee leaving
ANZ, up from 488 in 2024. Outcomes
following investigations of breaches this
year included 127 terminations, 337
warnings and 103 employees leaving ANZ.
In relation to the application of
consequences to our senior leadership
population (senior executives, executives
and senior managers), 36 current and
former employees (20 in 2024) had a
consequence applied as a result of the
application of our Code of Conduct Policy
and/or findings of accountability for a
relevant event. Consequences included
warnings, impacts on performance and
remuneration outcomes and dismissal.
All employees and contractors across the
enterprise are required to complete
mandatory learning modules. Permanent
employees who fail to complete their
mandatory learning requirements within
30 days of the due date are (in the
absence of genuinely exceptional
circumstances) ineligible for any FR
increase or variable remuneration award
as part of our annual Performance and
Remuneration Review. In 2025, the
mandatory learning course compliance
rate across the enterprise was 99.86%.
1. Results reported are taken from the Q2 and/or Q4 employee engagement surveys, and Risk Culture Survey.
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8.1 CEO and Disclosed Executives’ contract terms and equity treatment
The details of the contract terms and the equity treatment on termination (in accordance with the Conditions of Grant) relating to the
CEO and Disclosed Executives are below. Although they are similar, they vary in some cases to suit different circumstances.
Type of contractPermanent ongoing employment contract.
Notice on resignation• 12 months by CEO;
• 6 months by Disclosed Executives.
1
Notice on termination
by ANZ
2
• 12 months by ANZ for CEO and Disclosed Executives.
3
However, ANZ may immediately terminate an individual’s employment at any time in the case of serious
misconduct. In that case, the individual will be entitled only to payment of FR up to the date of their
termination and their statutory entitlements.
How unvested equity is
treated on leaving ANZ
Executives who resign or are terminated will forfeit all their unvested deferred equity – unless the Board
determines otherwise.
If an executive is terminated due to redundancy or they are classified as a ‘good leaver’, unless the
Board determines otherwise, then:
• their STVR (deferred shares/share rights)
4
remain on foot and are released at the original vesting date;
• their LTVR (restricted rights/performance rights)
4
remain on foot and are released at the original
vesting date (to the extent that the performance hurdles are met). On an executive’s death or total
and permanent disablement, their deferred equity vests.
Unvested equity remains subject to malus post termination.
Change of control (applies
to the CEO only)
If a change of control or other similar event occurs, then we will test the performance conditions
applying to the CEO’s LTVR (restricted rights/performance rights). They will vest to the extent that the
performance conditions are satisfied.
1. 3 months for acting Group Executive roles. 2. For E Clements, K Corbally, F Faruqui, C Morgan, B Rush, M Whelan, M Carnegie, G Florian and A Strong, their contracts state that in
particular circumstances they may be eligible for a retrenchment benefit in accordance with the relevant ANZ policy, as varied from time to time. For M Bullock and A Watson, notice on
retrenchment is 6 weeks and compensation on retrenchment is calculated on a scale up to a maximum of 79 weeks after 25 years’ service. 3. 3 months by ANZ for M Bullock and 6
months for B Rush. 4. For grants awarded from and including 20 August 2025, where all ‘good leaver’ criteria are satisfied the employee must also agree to enter into a separation
agreement with ANZ.
8.2 Hedging prohibition
All deferred equity must remain at risk until it has fully vested. Accordingly, executives and their associated persons must not enter into
any schemes that specifically protect the unvested value of equity allocated. If they do so, then they would forfeit the relevant equity.
8.3 CEO and Disclosed Executives’ minimum shareholding requirement (MSR)
We expect the CEO and each Disclosed Executive to hold ANZ issued securities. The CEO and Disclosed Executives are required:
• to accumulate ANZ issued securities – over a five-year period from their appointment to the value of:
–200% of FR (150% of FR from 2026) for each Disclosed Executive;
– 200% of FR for the CEO; and
• to maintain this shareholding while they are an executive of ANZ.
Executives are permitted to sell ANZ issued securities to meet taxation obligations on employee equity even if below the approved
requirement. However, tax obligations for the purpose of these requirements is limited to that arising from the initial taxing point event
(i.e. when the deferred shares vest or rights are exercised).
ANZ issued securities include all vested and unvested equity (excluding performance rights and from 2026 also restricted rights).
Based on equity holdings as at 30 September 2025, all executives who have served five years met their holding requirements.
8. Internal governance
8.1 CEO and Disclosed Executives’ contract
terms and equity treatment
8.2 Hedging prohibition
8.3 CEO and Disclosed Executives’ shareholding guidelines
80Australia and New Zealand Banking Group Limited 2025 Annual Report
9. Non-Executive Director (NED) remuneration
9.1 NED Remuneration structure
The People & Culture Committee reviewed NED fees and determined not to increase fees for 2025.
The fee structure is applicable to NEDs of ANZGHL and ANZBGL, and provides a single fee covering both Boards (i.e. membership
of ANZGHL and ANZBGL Boards/Committees). Currently the fee structure applies irrespective of whether NEDs serve on one or
more Boards.
NEDs receive a fee for being a Director of the Board, and additional fees for either chairing, or being a member of a Board Committee.
The Chairman of the Board does not receive additional fees for serving on a Board Committee.
In setting Board and Committee fees, the following are considered: general industry practice, ASX Corporate Governance Principles
and Recommendations, the responsibilities and risks attached to the NED role, the time commitment expected of NEDs on Group and
Company matters, and fees paid to NEDs of comparable companies.
ANZ compares NED fees to a comparator group of Australian listed companies with a similar market capitalisation, with particular
focus on the major financial services institutions. This is considered an appropriate group, given similarity in size and complexity,
nature of work and time commitment by NEDs.
To maintain NED independence and impartiality:
• NED fees are not linked to the performance of the Group; and
• NEDs are not eligible to participate in any of the Group’s variable remuneration arrangements.
The current aggregate fee pool for NEDs of $4m was approved by shareholders at the 2012 AGM. The annual total of NEDs’ fees,
including superannuation contributions, is within this agreed limit.
This table shows the NED fee policy structure for 2025, which remains unchanged from 2024.
NED fee policy structure – 2025
Chair feeMember fee
Board
1,2
$850,000$245,000
Audit Committee$68,000$34,000
Risk Committee$68,000$34,000
People & Culture Committee$68,000$34,000
Digital Business & Technology Committee$68,000$34,000
Ethics, Environment, Social & Governance Committee$68,000$34,000
1. Including superannuation. 2. The Chairman of the Board does not receive additional fees for serving on a Board Committee. The Chairman of the Board and NEDs do not receive a
fee for serving on the Nomination and Board Operations Committee.
NED minimum shareholding requirement (MSR)
We expect our NEDs to hold ANZ issued securities. NEDs are required:
• to accumulate ANZ issued securities – over a five-year period from their appointment to the value of:
–100% of the NED member fee for Directors;
–100% of the Chairman fee for the Chairman; and
• to maintain this shareholding while they are a Director of ANZ.
Based on the ANZ share price as at 30 September 2025, all NEDs who have served five years met their holding requirement.
9.1 NED Remuneration structure9.2 2025 Statutory remuneration – NEDS
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9.2 2025 Statutory remuneration – NEDs
The following table outlines the statutory remuneration of NEDs
1
disclosed in accordance with Australian Accounting Standards.
1. In addition to the fees shown below the following NEDs were awarded fees relating to other ANZ entities:
• Paul O’Sullivan awarded $97,893 in 2025 for his role as Former Chair of Norfina Limited (Suncorp Bank).
• John Cincotta awarded $247,275 in 2025 ($35,743 in 2024) for his role as NED of Norfina Limited (Suncorp Bank).
• Richard Gibb awarded $84,822 in 2025 for his role as Chair of Norfina Limited (Suncorp Bank).
• Christine O’Reilly awarded $247,275 in 2025 ($35,743 in 2024) for her role as NED of Norfina Limited (Suncorp Bank).
• Scott St John awarded NZD 385,000 in 2025 (NZD 324,342 in 2024) for his roles as Chair and NED of ANZ Bank New Zealand Limited.
• Jane Halton awarded $241,890 in 2025 ($60,984 in 2024) for her role as Former Chair of Norfina Limited (Suncorp Bank).
2025 Statutory remuneration – NEDs
Short-term NED benefits
Post-
employment
Financial
year
Fees
1

$
Non monetary
benefits
2

$
Super
contributions
1

$
Total
remuneration
3

$
Current Non-Executive Directors
P O’Sullivan 2025 820,051 - 29,949 850,000
2024 821,968 - 28,032 850,000
J Cincotta
4
2025 283,051 - 29,949 313,000
2024 177,802 184 18,253 196,239
A Gerry
4
2025 102,703 - 11,169 113,872
R Gibb
4
2025 351,051 - 29,949 381,000
2024 206,291 184 18,253 224,728
G Hodges 2025 283,051 - 29,949 313,000
2024 284,968 184 28,032 313,184
H Kramer2025 363,347 - 29,949 393,296
2024 328,577 184 28,032 356,793
C O'Reilly2025 351,051 - 29,949 381,000
2024 362,484 - 28,032 390,516
J Smith2025 351,051 - 29,949 381,000
2024 347,332 - 28,032 375,364
S St John
4
2025 314,699 - 29,949 344,648
2024 146,879 - 14,800 161,679
Former Non-Executive Directors
J Halton
4
2025 175,534 - 14,966 190,500
2024 358,281 - 28,032 386,313
Total of all Non-Executive Directors 2025 3,395,589 - 265,727 3,661,316
2024 3,034,582 736 219,498 3,254,816
1. Year-on-year differences in fees relate to Committee membership changes and also changes to the superannuation Maximum Contribution Base. 2. Non monetary benefits
generally consist of company-funded benefits (and the associated Fringe Benefits Tax) such as welcome gifts from the ANZ NZ Board. 3. Long-term benefits and share-based
payments do not apply for the NEDs. 4. Remuneration based on time as a NED in either 2024 (J Cincotta, R Gibb and S St John) or 2025 (A Gerry and J Halton).
82Australia and New Zealand Banking Group Limited 2025 Annual Report
Type
of
equity
1
Number
granted
2
Equity
fair
value
(for
2025
grants
only)
$
Grant

date
First
date
exercisable
Date
of
expiry
Vested
Lapsed/
ForfeitedExercised/SoldVested
and
exercis-
able
as at
30 Sep
2025
4
Unexer-
cisable
as at
30 Sep
2025
5
Malus
6
NameNumber%
Value
3

$Number%
Value
3

$Number%
Value
3

$
Current CEO and Current Disclosed Executives
N Matos
7
M Bullock
7
E Clements
DS 2,285 22-Nov-2122-Nov-24 - 2,285 100 73,890 - - - - -
-
2,285 - -
DS 3,032 22-Nov-2222-Nov-24 - 3,032 100 98,045 - - - - -
-
3,032 - -
DS 4,102 22-Nov-2322-Nov-24 - 4,102 100 132,646 - - - - - - 4,102 - -
DS 3,928 30.18 1-Oct-2422-Nov-25 - - - - - - - - - - - 3,928 -
DS 3,927 30.18 1-Oct-2422-Nov-26 - - - - - - - - - - - 3,927 -
RR 8,451 25.80 22-Nov-2422-Nov-2822-Nov-30 - - - - - - - - - - 8,451 -
RR 8,451 24.39 22-Nov-2422-Nov-2922-Nov-31 - - - - - - - - - - 8,451 -
PR 7,042 13.32 22-Nov-2422-Nov-2822-Nov-30 - - - - - - - - - - 7,042 -
PR 2,347 8.85 22-Nov-2422-Nov-2822-Nov-30 - - - - - - - - - - 2,347 -
PR 7,042 12.01 22-Nov-2422-Nov-2922-Nov-31 - - - - - - - - - - 7,042 -
PR 2,347 8.74 22-Nov-2422-Nov-2922-Nov-31 - - - - - - - - - - 2,347 -
K Corbally
DS 3,720 7-Dec-2022-Nov-24 - 3,720 100 120,293 - - - (3,720) 100 120,293 - - -
DS 4,431 22-Nov-2122-Nov-24 - 4,431 100 143,284 - - - (4,431) 100 143,284 - - -
DS 9,590 1-Oct-2222-Nov-24 - 9,590 100 310,110 - - - (9,590) 100 310,110 - - -
DS 10,511 1-Oct-2322-Nov-24 - 10,511 100 339,892 - - - (10,511) 100 339,892 - - -
DS 5,106 30.18 1-Oct-2422-Nov-25 - - - - - - - - - - - 5,106 -
DS 5,106 30.18 1-Oct-2422-Nov-26 - - - - - - - - - - - 5,106 -
DSR 20,118 7-Dec-2022-Nov-2422-Nov-24 20,118 100 650,552 - - - (20,118) 100 650,552
- -
-
RR 19,148 25.80 22-Nov-2422-Nov-2822-Nov-30 - - - - - - - - - - 19,148 -
RR 19,148 24.39 22-Nov-2422-Nov-2922-Nov-31 - - - - - - - - - - 19,148 -
10.1 Equity holdings
For the equity granted to the former CEO and Disclosed Executives in November/December 2024, all deferred shares were purchased
on the market. For deferred share rights and performance rights, which vested to the former CEO and Disclosed Executives in
November/December 2024, where the rights were not able to be satisfied through the reallocation of previously forfeited shares they
were satisfied through the on market purchase of shares.
10.1.1 CEO and Disclosed Executives’ equity granted, vested, exercised/sold and lapsed/forfeited
The table below sets out details of deferred shares and rights that we granted to the CEO and Disclosed Executives:
• during the 2025 year, relating to 2024 Performance and Remuneration Review outcomes; or
• in prior years and that then vested, were exercised/sold or which lapsed/were forfeited during the 2025 year.
For the former CEO and former Disclosed Executives, this table also includes all employee equity that remained on foot at the date of
cessation of employment and the application of malus.
Equity granted, vested, exercised/sold and lapsed/forfeited – CEO and Disclosed Executives
10. Other statutory information
10.1 Equity holdings
10.2 Loans
10.3 Other transactions
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Type
of
equity
1
Number
granted
2
Equity
fair
value
(for
2025
grants
only)
$
Grant

date
First
date
exercisable
Date
of
expiry
Vested
Lapsed/
ForfeitedExercised/SoldVested
and
exercis-
able
as at
30 Sep
2025
4
Unexer-
cisable
as at
30 Sep
2025
5
Malus
6
NameNumber%
Value
3

$Number%
Value
3

$Number%
Value
3

$
DS 2,055 22-Nov-2122-Nov-25 - - - - - - - - - - - 2,055 (2,055)
DS 9,970 1-Oct-2222-Nov-23 - - - - - - - (9,970) 100 299,878 - - -
DS 9,969 1-Oct-2222-Nov-24 - 9,969 100 322,366 - - - (9,969) 100 299,848 - - -
DS 10,857 1-Oct-2322-Nov-24 - 10,857 100 351,081 - - - (10,857) 100 326,557 - - -
DS 10,856 1-Oct-2322-Nov-25 - - - - - - - - - - - 10,856 (10,856)
DS 7,079 30.18 1-Oct-2422-Nov-25 - - - - - - - - - - - 7,079 (7,079)
DS 7,078 30.18 1-Oct-2422-Nov-26 - - - - - - - - - - - 7,078 (7,078)
RR 18,286 22-Nov-2222-Nov-2622-Feb-27 - - - - - - - - - - 18,286 (18,286)
RR 18,286 22-Nov-2222-Nov-2722-Feb-28 - - - - - - - - - - 18,286 -
RR 17,321 22-Nov-2322-Nov-2722-Feb-28 - - - - - - - - - - 17,321 -
RR 17,321 22-Nov-2322-Nov-2822-Feb-29 - - - - - - - - - - 17,321 -
RR 12,925 25.80 22-Nov-2422-Nov-2822-Feb-29 - - - - - - - - - - 12,925 -
RR 12,925 24.39 22-Nov-2422-Nov-2922-Feb-30 - - - - - - - - - - 12,925 -
PR 28,784 7-Dec-2022-Nov-241-Nov-25 - - - (28,784) 100 (930,782) - - - - - -
PR 9,594 7-Dec-2022-Nov-241-Nov-25 9,594 100 310,239 - - - - - - 9,594 - -
PR 31,759 22-Nov-2122-Nov-2522-Feb-26 - - - - - - - - - - 31,759 (31,759)
PR 10,586 22-Nov-2122-Nov-2522-Feb-26 - - - - - - - - - - 10,586 (10,586)
PR 13,715 22-Nov-2222-Nov-2622-Feb-27 - - - - - - - - - - 13,715 -
PR 4,571 22-Nov-2222-Nov-2622-Feb-27 - - - - - - -
- - - 4,571 -
PR 13,715 22-Nov-2222-Nov-2722-Feb-28 - - - - - - - - - - 13,715 -
PR 4,571 22-Nov-2222-Nov-2722-Feb-28 - - - - - - - - - - 4,571 -
PR 12,991 22-Nov-2322-Nov-2722-Feb-28 - - - - - - - - - - 12,991 -
PR 4,330 22-Nov-2322-Nov-2722-Feb-28 - - - - - - - - - - 4,330 -
PR 12,991 22-Nov-2322-Nov-2822-Feb-29 - - - - - - - - - - 12,991 -
PR 4,330 22-Nov-2322-Nov-2822-Feb-29 - - - - - - - - - - 4,330 -
PR 10,771 13.32 22-Nov-2422-Nov-2822-Feb-29 - - - - - - - - - - 10,771 -
PR 3,590 8.85 22-Nov-2422-Nov-2822-Feb-29 - - - - - - - - - - 3,590 -
PR 10,771 12.01 22-Nov-2422-Nov-2922-Feb-30 - - - - - - - - - - 10,771 -
PR 3,590 8.74 22-Nov-2422-Nov-2922-Feb-30 - - - - - - - - - - 3,590 -
G Florian
8

DS 1,609 7-Dec-2022-Nov-24 - 1,609 100 52,030 - - - (1,609) 100 46,744 - - -
DS 4,884 22-Nov-2122-Nov-24 - 4,884 100 157,933 - - - (4,884) 100 141,888 - - -
DS 2,442 22-Nov-2122-Nov-25 - - - - - - - - - - - 2,442 -
DS 9,590 1-Oct-2222-Nov-24 - 9,590 100 310,110 - - - (9,590) 100 278,604 - - -
DS 9,820 1-Oct-2322-Nov-24 - 9,820 100 317,547 - - - (9,817) 100 285,199 3 - -
DS 9,820 1-Oct-2322-Nov-25 - - - - - - - - - - - 9,820 -
DS 7,079 30.18 1-Oct-2422-Nov-25 - - - - - - - - - - - 7,079 (7,079)
DS 7,078 30.18 1-Oct-2422-Nov-26 - - - - - - - - - - - 7,078 -
RR 16,823 22-Nov-2222-Nov-2622-Nov-28 - - - - - - - - - - 16,823 -
RR 16,823 22-Nov-2222-Nov-2722-Nov-29 - - - - - - - - - - 16,823 -
RR 16,821 22-Nov-2322-Nov-2722-Nov-29 - - - - - - - - - - 16,821 -
RR 16,821 22-Nov-2322-Nov-2822-Nov-30 - - - - - - - - - - 16,821 -
RR 12,552 25.80 22-Nov-2422-Nov-2822-Nov-30 - - - - - -
- - - - 12,552 -
RR 12,552 24.39 22-Nov-2422-Nov-2922-Nov-31 - - - - - - - - - - 12,552 -
PR 26,115 7-Dec-2022-Nov-2422-Nov-26 - - - (26,115) 100 (844,476) - - - - - -
PR 8,705 7-Dec-2022-Nov-2422-Nov-26 8,705 100 281,492 - - - (8,705) 100 257,234 - - -
PR 37,743 22-Nov-2122-Nov-2522-Nov-27 - - - - - - - - - - 37,743 -
PR 12,581 22-Nov-2122-Nov-2522-Nov-27 - - - - - - - - - - 12,581 -
86Australia and New Zealand Banking Group Limited 2025 Annual Report
1. Types of equity: Deferred shares (DS), deferred share rights (DSR), restricted rights (RR) and
performance rights (PR). 2. For the purpose of the five highest paid executive disclosures, Executives
are defined as Disclosed Executives or other members of the ExCo. For the 2025 financial year the five
highest paid executives include five Disclosed Executives. Rights granted to Disclosed Executives as
remuneration in 2025 are included in the table. No rights have been granted to the CEO, Disclosed
Executives or the five highest paid executives since the end of 2025 up to the Directors’ Report
sign-off date. 3. The point in time value of deferred shares and or rights is based on the one day VWAP
of ANZGHL shares traded on the ASX on the date of vesting, lapsing/forfeiture or exercising/sale/
transfer out of trust, multiplied by the number of deferred shares and/ or rights. The exercise price for
all rights is $0.00. No terms or conditions of grant of the share-based payment transactions have been
altered or modified during the reporting period. 4. The number vested and exercisable is the number of
shares, and/or rights that remain vested as at 30 September 2025 (or the date ceased as a KMP). No
shares and/or rights were vested and unexercisable. 5. Performance rights granted in prior years (by
grant date) that remained unexerciseable at 30 September 2025 (or date ceased as a KMP) include:
(see table on the right). 6. Malus reflects the downward adjustment of unvested deferred variable
remuneration. 7. Equity transactions disclosed from date commenced as a KMP. There were no
disclosable transactions for N Matos, M Bullock or B Rush. 8. Equity transactions disclosed up to date
ceased as a KMP.
Nov-21Nov-22Nov-23Nov-24
N Matos - - - -
M Bullock - - - -
E Clements - - 21,316 18,778
K Corbally - - - -
F Faruqui54,00636,57233,97628,170
C Morgan - 18,42130,24425,408
B Rush - - - -
A Watson51,11732,44230,09824,956
M Whelan60,26642,71639,97033,140
S Elliott126,35373,14366,618 -
M Carnegie42,34536,57234,64228,722
G Florian50,32433,64433,64227,892
A Strong - 21,94422,65019,884
Performance rights historically granted to S Elliott were approved by shareholders at
the relevant ANZ AGMs in accordance with ASX Listing Rule 10.14.
Type
of
equity
1
Number
granted
2
Equity
fair
value
(for
2025
grants
only)
$
Grant

date
First
date
exercisable
Date
of
expiry
Vested
Lapsed/
ForfeitedExercised/SoldVested
and
exercis-
able
as at
30 Sep
2025
4
Unexer-
cisable
as at
30 Sep
2025
5
Malus
6
NameNumber%
Value
3

$Number%
Value
3

$Number%
Value
3

$
PR 12,617 22-Nov-2222-Nov-2622-Nov-28 - - - - - - - - - - 12,617 -
PR 4,205 22-Nov-2222-Nov-2622-Nov-28 - - - - - - - - - - 4,205 -
PR 12,617 22-Nov-2222-Nov-2722-Nov-29 - - - - - - - - - - 12,617 -
PR 4,205 22-Nov-2222-Nov-2722-Nov-29 - - - - - - - - - - 4,205 -
PR 12,616 22-Nov-2322-Nov-2722-Nov-29 - - - - - - - - - - 12,616 -
PR 4,205 22-Nov-2322-Nov-2722-Nov-29 - - - - - - - - - - 4,205 -
PR 12,616 22-Nov-2322-Nov-2822-Nov-30 - - - - - - - - - - 12,616 -
PR 4,205 22-Nov-2322-Nov-2822-Nov-30 - - - - - - - - - - 4,205 -
PR 10,460 13.32 22-Nov-2422-Nov-2822-Nov-30 - - - - - - - - - - 10,460 -
PR 3,486 8.85 22-Nov-2422-Nov-2822-Nov-30 - - - - - - - - - - 3,486 -
PR 10,460 12.01 22-Nov-2422-Nov-2922-Nov-31 - - - - - - - - - - 10,460 -
PR 3,486 8.74 22-Nov-2422-Nov-2922-Nov-31 - - - - - - - - - - 3,486 -
A Strong
8

DS 4,187 22-Nov-2122-Nov-24 - 4,187 100 135,394 - - - (4,187) 100 117,260 - - -
DS 6,132 22-Nov-2222-Nov-24 - 6,132 100 198,289 - - - (6,132) 100 171,732 - - -
DS 6,132 22-Nov-2222-Nov-25 - - - - - - - - - - - 6,132 -
DS 6,761 1-Oct-2322-Nov-24 - 6,761 100 218,629 - - - (6,761) 100 189,347 - - -
DS 6,760 1-Oct-2322-Nov-25 - - - - - - - - - - - 6,760 -
DS 4,746 30.18 1-Oct-2422-Nov-25 - - - - - - - - - - - 4,746 (4,746)
DS 4,746 30.18 1-Oct-2422-Nov-26 - -
- - - - - - - - - 4,746 -
RR 10,972 22-Nov-2222-Nov-2622-Feb-27 - - - - - - - - - - 10,972 -
RR 10,972 22-Nov-2222-Nov-2722-Feb-28 - - - - - - - - - - 10,972 -
RR 11,325 22-Nov-2322-Nov-2722-Feb-28 - - - - - - - - - - 11,325 -
RR 11,325 22-Nov-2322-Nov-2822-Feb-29 - - - - - - - - - - 11,325 -
RR 8,948 25.80 22-Nov-2422-Nov-2822-Feb-29 - - - - - - - - - - 8,948 -
RR 8,948 24.39 22-Nov-2422-Nov-2922-Feb-30 - - - - - - - - - - 8,948 -
PR 8,229 22-Nov-2222-Nov-2622-Feb-27 - - - - - - - - - - 8,229 -
PR 2,743 22-Nov-2222-Nov-2622-Feb-27 - - - - - - - - - - 2,743 -
PR 8,229 22-Nov-2222-Nov-2722-Feb-28 - - - - - - - - - - 8,229 -
PR 2,743 22-Nov-2222-Nov-2722-Feb-28 - - - - - - - - - - 2,743 -
PR 8,494 22-Nov-2322-Nov-2722-Feb-28 - - - - - - - - - - 8,494 -
PR 2,831 22-Nov-2322-Nov-2722-Feb-28 - - - - - - - - - - 2,831 -
PR 8,494 22-Nov-2322-Nov-2822-Feb-29 - - - - - - - - - - 8,494 -
PR 2,831 22-Nov-2322-Nov-2822-Feb-29 - - - - - - - - - - 2,831 -
PR 7,457 13.32 22-Nov-2422-Nov-2822-Feb-29 - - - - - - - - - - 7,457 -
PR 2,485 8.85 22-Nov-2422-Nov-2822-Feb-29 - - - - - - - - - - 2,485 -
PR 7,457 12.01 22-Nov-2422-Nov-2922-Feb-30 - - - - - - - - - - 7,457 -
PR 2,485 8.74 22-Nov-2422-Nov-2922-Feb-30 - - - - - - - - - - 2,485 -
87
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67
Overview
Operating
environment
Governance
Performance
overview
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Directors’
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Financial
report
Glossary

10.1.2 NED, CEO and Disclosed Executives’ equity holdings
The table below sets out details of equity held directly, indirectly or beneficially by each NED, the current and former CEOs and the
current and former Disclosed Executives, including their related parties.
Equity holdings – NED, CEO and Disclosed Executives
NameType of equity
Opening
balance at
1 Oct 2024
Granted during
the year as
remuneration
1
Received during
the year on
exercise of
options or rights
Resulting from
any other
changes during
the year
2
Closing
balance at
30 Sep 2025
3,4
Current Non-Executive Directors
P O’Sullivan Ordinary shares 4,350 - - - 4,350
Capital notes 7 9,250 - - - 9,250
J Cincotta
A Gerry
5

R Gibb Ordinary shares 1,032 - - 1,000 2,032
Capital notes 7 194 - - 146 340
Capital notes 8 196 - - 145 341
G HodgesOrdinary shares 184,401--- 184,401
H KramerOrdinary shares 5,828 - - 1,765 7,593
C O'ReillyOrdinary shares 6,400 - - - 6,400
J SmithOrdinary shares 2,779 - - - 2,779
S St JohnOrdinary shares 3,000 - - 500 3,500
Former Non-Executive Directors
J Halton
6
Ordinary shares 10,058 - - - 10,058
Current CEO and Current Disclosed Executives
N Matos
5

M Bullock
5
Employee Share Offer 85 - - - 85
Deferred share rights 18,013 - - - 18,013
E Clements

Deferred shares 30,081 7,855 - - 37,936
Ordinary shares 2,560 - - 1,942 4,502
Restricted rights 21,318 16,902 - - 38,220
Performance rights 21,316 18,778 - - 40,094
K Corbally Deferred shares 43,194 10,212 - (28,252) 25,154
Ordinary shares - - 20,118 (19,395) 723
Capital notes 6 1,400 - - - 1,400
Deferred share rights 42,948 - (20,118) - 22,830
Restricted rights 105,504 38,296 - - 143,800
F Faruqui Deferred shares 44,497 14,484 - (30,034) 28,947
Ordinary shares 130,152 - 1,545 (44,848) 86,849
Deferred share rights 1,904 - (1,904) - -
Restricted rights 70,548 25,352 - - 95,900
Performance rights 158,599 28,170 (5,000) (25,534) 156,235
C Morgan Deferred shares 23,058 10,638 - - 33,696
Ordinary shares 1,222 - - 1,629 2,851
Restricted rights 48,666 22,868 - - 71,534
Performance rights 48,665 25,408 - - 74,073
B Rush
5
Deferred shares 2,225 - - - 2,225
Ordinary shares 63 - - - 63
Restricted rights 23,566 - - - 23,566
88Australia and New Zealand Banking Group Limited 2025 Annual Report
NameType of equity
Opening
balance at
1 Oct 2024
Granted during
the year as
remuneration
1
Received during
the year on
exercise of
options or rights
Resulting from
any other
changes during
the year
2
Closing
balance at
30 Sep 2025
3,4
A Watson Deferred shares 47,957 13,054 - (6,000) 55,011
Ordinary shares 37,179 - 7,847 (11,168) 33,858
Restricted rights 62,542 22,462 - - 85,004
Performance rights 145,046 24,956 (7,847) (23,542) 138,613
M Whelan Deferred shares 50,761 9,738 - (33,428) 27,071
Ordinary shares 5,376 - 8,511 (11,785) 2,102
Restricted rights 82,688 29,828 - - 112,516
Performance rights 176,997 33,140 (8,511) (25,534) 176,092
Former CEO and Former Disclosed Executives
S Elliott
6
Deferred shares 82,649 21,276 - (49,826) 54,099
Ordinary shares 540,288 - - (202,058) 338,230
Restricted rights 139,764 - - - 139,764
Performance rights 425,422 - (39,827) (119,481) 266,114
M Carnegie
6
Deferred shares 69,621 14,157 - (56,710) 27,068
Ordinary shares 45,878 - - 60,933 106,811
Restricted rights 71,214 25,850 - - 97,064
Performance rights 151,937 28,722 - (28,784) 151,875
G Florian
6
Deferred shares 38,165 14,157 - (25,900) 26,422
Ordinary shares 30,117 - - (29,358) 759
Restricted rights 67,288 25,104 - - 92,392
Performance rights 152,430 27,892 (8,705) (26,115) 145,502
A Strong
6
Deferred shares 29,972 9,492 - (17,080) 22,384
Ordinary shares 2,338 - - (828) 1,510
Restricted rights 44,594 17,896 - - 62,490
Performance rights 44,594 19,884 - - 64,478
1. Details of options/rights granted as remuneration during 2025 are provided in the previous table. 2. Shares resulting from any other changes during the year include the net result of
any shares purchased (including under the ANZ Share Purchase Plan), forfeited, sold or acquired under the Dividend Reinvestment Plan. 3. The following shares (included in the holdings
above) were held on behalf of the NEDs, CEO and Disclosed Executives (i.e., indirect beneficially held shares) as at 30 September 2025 (or the date ceased as a KMP): P O'Sullivan - 0, J
Cincotta - 0, A Gerry - 0, R Gibb - 2,713, G Hodges - 45,584, H Kramer - 7,593, C O'Reilly - 0, J Smith - 0, S St John - 3,500, J Halton - 0, N Matos - 0, M Bullock - 85, E Clements -
37,936, K Corbally - 26,554, F Faruqui - 28,947, C Morgan - 33,696, B Rush - 2,225, A Watson - 55,011, M Whelan - 27,071, S Elliott - 390,774, M Carnegie - 27,068, G Florian - 26,422,
A Strong - 22,384. 4. As at 30 September 2025 (or the date ceased as a KMP) zero options/rights were vested and unexerciseable and zero rights were vested and exercisable except
for the following: F Faruqui - 3,511, M Carnegie - 9,594. 5. Commencing balance is based on holdings as at the date of commencement as a KMP. 6. Concluding balance is based on
holdings as at the date ceased as a KMP.
89
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Remuneration
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69
Overview
Operating
environment
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Performance
overview
Remuneration
report
Directors’
report
Financial
report
Glossary

10.2 Loans
10.2.1 Overview
When we lend to NEDs, the CEO or Disclosed Executives, we do so in the ordinary course of business and on normal commercial terms
and conditions that are no more favourable than those given to other employees or customers – this includes the term of the loan, the
security required and the interest rate. Details of the terms and conditions of lending products can be found on anz.com. No amounts
have been written off during the period, or individual assessed allowance for expected credit losses raised in respect of these balances.
Total loans to NEDs, the CEO and Disclosed Executives, including their related parties at 30 September 2025 (including those with
balances less than $100,000) was $22,800,086 (2024: $14,063,818) with interest paid of $812,868 (2024: $1,077,834) during the
period.
10.2.2 NED, CEO and Disclosed Executives’ loan transactions
The table below sets out details of loans outstanding to NEDs, the CEO and Disclosed Executives including their related parties, if – at
any time during the year – the individual’s aggregate loan balance exceeded $100,000.
Loan transactions – NED, CEO and Disclosed Executives
Names
Opening balance
at 1 Oct 2024¹
$
Closing balance at
30 Sep 2025
$
Interest paid and
payable in the
reporting period²
$
Highest balance in
the reporting period
$
Current Non–Executive Directors
G Hodges1,246,7381,139,65645,6061,938,447
H Kramer3,532,8903,466,670205,4523,688,312
S St John1,145,9161,099,69269,6071,155,224
Current Disclosed Executives
E Clements
3
16,03211,373,577283,58111,572,994
M Whelan1,495,3651,447,73091,5191,554,342
Former CEO and Former Disclosed Executives
S Elliott
4
1,968,20525,14426,6242,020,985
G Florian
4
2,223,9821,806,8549,8942,247,722
A Strong
4
2,406,2222,391,51280,3922,446,711
Total 14,035,350 22,750,835 812,675 26,624,737
1. Opening balances have been adjusted for new and leaving KMP. 2. Actual interest paid after considering offset accounts. The loan balance is shown gross, however the interest paid
takes into account the impact of offset amounts. 3. Includes the business loan of a related party. 4. Closing balance is as at the date ceased in a KMP role.
90Australia and New Zealand Banking Group Limited 2025 Annual Report
10.3 Other transactions
Other transactions with NEDs, the CEO and Disclosed Executives, and their related parties included deposits and guarantees.
Other transactions – NED, CEO and Disclosed Executives
Opening balance at
1 Oct 2024
1
$
Closing balance at
30 Sep 2025
2,3
$
Total KMP deposits26,045,87630,947,056
Total KMP guarantees received-253,463
1. Opening balance is at 1 October 2024 or the date of commencement as a KMP if part way through the year and it has been adjusted to take into account timing variances. 2. Closing
balance is at 30 September 2025 or at the date ceased in a KMP role if part way through the year. 3. Interest received on deposits for 2025 was $757,649 (2024: $854,222).
Other transactions with KMP and their related parties included amounts paid to the Group in respect of bank fees and charges. The
Group has reimbursed KMP for the costs incurred for security and secretarial services associated with the performance of their duties.
These transactions are conducted on normal commercial terms and conditions are no more favourable than those given to other
employees or customers.
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Directors’
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Financial
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Glossary

Directors’ report

1
72 Australia and New Zealand Banking Group Limited 2025 Annual Report

Directors’ Report

The Directors’ Report for the financial
year ended 30 September 2025 has
been prepared in accordance with the
requirements of the Corporations Act
2001. The information below forms part
of this Directors’ Report:

• Principal activities on page 6;
• Operating and financial review on
pages 18 to 31;

• Dividends on page 31;
• Information on the Directors on
pages 8 to 11;

• Remuneration report on pages 32 to 71.

Significant changes in
state of affairs
There have been no significant changes
in the Group’s state of affairs.

Events since the end of
the financial year
There have been no significant events
from 30 September 2025 to the date
of signing this report.

Participation in political
party activities
We aim to assist the democratic
process in Australia by attending,
hosting, and participating in paid
events hosted by the major federal
political parties. For the year ended
30 September 2025, we contributed
$117,762 to participate in political
activities hosted by the Australian
Labor Party, the Liberal Party of
Australia and the National Party of
Australia. These activities included
speeches, political functions and
conferences, and policy dialogue
forums.
We disclose these contributions to the
Australian Electoral Commission (AEC),
noting the AEC’s reporting year is a
different period to the Group’s
financial year.

Modern slavery reporting
The Group is subject to the Australian
Commonwealth’s Modern Slavery Act
2018 and United Kingdom’s Modern
Slavery Act 2015.
Our annual Modern Slavery and Human
Trafficking Statements cover the actions
we have taken to identify, assess and
manage modern slavery risks in our
operations and supply chain.
Our Modern Slavery and Human Trafficking
Statements are available at
anz.com/esgreport.

Environmental regulation
We recognise the expectations of our
stakeholders – customers, shareholders,
staff, regulators and the community – to
operate in a way that mitigates our
environmental impact.

In Australia, we meet the requirements
of the National Greenhouse and Energy

Reporting Act 2007 (Cth), which imposes
reporting obligations where energy
production, usage or greenhouse gas
emissions trigger specified thresholds.

We do not believe that our operations
are subject to any particular and
significant environmental regulation
under a law of the Commonwealth of
Australia or of an Australian State or
Territory. We may become subject to
environmental regulation as a result of
our lending activities in the ordinary
course of business and have developed
policies, which are reviewed on a regular
basis, to help identify and manage such
environmental matters and regulations.

Further details of our environmental
performance, including progress against
our targets and management of ESG
material issues are available in the ESG
Report, ESG Data and Frameworks Pack,
and Climate Report available at
anz.com/esgreport.
Climate-related disclosures
Voluntary climate reports have been
prepared for the Group, including ANZBGL,
in accordance with the Task Force on
Climate-related Financial Disclosures
recommendations since 2017. The 2025
Climate Report is available at
anz.com/esgreport.
ANZBGL has current obligations in relation
to mandatory publication of climate-
related disclosures under the New Zealand
Financial Markets Conduct Act 2013
(FMCA) as a Climate Reporting Entity
(CRE).

For the financial year ended 30 September
2025, ANZBGL is relying on the exemption in
clause 6 of the Financial Markets Conduct
(Climate-related Disclosures – Australia and
New Zealand Banking Group Limited)
Exemption Notice 2024. The effect of relying
on this exemption is that ANZBGL is not
required to comply with the climate reporting
obligations (including preparation and
lodgement of climate statements) and the
record-keeping obligations imposed under
Part 7A of the FMCA for the financial year
ended 30 September 2025.
ANZ Bank New Zealand is also a CRE. It
publishes an annual climate statement for
itself and its subsidiaries in accordance
with Part 7A of the FMCA. These can be
accessed at
anz.co.nz/about-us/
corporate-responsibility/environment/
.
The climate statement for the reporting
period ended 30 September 2025 will be
published no later than 31 January 2026.

Australia and New Zealand Banking Group Limited 2025 Annual Report72

2
Directors’ report 73

External auditor
The Group’s external auditor is KPMG.
The Group appointed Peat, Marwick,
Mitchell & Co (predecessor to KPMG)

in 1969.
The Board Audit Committee conducts a
formal annual performance assessment of
the external auditor, including whether to
commence an external tender for the
audit. The Board Audit Committee
considered relevant factors including
tenure, audit quality, local and international
capability and experience, and
independence. The Board Audit
Committee also considered KPMG’s
extensive knowledge and history as
auditor of Suncorp Bank. The Board Audit
Committee resolved to reappoint KPMG
for the 30 September 2025 financial year
audit. KPMG regularly rotates the Group
Lead Audit Engagement Partner and the
Engagement Quality Control Review
Partner with the most recent rotation
being for the financial years ended
30 September 2023 and 30 September

2020, respectively.

Non-audit services
Our Stakeholder Engagement Model for
Relationship with the External Auditor (the
Policy), which incorporates requirements
of the Corporations Act 2001 and industry
best practice, prevents the external auditor
from providing services that are perceived
to be in conflict with the role of the
external auditor or breach independence
requirements. This includes consulting
advice and sub-contracting of operational
activities normally undertaken by
management, and engagements where
the external auditor may ultimately be
required to express an opinion on their
own work.
Specifically, the Policy:
• limits the scope of non-audit services
that may be provided;
• requires that audit, audit-related and
permitted non-audit services be
considered in light of independence
requirements and for any potential
conflicts of interest before they are
approved by the Audit Committee, or
approved by the Chair of the Audit
Committee (or delegate) and notified
to the Audit Committee; and

• requires pre-approval before the
external auditor can commence any
engagement for the Group.
Further details about the Policy can be
found in ANZGHL’s Corporate
Governance Statement.

The external auditor has confirmed to the
Audit Committee that it has:

• implemented procedures to ensure it
complies with independence rules in
applicable jurisdictions; and

• complied with applicable policies and
regulations in those jurisdictions
regarding the provision of non-audit
services, and the Policy.

The Audit Committee has reviewed the
non-audit services provided by the
external auditor during the 2025 financial
year, and has confirmed that the provision
of these services is consistent with the
Policy, compatible with the general
standard of independence for auditors
imposed by the Corporations Act 2001
and did not compromise the auditor
independence requirements of the
Corporations Act 2001.

This has been formally advised by the
Audit Committee to the Board of Directors.

The categories of non-audit services
supplied to the Group during the year
ended 30 September 2025 by the
external auditor, KPMG, or by another
person or firm on KPMG’s behalf, and the
amounts paid or payable (including GST)
by the Group are as follows:
Amount paid/
payable $’000’s

Non-audit services 2025 2024
Methodology,
procedural, operational
and administrative
reviews
264 180
Total 264 180

Further details on the compensation paid
to KPMG are provided in Note 32 Auditor
Fees to the financial statements including
details of audit-related services provided
during the year of $7.95 million (2024:
$6.79 million).

For the reasons set out above, the
Directors are satisfied that the provision of
non-audit services by the external auditor
during the year ended 30 September
2025 is compatible with the general
standard of independence for external
auditors imposed by the Corporations Act
2001 and did not compromise the auditor
independence requirements of the
Corporations Act 2001.

Directors’ and Officers’
Indemnity
ANZBGL’s Constitution (Rule 9.1) permits
ANZBGL to:

• Indemnify any officer or employee of
ANZBGL or any of its related bodies
corporate, or its auditor, against liabilities
(so far as may be permitted under
applicable law) incurred as such an
officer, employee or auditor to a person
(other than ANZBGL or a related body
corporate), including liabilities incurred as
a result of appointment or nomination by
ANZBGL or related body corporate as a
trustee or as an officer or employee of
another corporation; and

• Make payments in respect of legal costs
incurred by an officer or employee or
auditor in defending an action for a
liability incurred as such an officer,
employee or auditor, or in resisting or
responding to actions taken by a
government agency, a duly constituted
Royal Commission or other official
inquiry, a liquidator, administrator,
trustee in bankruptcy or other
authorised official.

Our policy is that our employees should be
protected from any liability they incur as a
result of acting in the course of their
employment, subject to appropriate
conditions.

Under the policy, we will indemnify
employees and former employees against
any liability they incur to any third party as
a result of acting in good faith in the
course of their employment and this
extends to liability incurred as a result of
their appointment/nomination by or at the
request of the ANZ Group as an officer or
employee of another corporation or body
or as a trustee.

73
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Glossary

3

KPMG, an Australian partnership and a member firm of the KPMG global organisation of independent member firms affiliated
with KPMG International Limited, a private English company limited by guarantee. All rights reserved. The KPMG name and logo
are trademarks used under license by the independent member firms of the KPMG global organisation. Liability limited by a
scheme approved under Professional Standards Legislation.

74 Australia and New Zealand Banking Group Limited 2025 Annual Report

The indemnity is subject to applicable
law and certain exceptions.

ANZBGL has entered into Indemnity
Deeds with each of its Directors, with
certain secretaries and former Directors
of ANZBGL, and with certain employees
and other individuals who act as directors
or officers of related bodies corporate or
of another company, to indemnify them
against liabilities and legal costs of the
kind mentioned in ANZBGL’s Constitution.

During the financial year, we have paid
premiums for insurance for the benefit
of the Directors and employees of the
Group. In accordance with common
commercial practice, the insurance
prohibits disclosure of the nature of the
liability insured against and the amount
of the premium.
Rounding of amounts
ANZBGL is a company of the kind referred to in Australian Securities and Investments
Commission Corporations (Rounding in Financial/Directors’ Reports) Instrument 2016/191
dated 24 March 2016 and, in accordance with that Instrument, amounts in the
consolidated financial statements and this Directors’ Report have been rounded to the
nearest million dollars unless specifically stated otherwise.

This report is made in accordance with a resolution of the Board of Directors and is
signed for and on behalf of the Directors.

Key management personnel
and employee share and
option plans

Paul O’Sullivan
Chairman

Nuno A Matos
Managing Director
The Remuneration Report contains
details of Non-Executive Directors (NEDs),
the Chief Executive Officer (CEO) and
Disclosed Executives’ equity holdings
and options/rights issued during the
2025 financial year.

Note 29 Employee Share and Option
Plans in the 2025 Financial Report
contains details of the 2025 financial
year and as at the date of signing the
Directors’ Report:

• Options/rights issued over shares
granted to employees;

• Shares issued as a result of the
exercise of options/rights granted to
employees; and

• Other details about share options/
rights issued, including any rights to
participate in any share issues.

The names of all persons who currently
hold options/rights are entered in the
register kept by ANZGHL pursuant to
section 170 of the Corporations Act
2001. This register may be inspected
free of charge.

7 November 2025

Lead Auditor’s Independence Declaration

The Lead Auditors Independence Declaration given under section 307C of
the Corporations Act 2001 is set out below and forms part of the Directors’ Report for
the year ended 30 September 2025.

To: the Directors of Australia and New Zealand Banking Group Limited
I declare that, to the best of my knowledge and belief, in relation to the audit of
Australia and New Zealand Banking Group Limited for the financial year ended 30
September 2025, there have been:

• No contraventions of the auditor independence requirements as set out in the
Corporations Act 2001 in relation to the audit; and
• No contraventions of any applicable code of professional conduct in relation to
the audit.

KPMG Maria Trinci
Partner
7 November 2025

Australia and New Zealand Banking Group Limited 2025 Annual Report74

Financial report
Contents
Consolidated Financial Statements
Income Statement 76
Statement of Comprehensive Income 77
Balance Sheet 78
Cash Flow Statement 79
Statement of Changes in Equity 80
Notes to the Consolidated
Financial Statements
Basis of preparation
1. About our Financial Statements 82
Financial performance
2. Net interest income 85
3. Other operating income 86
4. Operating expenses 88
5. Income tax 90
6. Dividends 93
7. Segment reporting 94
Financial assets and other
trading assets
8. Cash and cash equivalents 98
9. Trading assets 99
10. Derivative financial instruments 100
11. Investment securities 112
12. Net loans and advances 114
13. Allowance for expected
credit losses 115
Financial liabilities
14. Deposits and other borrowings 125
15. Payables and other liabilities 126
16. Debt issuances 127
Financial instrument disclosures
17. Financial risk management 133
18. Fair value of financial assets
and financial liabilities 154
20. Offsetting 161
Non-financial assets
20. Goodwill and other
intangible assets 163
Non-financial liabilities
21. Other provisions 167
Equity
22. Shareholders’ equity 169
23. Capital management 172
Consolidation and presentation
24. Controlled entities 175
25. Investments in associates 177
26. Structured entities 179
27. Assets pledged, collateral
accepted, and financial
assets transferred 182
Employee and related
party transactions
28. Superannuation and post-
employment benefit obligations 184
29. Employee share and option plans 186
30. Related party disclosures 192
Other disclosures
31. Commitments,
contingent liabilities and
contingent assets 195
32. Auditor fees 198
33. Suncorp Bank acquisition 199
34. Events since the end
of the financial year 200
Consolidated entity 201
disclosure statement
Directors’ declaration 204
Independent auditor’s report 205
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7575
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76
Australia and New Zealand Banking Group Limited 2025 Annual Report
Income Statement

Consolidated The Company

2025 2024 2025 2024
For the year ended 30 September Note $m $m $m $m
Interest income
1
63,959 60,678 50,309 49,868
Interest expense (46,056) (44,641) (38,727) (38,622)
Net interest income 2 17,903 16,037 11,582 11,246
Other operating income 3 4,245 4,484 5,452 9,791
Operating income 22,148 20,521 17,034 21,037
Operating expenses 4 (12,866) (10,669) (10,081) (8,777)
Profit before credit impairment and income tax 9,282 9,852 6,953 12,260
Credit impairment (charge)/release 13 (435) (406) (428) (126)
Profit before income tax 8,847 9,446 6,525 12,134
Income tax expense 5 (2,771) (2,816) (1,486) (1,879)
Profit for the year 6,076 6,630 5,039 10,255
Comprising:
Profit attributable to shareholders of the Company 6,035 6,595 5,039 10,255
Profit attributable to non-controlling interests 41 35 - -
1. Includes interest income calculated using the effective interest method on financial assets measured at amortised cost or fair value through other comprehensive income of $59,066 million
(2024: $55,717 million) in the Group and $44,346 million (2024: $43,743 million) in the Company.

The notes appearing on pages 82 to 200 form an integral part of these financial statements.

76Australia and New Zealand Banking Group Limited 2025 Annual Report
77
Financial Report
Statement of Comprehensive Income
Consolidated The Company
2025202420252024
For the year ended 30 September
$m$m$m$m
Profit for th
e year
6,076 6,630 5,039 10,255
Other comprehensive income
Items that will not be reclassified subsequently to profit or loss
Investment securities - equity securities at FVOCI (137)148(137)145
Other reserve movements
1
(59)(17)(39) (6)
Items that may be reclassified subsequently to profit or loss
Foreign currency translation reserve (602)(930)208 (399)
Cash flow hedge reserve
843 2,069723 1,888
Other reserve movements
508 (774)455 (763)
Income tax attributable to the above items (327)(402)(296)(344)
Share of associates’ other comprehensive income
2
12 (23)- -
Total comprehensive income for the year
6,314 6,701 5,953 10,776
Comprising total comprehensive income attributable to:
Shareholders of the Company 6,308 6,676 5,953 10,776
Non-controlling interests
1
6 25 - -
1. The Group includes foreign currency translation differences attributable to non-controlling interests of -$35 million (2024: $10 million).
2. The Group’s share of associates’ other comprehensive income, that may be reclassified subsequently to profit or loss in the Group, includes:
2025
$m
2024
$m
FVOCI reserve gain/(loss) 18 (10)
Defined benefits gain/(loss) (6) (13)
Total12(23)
The notes appearing on pages 82 to 200 form an integral part of these financial statements.
77
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78
Australia and New Zealand Banking Group Limited 2025 Annual Report
Balance Sheet
ConsolidatedThe Company
2025 2024 2025 2024
As at 30 September Note $m $m $m $m
Assets
Cash and cash equivalents 8 155,209 150,965 145,060 137,288
Settlement balances owed to ANZ 23,394 5,484 22,030 5,019
Collateral paid
9,831 10,090 8,552 8,797
Trading assets 9 48,248 45,755 40,608 38,427
Derivative financial instruments 10 47,480 54,370 50,531 57,627
Investment securities 11 165,540 140,262 136,585 113,966
Net loans and advances 12 829,986 804,032 612,855 588,998
Regulatory deposits 541 665 245 222
Due from controlled entities - - 24,390 24,315
Shares in controlled entities 24 - - 24,488 24,316
Investments in associates 25 1,140 1,415 - -
Current tax assets 25 19 24 19
Deferred tax assets 5 3,327 3,302 2,953 2,750
Goodwill and other intangible assets 20 5,762 5,421 999 995
Premises and equipment
2,283 2,388 1,693 1,807
Other assets 4,905 5,417 3,456 3,645
Total assets 1,297,671 1,229,585 1,074,469 1,008,191
Liabilities
Settlement balances owed by ANZ 31,144 16,188 27,189 11,317
Collateral received
7,428 6,583 6,579 6,061
Deposits and other borrowings 14 956,401 905,166 751,573 703,870
Derivative financial instruments 10
43,902 55,254 47,769 57,467
Due to controlled entities - - 27,055 25,660
Current tax liabilities
537 360 172 59
Deferred tax liabilities 5 226 64 183 61
Payables and other liabilities 15 15,147 18,594 12,153 14,474
Employee entitlements 688 644 488 457
Other provisions 21
2,479 1,584 1,959 1,319
Debt issuances 16 169,274 156,388 133,491 122,950
Total liabilities 1,227,226 1,160,825 1,008,611 943,695
Net assets 70,445 68,760 65,858 64,496
Shareholders' equity
Ordinary share capital 22 27,053 27,065 26,976 26,988
Reserves22 (1,379) (1,678) (735)(1,676)
Retained earnings 22
44,032 42,602 39,617 39,184
Share capital and reserves attributable to shareholders of the Company 69,706 67,989 65,858 64,496
Non-controlling interests 22 739 771 - -
Total shareholders' equity 70,445 68,760 65,858 64,496
The notes appearing on pages 82 to 200 form an integral part of these financial statements.
78Australia and New Zealand Banking Group Limited 2025 Annual Report
79
Financial Report
Cash Flow Statement
ConsolidatedThe Company
2025202420252024
For the year ended 30 September
$m$m$m$m
Profit for the year
6,076 6,630 5,039 10,255
Adjustments to reconcile to net cash provided by/(used in) operating activities:
Allowance for expected credit losses 435 406 428 126
Impairment of investment in associates
285 - - -
Depreciation and amortisation
1,100 944 750 749
Goodwill and other intangible assets impairments
71 9 70 9
Net derivatives/foreign exchange adjustment
3,868 3,244 3,972 1,876
(Gain)/Loss on sale from divestments
- 21 - -
Other non-cash movements
10 (19) 104 111
Net (increase)/decrease in operating assets:
Collateral paid 579 (1,968) 603 (1,581)
Trading assets
(20,740) (3,204) (19,217) (4,355)
Net loans and advances
(29,236) (33,546) (20,605) (30,642)
Net intra-group loans and advances
- - 1,665 (1,204)
Other assets
26 (268) (477) (343)
Net increase/(decrease) in operating liabilities:
Deposits and other borrowings 50,130 43,060 39,097 41,140
Settlement balances owed by ANZ
15,331 (2,905) 16,056 (5,127)
Collateral received
595 (3,368) 234 (2,922)
Other liabilities
(2,502) 2,010 (1,670) 1,347
Total adjustments
19,952 4,416 21,010 (816)
Net cash provided by/(used in) operating activities
1
26,028 11,046 26,049 9,439
Cash flows from investing activities
Acquisition of Suncorp Bank, net of cash acquired -(4,914)-(6,247)
Investment securities assets:
Purchases (83,292) (84,777) (71,410) (77,131)
Proceeds from sale or maturity
59,746 47,542 51,074 42,662
Proceeds from divestments, net of cash disposed
-686- -
Net movement in shares in controlled entities
-- (163) (21)
Net investments in other assets
(453)(604)(470)(486)
Net cash provided by/(used in) investing activities
(23,999) (42,067) (20,969) (41,223)
Cash flows from financing activities
Deposits and other borrowings (repaid)/drawn down (1,429) (1,014) - -
Debt issuances:
2

Issue proceeds 45,938 50,604 37,241 46,870
Redemptions
(38,584) (25,367) (31,346) (21,886)
Dividends paid
(4,665) (5,252) (4,627) (5,220)
On-market purchase of treasury shares
(126)(126)(126)(126)
Repayment of lease liabilities
(377)(342)(305)(271)
Capital return
-(2,000)-(2,000)
ANZ Bank New Zealand Perpetual Preference Shares
-252--
Net cash provided by/(used in) financing activities
757 16,755 837 17,367
Net increase/(decrease) in Cash and cash equivalents 2,786 (14,266) 5,917 (14,417)
Cash and cash equivalents at beginning of year 150,965 168,154 137,288 154,408
Effects of exchange rate changes on Cash and cash equivalents
1,458 (2,923) 1,855 (2,703)
Cash and cash equivalents at end of year
155,209 150,965 145,060 137,288
1. Net cash provided by/(used in) operating activities for the Group includes interest received of $64,001 million (2024: $59,657 million), interest paid of $46,965 million (2024: $43,537 million) and income
taxes paid of $3,080 million (2024: $2,925 million). Net cash provided by/(used in) operating activities for the Company includes interest received of $50,320 million (2024: $49,705 million), interest paid
of $39,189 million (2024: $38,351 million) and income taxes paid of $2,053 million (2024: $2,084 million).
2. Non-cash movements on Debt issuances include a loss of $5,542 million (2024: $711 million gain) from unrealised movements primarily due to fair value hedging adjustments and foreign exchange
losses for the Group, and include a loss of $4,647 million (2024: $246 million gain) from unrealised movements primarily due to fair value hedging and foreign exchange losses for the Company.
The notes appearing on pages 82 to 200 form an integral part of these financial statements.
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Australia and New Zealand Banking Group Limited 2025 Annual Report
Statement of Changes in Equity
Ordinary
share capital Reserves
Retained
earnings
Share capital
and reserves
attributable to
shareholders
of the Company
Non-
controlling
interests
Total
shareholders’
equity
Consolidated
$m$m$m$m$m$m
As at 1 October 2023 29,082(1,796) 41,27768,56352269,085
Profit or loss for the year - - 6,595 6,595 35 6,630
Other comprehensive income for the year-101(20)81(10)71
Total comprehensive income for the year -1016,5756,676256,701
Transactions with equity holders in their capacity as equity
holders:
Dividends paid - - (5,267) (5,267) (32)(5,299)
Other equity movements:
Employee share and option plans (17)234 10
-10
ANZ Bank New Zealand Perpetual Preference Shares
1
-- (4)(4)256252
Capital return(2,000)-- (2,000)-(2,000)
Other items -(6)17 11 -11
As at 30 September 2024 27,065
(1,6
78) 42,60267,98977168,760
Profit or loss for the year - - 6,035 6,035 41 6,076
Other comprehensive income for the year
- 296
(23) 273 (35)238
Total comprehensive income for the year -2966,012 6,308 6 6,314
Transactions with equity holders in their capacity as
equity holders:
Dividends paid
-
-
(4,580) (4,580) (38)(4,618)
Other equity movements:
Employee share and option plans (12)(1)2 (11)-(11)
Other items -4(4) - - -
As at 30 September 2025 27,053 (1,379) 44,032 69,706 739 70,445
1.Perpetual preference shares issued by ANZ Bank New Zealand, a member of the Group, are considered non-controlling interests to the Group. Refer to Note 22 Shareholders’ equity for
further details.
The notes appearing on pages 82 to 200 form an integral part of these financial statements.
80Australia and New Zealand Banking Group Limited 2025 Annual Report

81
Financial Report

Statement of Changes in Equity (continued)

Ordinary
share capital Reserves
Retained
earnings
Total
shareholders’
equity
The Company
$m $m $m $m
As at 1 October 2023 29,005 (2,222) 34,195 60,978
Profit for the year - - 10,255 10,255
Other comprehensive income for the year - 527 (6) 521
Total comprehensive income for the year - 527 10,249 10,776
Transactions with equity holders in their capacity as
equity holders:
Dividends paid - - (5,267) (5,267)
Other equity movements:
Employee share and option plans (17) 23 4 10
Capital return (2,000) - - (2,000)
Other items - (4) 3 (1)
As at 30 September 2024 26,988 (1,676) 39,184 64,496
Profit for the year - - 5,039 5,039
Other comprehensive income for the year - 942 (28) 914
Total comprehensive income for the year
- 942 5,011 5,953
Transactions with equity holders in their capacity as
equity holders:
Dividends paid - - (4,580) (4,580)
Other equity movements:
-
Employee share and option plans
(12) (1) 2 (11)
As at 30 September 2025
26,976 (735) 39,617 65,858

The notes appearing on pages 82 to 200 form an integral part of these financial statements.

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82
Notes to the Financial Statements
Notes to the Consolidated
Financial Statements

1.About our financial statements
General information
These are the consolidated financial statements for ANZBGL (the Company) and its controlled entities (together, the Group or Consolidated Entity) for the
year ended 30 September 2025. The Company is a publicly listed company incorporated and domiciled in Australia with debt listed on securities
exchanges. The Company is a subsidiary of ANZGHL and is regulated by APRA as an Authorised Deposit-taking Institution (ADI). The address of the
Company’s registered office and its principal place of business is ANZ Centre, 833 Collins Street, Docklands, Victoria, Australia 3008. The Group provides
banking and financial services to individuals and business customers and operates in and across 29 markets.
On 7 November 2025, the Directors resolved to authorise the issue of these financial statements. Information in the financial statements is included only
to the extent we consider it material and relevant to the understanding of the financial statements. A disclosure is considered material and relevant if, for
example:
•
the amount is significant in size (quantitative fa
ctor);
•
the informa
tion is significant by nature (qualitative fa
ctor);
•
the user cannot understand the Group’s results without the specific disclosure (qualitative factor);
•
the information is critical to a user’s understanding of the impact of significant changes in the Group’s business during the p
eriod - for example,
business acquisitions or disposals (
qualitative factor);
•
the information relates to an aspect of the Group’s operations that is important to its future performance (qualitative factor); and
•
the information is required under legislative requirements of the Corporations Act 2001, the Banking Act 1959 (Cth) or by the Group’s pr
incipal
regulators, including the Australian Securities and Investments Commission (ASIC) and the Australian Prudential Regulation Authority (APRA).
This section of th
e financial statements:
•
outlines the basis upon which the Group’s financial statements have been prepared; an
d
•
discusses any new accounting standards or regulations that directly impact the financial statements.
Basis of preparation
This financial report is a general purpose (Tier 1) financial report prepared by a ‘for profit’ entity, in accordance with Australian Accounting Standards
(AASs) and other authoritative pronouncements of the Australian Accounting Standards Board (AASB), the Corporations Act 2001, and International
Financial Reporting Standards (IFRS) and interpretations published by the International Accounting Standards Board (IASB).
We present the financial statements of the Group in Australian dollars, which is the Company’s functional and presentation currency. We measure the
financial statements of each entity in the Group using the currency of the primary economic environment in which that entity operates (the functional
currency). We have rounded values to the nearest million dollars ($m), unless otherwise stated, as permitted under the ASIC Corporations (Rounding in
Financial/Directors Report) Instrument 2016/191.
Certain comparative amounts have been restated to conform with the basis of preparation in the current year.
Basis of measurement and presentation
The financial information has been prepared on a historical cost basis - except the following assets and liabilities which we have stated at their fair value:
•
derivative financial instruments and in the case of fair value hedging, a fair value adjustment made to the underlying hedged item;
•
financial instruments held for trading;
•
financial assets a
nd financial liabilities designated at fair value through profit or loss (FVTPL); and
•
financial assets at fair value through other comprehensive income (FVOCI).
In accordance with AASB 119 Employee Benefits we have measured defined benefit obligations using the Projected Unit Credit Method.
Basis of consolidation
The consolidated financial statements of the Group comprise the financial statements of the Company and all its subsidiaries. An entity, including a
structured entity, is considered a subsidiary of the Group when we determine that the Company has control over the entity. Control exists when the Group
is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the
entity. We assess power by examining existing rights that give the Company the current ability to direct the relevant activities of the entity. We have
eliminated, on consolidation, the effect of all transactions between entities in the Group.
82Australia and New Zealand Banking Group Limited 2025 Annual Report

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Australia and New Zealand Banking Group Limited 2025 Annual Report

1.About our financial statements (continued)
Foreign currency translation
Transactions and balances
Foreign currency transactions are translated into the relevant functional currency at the exchange rate prevailing at the date of the transaction. At the
reporting date, monetary assets and liabilities denominated in foreign currencies are translated into the functional currency at the relevant spot rate. Any
foreign currency translation gains or losses that arise are included in profit or loss in the period they arise.
We measure translation differences on non-monetary items classified as FVTPL and report them as part of the fair value gain or loss on these items. For
non-monetary items classified as investment securities measured at FVOCI, translation differences are included in other comprehensive income.
Financial statements of foreign operations that have a functional currency that is not Australian dollars
The financial statements of our foreign operations are translated into Australian dollars for consolidation into the Group financial statements using the
following method:
Foreign currency item Exchange rate used
Assets and liabilities The reporting date rate
Equity The initial investment date rate
Income and expenses The average rate for the period – but for a significant transaction if we believe the average rate is not reasonable,
then we use the rate at the date of the transaction
Exchange differences arising from the translation of financial statements of foreign operations are recognised in the foreign currency translation reserve in
equity. When we dispose of a foreign operation, the cumulative exchange differences are transferred to profit or loss.
Fiduciary activities
The Group provides fiduciary services to third parties including custody, nominee and trustee services. This involves the Group holding assets on behalf of
third parties and making decisions regarding the purchase and sale of financial instruments. If the Group is not the beneficial owner or does not control the
assets, then we do not recognise these transactions in these financial statements, except when required by accounting standards or another legislative
requirement.
In the process of applying the Group’s accounting policies, management has made a number of judgements and applied estimates and
assumptions about past and future events. Further information on the key judgements and estimates that we consider material to the financial
statements are contained within each relevant note to the financial statements.
The global economy continues to face challenges reflecting the impacts of global uncertainties from continuing trade and geopolitical tensions,
and impacts from climate change, which contribute to an elevated level of estimation uncertainty involved in the preparation of these financial
statements.
The Group is exposed to climate risk either directly through its operations or indirectly, for example, through lending to customers. Climate risk
may also be a driver of other risks within our risk management framework. Our most material climate risks arise from lending to business and
retail customers, which contribute to credit risk.
The Group has made various accounting estimates in this Financial Report based on forecasts of economic conditions which reflect
expectations and assumptions at 30 September 2025 about future events considered reasonable in the circumstances. Thus, there is a
considerable degree of judgement involved in preparing these estimates. Actual economic conditions are likely to be different from those
forecast since anticipated events frequently do not occur as expected, and the effect of these differences may significantly impact accounting
estimates included in these financial statements. The significant accounting estimates impacted by these forecasts and associated
uncertainties are predominantly related to expected credit losses and recoverable amounts of non-financial assets including investments in
associates.
The impact of these uncertainties on each of these accounting estimates is discussed in the relevant notes in this Financial Report, along with
assumptions and judgements made in relation to other key estimates. Readers should consider these disclosures in light of the inherent
uncertainties described above.
Key judgements and estimates
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1.About our financial statements (continued)
Accounting standards adopted in the period
Accounting policies have been consistently applied to all periods presented, unless otherwise noted.
Lease Liability in a Sale and Leaseback
AASB 2022-5 Amendments to Australian Accounting Standards – Lease Liability in a Sale and Leaseback amended AASB 16 Leases and specifies the
accounting for variable lease payments by seller-lessees in sale and leaseback transactions. The amendment was effective from 1 October 2024 and did
not have a material impact on the Group.
Accounting standards not early adopted
A number of new standards, amendments to standards and interpretations have been published but are not mandatory for the financial statements for
the year ended 30 September 2025 and have not been applied by the Group in preparing these financial statements. Further details of these are set out
below.
AASB 18 Presentation and Disclosure in Financial Statements
In June 2024, the AASB issued AASB 18 Presentation and Disclosure in Financial Statements (AASB 18) which updates and replaces requirements for the
presentation and disclosure of information in financial statements. AASB 18 introduces new defined subtotals to be presented in the consolidated Income
Statement, disclosure of management-defined performance measures and requirements for grouping of information. This standard will be effective for
the financial year beginning 1 October 2027. We are currently assessing the impact of adopting this standard.
Classification and measurement amendments to AASB 9 Financial Instruments
In July 2024, the AASB issued AASB 2024-2 Amendments to Australian Accounting Standards - Classification and Measurement of Financial Instruments
which amends requirements related to settling financial liabilities using an electronic payment system and assessing contractual cash flow characteristics
of financial assets with environmental, social and corporate governance and similar features. The amendments will be effective for the financial year
beginning 1 October 2026. We are currently assessing the impact of adopting this standard.
Nature-dependent electricity contracts
In February 2025, the AASB issued AASB 2025-1 Amendments to Australian Accounting Standards – Contracts Referencing Nature-dependent Electricity
which enhances guidance on the application of the ‘own-use’ exemption on nature dependent power purchase agreements (PPAs) and hedge
accounting requirements for PPAs that are classified as derivative financial instruments. The amendments also introduce new disclosure requirements for
certain PPAs. The amendments will be effective for the financial year beginning 1 October 2026. We are currently assessing the impact of adopting these
amendments.
Related pronouncement of the AASB
AASB Sustainability Reporting Standards
In September 2024, the AASB published two sustainability standards: AASB S1 General Requirements for Disclosure of Sustainability-related Financial
Information, a voluntary standard for general sustainability-related financial disclosures, and AASB S2 Climate-related Disclosures (AASB S2), a mandatory
standard that requires disclosure of climate-related financial risks and opportunities that could reasonably be expected to affect the Group’s cash flows,
access to finance or cost of capital over the short, medium or long term. AASB S2 will be effective for the Group for the financial year beginning 1 October
2025.
84Notes to the consolidated financial statements (continued)Australia and New Zealand Banking Group Limited 2025 Annual Report
Notes to the Financial Statements
85
2.Net interest income
ConsolidatedThe Company
2025202420252024
$m$m$m$m
Interest income by type of financial asset
Financial assets at amortised cost 53,121 51,178 39,516 39,777
Investment securities at FVOCI
5,945 4,539 4,830 3,966
Trading assets
1,923 2,217 1,622 1,954
Financial assets at FVTPL
2,970 2,744 3,015 2,821
External interest income
63,959 60,678 48,983 48,518
Controlled entities' income - - 1,326 1,350
Interest income
63,959 60,678 50,309 49,868
Interest expense by type of financial liability
Financial liabilities at amortised cost (42,982) (41,472) (34,290) (34,130)
Securities sold short
(397)(649)(359)(615)
Financial liabilities at FVTPL
(2,226) (2,131)(2,161) (1,977)
External interest expense
(45,605) (44,252) (36,810) (36,722)
Controlled entities' expense - - (1,471) (1,511)
Interest expense
(45,605) (44,252) (38,281) (38,233)
Major bank levy (451)(389)(446)(389)
Net interest income 17,903 16,037 11,582 11,246
Net interest income
Interest income and expense

We recognise interest income and expense in net interest income for all financial instruments, including those classified as held for trading,
assets measured at FVOCI, and assets and liabilities designated at FVTPL. We use the effective interest rate method to calculate the amortised
cost of assets held at amortised cost and to recognise interest income on financial assets measured at amortised cost and FVOCI. The effective
interest rate is the rate that discounts the stream of estimated future cash receipts or payments over the expected life of the financial instrument
or, when appropriate, a shorter period, to the net carrying amount of the financial asset or liability. For assets subject to prepayment, we
determine their expected life on the basis of historical behaviour of the particular asset portfolio taking into account contractual obligations and
prepayment experience.
We recognise fees and costs, which form an integral part of the financial instrument (for example loan origination fees and costs), using the
effective interest rate method. These are presented as part of interest income or expense depending on whether the underlying financial
instrument is a financial asset or financial liability.
Major Bank Levy
The Major Bank Levy Act 2017 (levy or major bank levy) applies a rate of 0.06% to certain liabilities of ANZBGL. The levy represents a finance
cost, and it is presented as interest expense in the Income Statement.
Recognition and measurement
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3. Other operating income

Consolidated The Company

2025 2024 2025 2024

$m $m $m $m
Fee and commission income
Lending fees
1

436 420 389 394
Non-lending fees 2,283 2,272 1,501 1,551
Commissions 63 75 37 48
Funds management income 251 241 29 14
External fee and commission income 3,033 3,008 1,956 2,007
Controlled entities' income - - 189 192
Fee and commission income 3,033 3,008 2,145 2,199
Fee and commission expense (1,145) (1,044) (605) (555)
Net fee and commission income 1,888 1,964 1,540 1,644
Other income
Net foreign exchange earnings and other financial instruments income
2

2,348 2,166 1,751 1,941
Net income from insurance business 95 122 - -
Share of associates' profit/(loss) 106 134 - -
Release of foreign currency translation reserve on dissolution of entities 15 22 15 -
Loss on disposal of investment in AmBank - (21) - -
PT Panin impairment (285) - - -
Dividends received from controlled entities - - 2,016 6,104
Other 78 97 130 102
Other income 2,357 2,520 3,912 8,147
Other operating income 4,245 4,484 5,452 9,791
1. Excludes fees treated as part of the effective yield calculation in Interest income.
2. Includes fair value movements (excluding realised and accrued interest) on derivatives not designated as accounting hedges entered into to manage interest rate and foreign exchange risk,
ineffective portions of cash flow hedges, and fair value movements in financial assets and liabilities at FVTPL.

86Notes to the consolidated financial statements (continued)Australia and New Zealand Banking Group Limited 2025 Annual Report
Notes to the Financial Statements

87

3. Other operating income (continued)

Other operating income
Fee and commission revenue
We recognise fee and commission revenue arising from contracts with customers (a) over time when the performance obligation is satisfied
across more than one reporting period, or (b) at a point in time when the performance obligation is satisfied immediately or is satisfied within
one reporting period.
•

lending fees exclude fees treated as part of the effective yield calculation of interest income. Lending fees include certain guarantee and
commitment fees where the loan or guarantee is not likely to be drawn upon, and other fees charged for providing customers a distinct
good or service that are recognised separately from the underlying lending product.
•

non-lending fees include fees associated with deposit and credit card accounts, interchange fees and fees charged for specific customer
transactions such as international transaction fees. Where the Group provides multiple goods or services to a customer under the same
contract, the Group allocates the transaction price of the contract to distinct performance obligations based on the relative stand-alone
selling price of each performance obligation. Revenue is recognised as each performance obligation is satisfied.
•

commissions represent fees from third parties where we act as an agent by arranging a third party (such as an insurance provider) to
provide goods and services to a customer. In such cases, we are not primarily responsible for providing the underlying good or service to
the customer. If the Group collects funds on behalf of a third party when acting as an agent, we only recognise the net commission
retained as revenue. When the commission is variable based on factors outside our control (such as a trail commission), revenue is only
recognised if it is highly probable that a significant reversal of the variable amount will not be required in future periods.
•

funds management income represents fees earned from customers for providing financial advice and asset management services.
Revenue is recognised either at the point the financial advice is provided or over the period in which the asset management services are
delivered. Performance fees associated with funds management activities are only recognised when it becomes highly probable the
performance hurdle will be achieved.
Net foreign exchange earnings and other financial instruments income
We recognise the following as net foreign exchange earnings and other financial instruments income:
•

exchange rate differences arising on the settlement of monetary items and translation differences on monetary items translated at rates
different to those at which they were initially recognised or included in a previous financial report;
•

fair value movements (excluding realised and accrued interest) on derivatives not designated as accounting hedges that we use to manage
interest rate and foreign exchange risk on funding instruments;
•

the ineffective portions of fair value hedges, cash flow hedges and net investment hedges;
•

immediately upon sale or repayment of a hedged item, the unamortised fair value adjustments to items designated as fair value hedges
and amounts accumulated in equity related to designated cash flow hedges;
•

fair value movements on financial assets and financial liabilities at FVTPL or held for trading;
•

amounts released from the FVOCI reserve when a debt instrument classified as FVOCI is sold; and
•

the gain or loss on derecognition of financial assets or liabilities measured at amortised cost
.
Gain or loss on disposal of non-financial assets
The gain or loss on the disposal of assets is the difference between the carrying value of the asset and the proceeds of disposal net of costs.
This is recognised in Other income in the year in which control of the asset transfers to the buyer.
Share of associates’ profit/(loss)
The equity method is applied to accounting for associates. Under the equity method, our share of the after tax results of associates is included
in the Income Statement and the Statement of Comprehensive Income.
Recognition and measurement
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4. Operating expenses

Consolidated The Company

2025 2024 2025 2024

$m $m $m $m
Personnel
Salaries and related costs 5,955 5,475 4,017 3,938
Superannuation costs 505 443 393 368
Equity-settled share-based payments
121 139 108 124
Other 133 83 89 53
Personnel 6,714 6,140 4,607 4,483
Premises
Rent 87 74 56 52
Depreciation 458 436 327 332
Other 191 178 135 123
Premises 736 688 518 507
Technology
Depreciation and amortisation 496 501 422 416
Subscription licences and outsourced services 1,331 1,155 866 782
Other 393 238 236 174
Technology 2,220 1,894 1,524 1,372
Restructuring 764 235 544 190
Other
Advertising and public relations 216 200 164 158
Professional fees
957 766 841 716
Freight, stationery, postage and communication 179 170 125 126
Card processing fees
87 107 83 103
Amortisation and impairment of other intangible assets
1
144 7 - -
Non-lending losses, frauds and forgeries
2
383 83 360 56
Other 466 379 1,315 1,066
Other 2,432 1,712 2,888 2,225
Operating expenses 12,866 10,669 10,081 8,777
1. Includes $143 million amortisation of acquired intangible assets recognised as part of the acquisition accounting relating to the Suncorp Bank acquisition during 2025 (2024: nil) for the Group.
2. Includes $240 million of ASIC penalties during 2025 (2024: nil) for the Group and the Company.
88Notes to the consolidated financial statements (continued)Australia and New Zealand Banking Group Limited 2025 Annual Report
Notes to the Financial Statements
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4.Operating expenses (continued)
Operating expenses
Operating expenses are recognised as services are provided to the Group, over the period in which an asset is consumed, or once a liability is
created.
Salaries and related costs - annual leave, long service leave and other employee benefits
Wages and salaries, annual leave and other employee entitlements expected to be paid or settled within twelve months of employees
rendering service are measured at their nominal amounts using remuneration rates that the Group expects to pay when the liabilities are
settled.
We accrue employee entitlements relating to long service leave using an actuarial calculation. It includes assumptions regarding staff
departures, leave utilisation and future salary increases. The result is then discounted using market yields at the reporting date. The market
yields are determined from a blended rate of high quality corporate bonds with terms to maturity that closely match the estimated future cash
outflows.
If we expect to pay short term cash bonuses, then a liability is recognised when the Group has a present legal or constructive obligation to pay
this amount (as a result of past service provided by the employee) and the obligation can be reliably measured.
Personnel expenses also include share-based payments which may be cash or equity settled. We calculate the fair value of equity settled
remuneration at grant date, which is then amortised over the vesting period, with a corresponding increase in share capital or the share option
reserve as applicable. When we estimate the fair value, we take into account market vesting conditions, such as share price performance
conditions. We take non-market vesting conditions, such as service conditions, into account by adjusting the number of equity instruments
included in the expense.
After the grant of an equity-based award, the amount we recognise as an expense is reversed when non-market vesting conditions are not
met, for example an employee fails to satisfy the minimum service period specified in the award due to resignation, termination or notice of
dismissal for serious misconduct. However, we do not reverse the expense if the award does not vest due to the failure to meet a market-
based performance condition.
Further information on share-based payment schemes operated by the Group during the current and prior year is included in Note 29
Employee share and option plans.
Recognition and measurement
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5. Income tax
Income tax expense
Reconciliation of the prima facie income tax expense on pre-tax profit with the income tax expense recognised in profit or loss:

Consolidated The Company

2025 2024 2025 2024
$m $m $m $m
Profit before income tax 8,847 9,446 6,525 12,134
Prima facie income tax expense at 30% 2,654 2,834 1,958 3,640
Tax effect of permanent differences:
Share of associates' (profit)/loss (32) (41) - -
Interest on convertible instruments 105 124 105 124
Overseas tax rate differential
(159) (156) (85) (93)
Provision for foreign tax on dividend repatriation 33 36 29 33
Non-deductible ASIC penalties
72 - 72 -
PT Panin impairment 86 - - -
Rebatable and non-assessable dividends
- - (605) (1,831)
Other 18 (1) 8 (8)
Subtotal 2,777 2,796 1,482 1,865
Income tax (over)/under provided in previous years (6) 20 4 14
Income tax expense 2,771 2,816 1,486 1,879
Current tax expense 3,154 3,063 1,695 1,956
Adjustments recognised in the current year in relation to the
current tax of prior years
(6) 20 4 14
Deferred tax expense/(income) relating to the origination and
reversal of temporary differences
(377) (267) (213) (91)
Income tax expense
2,771 2,816 1,486 1,879
Australia 1,299 1,481 1,082 1,476
Overseas 1,472 1,335 404 403
Income tax expense 2,771 2,816 1,486 1,879
Effective tax rate 31.3% 29.8% 22.8% 15.5%

90Notes to the consolidated financial statements (continued)Australia and New Zealand Banking Group Limited 2025 Annual Report
Notes to the Financial Statements
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5.Income tax (continued)
Deferred tax assets and liabilities
ConsolidatedThe Company
20252024
1
20252024
1

$m$m$m$m
Deferred tax assets balances comprise temporary differences attributable to:
Amounts recognised in the Income Statement:
Collectively assessed allowances for expected credit losses 1,249 1,216 952 898
Individually assessed allowances for expected credit losses
114 86 84 60
Provision for employee entitlements
316 309 236 234
Other provisions
403 282 317 214
Software
1,105 1,014 969 894
Lease liabilities
492 523 390 416
Other
241 206 188 165
Total
3,920 3,636 3,136 2,881
Amounts recognised directly in Other Comprehensive Income:
Foreign currency translation reserve 36 15 - -
Cash flow hedge reserve
-217-217
FVOCI reserve
232 245232 243
Other reserves
9 2 7 1
Total
277 479 239 461
Total deferred tax assets (before set-off) 4,197 4,115 3,375 3,342
Set-off of deferred tax balances pursuant to set-off provisions (870)(813)(422)(592)
Net deferred tax assets
3,327 3,302 2,953 2,750
2025202420252024
$m$m$m$m
Deferred tax liabilities balances comprise temporary differences attributable to:
Amounts recognised in the Income Statement:
Intangible assets 163 - - -
Provision for foreign tax on dividend repatriation
113 112 64 61
Right-of-use assets
420 446 334 352
Other
182 222 74 182
Total
878 780 472 595
Amounts recognised directly in Other Comprehensive Income:
Cash flow hedge reserve 65 32 2 1
FVOCI reserve
102 15 91 13
Defined benefit obligations
50 42 39 36
Other reserves
1 8 1 8
Total
218 97 133 58
Total deferred tax liabilities (before set-off) 1,096 877 605 653
Set-off of deferred tax balances pursuant to set-off provisions (870)(813)(422)(592)
Net deferred tax liabilities
226 64 183 61
1.
Comparative information have been restated to conform with the basis of preparation in the current year to better reflect the nature of the underlying balances.
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5. Income tax (continued)

Tax consolidation
The Company and all its wholly owned Australian resident entities are part of a tax-consolidated group under Australian taxation law. ANZGHL is the head
entity of the tax-consolidated group. We recognise each of the following in the separate financial statements of members of the tax consolidated group
on a ‘group allocation’ basis: tax expense/income, and deferred tax liabilities/assets that arise from temporary differences for members of the tax-
consolidated group. ANZGHL (as head entity of the tax-consolidated group) recognises current tax liabilities and assets of the tax-consolidated group.
Under a tax funding arrangement between the entities in the tax-consolidated group, amounts are recognised as payable to or receivable by each
member of the tax-consolidated group in relation to the tax contribution amounts paid or payable between members of the tax-consolidated group and
the head entity ANZGHL.
Members of the tax-consolidated group have also entered into a tax sharing agreement that provides for the allocation of income tax liabilities between
the entities were the head entity to default on its income tax payment obligations
.
Unrecognised deferred tax assets and liabilities
Unrecognised deferred tax assets related to unused realised tax losses (on revenue account) total $2 million (2024: $10 million) for the Group and $1
million (2024: nil) for the Company.
Unrecognised deferred tax liabilities related to additional potential foreign tax costs (assuming all retained earnings in offshore branches and subsidiaries
are repatriated) total $263 million (2024: $251 million) for the Group and $29 million (2024: $27 million) for the Company.

Income tax expense
Income tax expense comprises both current and deferred taxes and is based on the accounting profit adjusted for differences in the
accounting and tax treatments of income and expenses (that is, taxable income). We recognise tax expense in profit or loss except when the
tax relates to items recognised directly in equity and other comprehensive income, in which case we recognise the tax directly in equity or
other comprehensive income respectively.
Current tax expense
Current tax is the tax we expect to pay on taxable income for the year, based on tax rates (and tax laws) which are enacted at the reporting
date. We recognise current tax as a liability (or asset) to the extent that it is unpaid (or refundable).
Deferred tax assets and liabilities
We account for deferred tax using the balance sheet method. Deferred tax arises because the accounting income is not always the same as
the taxable income. This creates temporary differences, which usually reverse over time. Until they reverse, we recognise a deferred tax asset,
or liability, on the balance sheet. We measure deferred taxes at the tax rates that we expect will apply to the period(s) when the asset is
realised, or the liability settled, based on tax rates (and tax laws) that have been enacted or substantially enacted at the reporting date.
We offset current and deferred tax assets and liabilities only to the extent that:
• they relate to income taxes imposed by the same taxation authority;
• there is a legal right and intention to settle on a net basis; and
• it is allowed under the tax law of the relevant jurisdiction.

The Group does not recognise or disclose any deferred taxes arising from tax law enacted or substantively enacted in the jurisdictions in
which the Group operates to implement the Pillar Two Model Rules published by The Organisation for Economic Co-Operation and
Development.

Judgement is required in determining provisions held in respect of uncertain tax positions. The Group estimates its tax liabilities based on its
understanding of the relevant law in each of the countries in which it operates and seeks independent advice where appropriate.
Key judgements and estimates
Recognition and measurement
92Notes to the consolidated financial statements (continued)Australia and New Zealand Banking Group Limited 2025 Annual Report
Notes to the Financial Statements
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6.Dividends
Ordinary share dividends
Dividends determined by the Company’s Board are recognised with a corresponding reduction of retained earnings on the dividend payment date.
Accordingly, the final dividend proposed for the current financial year is paid in the following financial year.
Amount Totaldividend
Dividends per share $m
Financial Year 2024
2023 final dividend paid to ANZ BH Pty Ltd 92 cents 2,771
2024 interim dividend paid to ANZ BH Pty Ltd 83 cents 2,496
Dividends paid during the y
ear ended 30 September 2024 5,267
Financial Year 2025
2024 final dividend paid to ANZ BH Pty Ltd 82 cents 2,472
2025 interim dividend paid to ANZ BH Pty Ltd
70 cents 2,108
Dividends paid during the year ended 30 September 2025
4,580
Amount Total dividend
Dividends proposed and to be paid after year-end Payment date per share $m
2025 final dividend 19 December 2025 82 cents 2,476
Restrictions on the payment of dividends
APRA’s written approval is required before paying dividends on the ordinary shares of the Company if:
•the aggregate dividends exceed the Company’s after tax earnings (in calculating those after tax earnings, we take into account any payments we
made on senior capital instruments) in the financial year to which they relate; or
•the Group’s Common Equity Tier 1 capital ratio falls within capital range buffers specified by APRA.
If the Company fails to pay a dividend or distribution on its ANZ Capital Notes or ANZ Capital Securities on the scheduled payment date, it may (subject to
a number of exceptions) be restricted from resolving to pay or paying any dividend on the Company’s ordinary shares.
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7.Segment reporting
Description of segments
The Group’s operating segments are presented on a basis that is consistent with the information provided internally to the Chief Executive Officer (CEO),
who is the chief operating decision maker. This reflects the way the Group’s businesses are managed, rather than the legal structure of the Group.
We measure the performance of operating segments on a cash profit basis. To calculate cash profit, we exclude items from profit after tax attributable to
shareholders. The adjustments include impacts of economic hedges and revenue and expense hedges which represent timing differences that will
reverse through earnings in the future. 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. Transactions between divisions across segments within the
Group are conducted on an arm’s-length basis and where relevant disclosed as part of the income and expenses of these segments.
The reportable segments are divisions engaged in providing either different products or services or similar products and services in different geographical
areas. They are as follows:
Australia Retail
The Australia Retail division provides a full range of banking services to Australian consumers. This includes Home Loans, Deposits, Credit Cards and
Personal Loans. Products and services are provided via the branch network, home loan specialists, contact centres, a variety of self-service channels
(digital and internet banking, website, ATMs and phone banking) and third-party brokers.
Australia Commercial
The Australia Commercial division provides a full range of banking products and financial services, including asset financing, across the following customer
segments: SME Banking (small business owners and medium commercial customers), and Diversified & Specialist Businesses (large commercial
customers, and high net worth individuals and family groups).
Institutional
The Institutional division services global institutional and corporate customers, and governments across Australia, New Zealand and International (including
Papua New Guinea (PNG)) via the following business units:
•Transaction Banking provides customers with working capital and liquidity solutions including documentary trade, supply chain financing, commodity
financing as well as cash management solutions, deposits, payments
and clearing.
•Corporate Finance provides customers with loan products, loan syndication, specialised loan structuring and execution, project and export finance,
debt structuring and acquisition finance, and sustainable finance solutions.
•Markets provides customers with risk management services in foreign exchange, interest rates, credit, commodities, and debt capital markets in
addition to managing the Group's interest rate exposure and liquidity position.
New Zealand
The New Zealand division comprises the following business units:
•Personal provides a full range of banking and wealth management services to consumer and private banking customers. We deliver our services via
our internet and app-based digital solutions and a network of branches, mortgage specialists, private bankers and contact centres.
•Business & Agri provides a full range of banking services through our digital, branch and contact centre channels, and traditional relationship bank
ing
and sophisticated financial solutions through dedicated managers. These cover privately owned small and medium enterprises, and the agricultural
business segment.
Suncorp Bank
The Suncorp Bank division provides banking and related services to retail, commercial, small and medium enterprises and agribusiness customers in
Australia.
Pacific
The Pacific division provides products and services to retail and commercial customers (including multi-nationals) and to governments located in the
Pacific region, excluding PNG which forms part of the Institutional division.
Group Centre
Group Centre division provides support to the operating divisions, including technology, property, risk management, financial management, treasury,
strategy, marketing, human resources, corporate affairs, and shareholder functions. It also includes minority investments in Asia.
94Notes to the consolidated financial statements (continued)Australia and New Zealand Banking Group Limited 2025 Annual Report
Notes to the Financial Statements
95
7.Segment reporting (continued)
Operating segments
Consolidated
Australia
Retail
Australia
Commercial Institutional
New
Zealand
Suncorp
Bank Pacific
Group
Centre
Group
Total
Year ended 30 September 2025 $m$m$m$m$m$m$m$m
Net interest income
5,246 3,180 4,154 3,239 1,640 108 336 17,903
Net fee and commission income 513 275 677 383 53 12 (25)1,888
Other income
1,2
113 31 1,981 2 13 77 (147)2,070
Operating income
1,2
5,872 3,486 6,812 3,624 1,706 197 164 21,861
Operating expenses
3
(4,015) (1,520) (3,081) (1,407) (1,073) (144)(1,483)(12,723)
Cash profit/(loss) before credit impairment
and income tax
1,857 1,966 3,731 2,217 633 53 (1,319) 9,138
Credit impairment (charge)/release (289)(102)(31)19(36)4-(435)
Cash profit/(loss) before income tax
1,568 1,864 3,700 2,236 597 57 (1,319) 8,703
Income tax (expense)/benefit
1,2,3
(520)(562)(1,092) (627)(179)(12)261(2,731)
Non-controlling interests
- - - - -(2)(39)(41)
Cash profit/(loss)
1,048 1,302 2,608 1,609 418 43 (1,097) 5,931
Economic hedges
1
128
Revenue and expense hedges
2
76
Amortisation of acquired intangibles
3
(100)
Profit attributable to shareholders of the Company
6,035
Includes non-cash items:
Share of associates’ profit/(loss) - - - - - - 106 106
Depreciation and amortisation
4
(46)(8)(176)(99)(69)(9)(550)(1,100)
Investment in associates impairment
- - - - - - (285) (285)
Software impairment
(6)-- - - - (64)(70)
Equity-settled share-based payment expenses
(8)(5)(74)(3)(2)(1)(28)(121)
Credit impairment (charge)/release
(289)(102)(31)19(36)4-(435)
Australia
Retail
Australia
Commercial Institutional
New
Zealand
Suncorp
Bank
3

Pacific
Group
Centre
Group
Total
Financial position
$m$m$m$m$m$m$m$m
Goodwill
100 -1,1931,526 1,346 - - 4,165
Investments in associates - - - - - - 1,140 1,140
Total external assets
351,601 67,524 632,279 126,104 89,369 3,354 27,440 1,297,671
Total external liabilities
190,522 123,936 502,702 120,644 82,791 3,858 202,773 1,227,226
1. The cash profit adjustment for economic hedges applies to the Institutional, New Zealand, Suncorp Bank and Group Centre divisions with $178 million gain recognised in Other operating income
and $50 million expense recognised in Income tax expense.
2. The cash profit adjustment for revenue and expense hedges applies to the Group Centre division with $109 million gain recognised in Other operating income and $33 million expense
recognised in Income tax expense.
3. The cash profit adjustment for amortisation of acquired intangibles applies to the Suncorp Bank division with $143 million loss recognised in Operating expenses and $43 million in Income tax benefit.
4. Group total depreciation and amortisation includes $143 million of amortisation of acquired intangibles recognised as a cash profit adjustment and applies to the Suncorp Bank division.
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͡͞
7. Segment reporting (continued)
Operating segments
CCoonnssoolliiddaatteedd

Australia
Retail
Australia
Commercial Institutional
New
Zealand
Suncorp
Bank Pacific
Group
Centre
Group
Total
Year ended 30 September 2024 $m $m $m $m $m $m $m $m
Net interest income 5,223 3,164 3,741 3,143 251 123 392 16,037
Net fee and commission income 531 300 740 399 6 14 (26) 1,964
Other income
1,2

133 42 2,408 - - 77 122 2,782
Operating income
1,2

5,887 3,506 6,889 3,542 257 214 488 20,783
Operating expenses (3,516) (1,507) (2,875) (1,376) (188) (138) (1,069) (10,669)
Cash profit/(loss) before credit impairment
and income tax
2,371 1,999 4,014 2,166 69 76 (581) 10,114
Credit impairment (charge)/release (71) (80) 10 (28) (243) 8 (2) (406)
Cash profit/(loss) before income tax 2,300 1,919 4,024 2,138 (174) 84 (583) 9,708
Income tax (expense)/benefit
1,2

(693) (577) (1,166) (602) 52 (22) 120 (2,888)
Non-controlling interests - - - - - (2) (33) (35)
Cash profit/(loss) 1,607 1,342 2,858 1,536 (122) 60 (496) 6,785
Economic hedges
1

(264)
Revenue and expense hedges
2

74
Amortisation of acquired intangibles -
Profit after tax attributable to shareholders 6,595
Includes non-cash items:
Share of associates’ profit/(loss) - - - - - - 134 134
Depreciation and amortisation (56) (6) (171) (107) (46) (9) (550) (945)
Equity-settled share-based payment expenses (6) (5) (97) (5) - (1) (25) (139)
Credit impairment (charge)/release (71) (80) 10 (28) (243) 8 (2) (406)

Australia
Retail
Australia
Commercial Institutional
New
Zealand
Suncorp
Bank
3

Pacific
Group
Centre
Group
Total
Financial position $m $m $m $m $m $m $m $m
Goodwill 100 - 1,245 1,596 1,402 - - 4,343
Investments in associates - - - - - - 1,415 1,415
Total external assets 335,356 65,456 574,998 127,032 87,185 3,162 36,396 1,229,585
Total external liabilities 180,801 122,029 460,053 120,203 81,610 3,686 192,443 1,160,825
1. The cash profit adjustment for economic hedges applies to the Institutional, New Zealand, Suncorp Bank and Group Centre divisions with $368 million loss recognised in Other operating income
and $104 million benefit recognised in Income tax expense.
2. The cash profit adjustment for revenue and expense hedges applies to the Group Centre division with $106 million gain recognised in Other operating income and $32 million expense
recognised in Income tax expense.
3.

Assets acquired and liabilities assumed are disclosed on a provisional basis. Refer to Note 33 Suncorp Bank acquisition for more information.
96Notes to the consolidated financial statements (continued)Australia and New Zealand Banking Group Limited 2025 Annual Report
Notes to the Financial Statements
97
7.Segment reporting (continued)
Segment income by products and services
The primary sources of our external income across all divisions are interest income and other operating income, which includes net fee and commission
income, net foreign exchange earnings and other financial instruments income. The Australia Retail, Australia Commercial, New Zealand, Suncorp Bank,
and Pacific divisions derive income from products and services in retail and commercial banking. The Institutional division derives its income from
institutional products and market services. No single customer amounts to greater than 10% of the Group’s income.
Geographical information
The reportable segments operate across three geographical regions as follows:
•Australia Retail division - Australia
•Australia Commercial division - Australia
•Institutional division - all three geographical regions
•New Zealand division - New Zealand
•Suncorp Bank division - Australia
•Pacific division – Rest of World
•Group Centre division - all three geographical regions
The Rest of World geography includes Asia, Pacific, Europe and the Americas.
The following table sets out total operating income earned and assets to be recovered in more than one year based on the geographical regions in which
the Group operates.
Australia New Zealand Rest of World Total
20252024202520242025202420252024
$m$m$m$m$m$m$m$m
Total operating income
14,180 12,794 4,893 4,400 3,075 3,327 22,148 20,521
Assets to be recovered in more than one year
1
524,001 498,091 123,343 121,455 36,347 25,444 683,691 644,990
1. Represents Net loans and advances based on the contractual maturity.
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98
Financial assets and other trading assets
Outlined below is a description of how we classify and measure financial assets relevant to Note 8 to 13.
Financial assets - general
There are three measurement classifications for financial assets under AASB 9 Financial Instruments (AASB 9): amortised cost, FVTPL and
FVOCI. Financial assets are classified into these measurement classifications on the basis of two criteria:
•
the business model within which the financial asset is managed; and
•
the contractual cash flow characteristics of the financial asset (specifically whether the contractual cash flows represent solely payments of
principal and interest).
The resultant financial asset classifications are as follows:
•
Amortised cost: Financial assets with contractual cash flows that comprise solely payments of principal and interest and which are held in a
business model whose objective is to collect their cash flows;
•
FVOCI: Financial assets with contractual cash flows that comprise solely payments of principal and interest and which are held in a business
model whose objective is to collect their cash flows or to sell the assets; and
•
FVTPL: Any other financial assets not falling into the categories above are measured at FVTPL.
Fair value option for financial assets
A financial asset may be irrevocably designated on initial recognition:
•
at FVTPL when the designation eliminates or significantly reduces an accounting mismatch that would otherwise arise; or
•
at FVOCI for investments in equity securities, where that instrument is neither held for trading nor contingent consideration recognised by
an acquirer in a business combination.
8.Cash and cash equivalents
Cash and cash equivalents comprise coins, notes, money at call, reverse repurchase agreements of less than 3 months, balances held with central banks
and other banks, and other cash equivalents that are readily convertible to known amounts of cash with insignificant risk of changes in value.
ConsolidatedThe Company
2025202420252024
$m$m$m$m
Coins, notes and cash at bank 1,203 1,196 824 843
Reverse repurchase agreements 56,428 44,125 54,773 41,307
Balances with central banks
1
92,436 101,124 85,711 91,709
Balances with other banks and other cash equivalents
1
5,142 4,520 3,752 3,429
Cash and cash equivalents 155,209 150,965 145,060 137,288
1. Comparative information have been restated to conform with the basis of preparation in the current year to better reflect the nature of the underlying cash and cash equivalents.
Classification and measurement
98Notes to the consolidated financial statements (continued)Australia and New Zealand Banking Group Limited 2025 Annual Report
Notes to the Financial Statements
99

9.Trading assets
ConsolidatedThe Company
2025202420252024
$m$m$m$m
Government debt securities and notes
34,809 35,276 28,601 28,796
Corporate and financial institution securities 4,353 4,057 3,086 3,365
Commodities
9,076 6,399 8,911 6,243
Equity and Other securities
10 23 10 23
Total
48,248 45,755 40,608 38,427
Trading assets are financial instruments or other assets we either:
•
Acquire principally for the purpose of selling in the short-term; or
•
Hold as part of a
portfolio we manage for short-term profit making.
Trading assets include commodity inventories measured at fair value less cost to sell in accordance with the broker trader exemption under
AASB 102 Inventories.
We recognise purchases and sales of trading assets on trade date:
•
Initially, we measure them at fair value; and
•
Subsequentl
y, we measure them in the Balance Sheet at their fair value with any change in fair value recognised in profit or loss.
Assets disclosed as Trading assets are subject to t
he general classification and measurement policy for Financial Assets outlined at the
commencement of the Group’s financial assets disclosures on page 98.
Judgement is required when applying the valuation techniques used to determine the
fair value of trading assets not valued using quoted
market prices. Refer to Note 18 Fair value of financial assets and financial liabilities for further details.
2024
2025
35,276
23
4,057
6,399
34,809
10
4,353
9,076
Government debt
securities and notes
Corporate and financial
institution securities
Commodities
Other securities
Key judgements and estimates
Recognition and measurement
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10. Derivative financial instruments
Consolidated

Assets Liabilities Assets Liabilities

2025 2025 2024 2024
Fair value

$m $m $m $m
Derivative financial instruments - held for trading

47,242 (43,564) 53,889 (54,798)
Derivative financial instruments - designated in hedging relationships

238 (338) 481 (456)
Derivative financial instruments 47,480 (43,902) 54,370 (55,254)

The Company
Assets Liabilities Assets Liabilities

2025 2025 2024 2024
Fair value

$m $m $m $m
Derivative financial instruments - held for trading

50,418 (47,607) 57,370 (57,257)
Derivative financial instruments - designated in hedging relationships

113 (162) 257 (210)
Derivative financial instruments 50,531 (47,769) 57,627 (57,467)
Features
Derivative financial instruments are contracts:
•

Whose value is derived from an underlying price index (or other variable) defined in the contract - sometimes the value is derived from more than one
variable;
•

That require little or no initial net investment; and
•

That are settled at a future date.
Movements in the price of the underlying variables, which cause the value of the contract to fluctuate, are reflected in the fair value of the derivative.
Purpose
The Group’s derivative financial instruments have been categorised as follows:
Trading Derivatives held in order to:
•

meet customer needs for managing their own risks.
•

manage risks in the Group that are not in a designated hedge accounting relationship (some elements of balance
sheet management).
•

undertake market making and positioning activities to generate profits from short-term fluctuations in prices or margins.
Designated in Hedging
Relationships
Derivatives designated into hedge accounting relationships in order to minimise profit or loss volatility by matching
movements in underlying positions relating to:
•

hedges of the Group’s exposures to interest rate risk and currency risk.
•

hedges of other exposures relating to non-trading positions.
Types
The Group offers or uses four different types of derivative financial instruments:
Forwards A contract documenting the rate of interest, or the currency exchange rate, to be paid or received on a notional principal
amount at a future date.
Futures An exchange traded contract in which the parties agree to buy or sell an asset in the future for a price agreed on the
transaction date, with a net settlement in cash paid on the future date without physical delivery of the asset.
Swaps A contract in which two parties exchange one series of cash flows for another.
Options A contract in which the buyer of the contract has the right - but not the obligation - to buy (known as a ‘call option’) or to
sell (known as a ‘put option’) an asset or instrument at a set price on a future date. The seller has the corresponding
obligation to fulfil the transaction to sell or buy the asset or instrument if the buyer exercises the option.

100Notes to the consolidated financial statements (continued)Australia and New Zealand Banking Group Limited 2025 Annual Report
Notes to the Financial Statements

101
10. Derivative financial instruments (continued)
Risks managed
The Group offers and uses the instruments described above to manage fluctuations in the following:
Foreign Exchange Currencies at current or determined rates of exchange.
Interest Rate Fixed or variable interest rates applying to money lent, deposited or borrowed.
Commodity Soft commodities (that is, agricultural products such as wheat, coffee, cocoa and sugar) and hard commodities (that
is, mined products such as gold, oil and gas).
Credit Risk of default by customers or third parties.
The Group uses a number of central clearing counterparties and exchanges to settle derivative transactions. Different arrangements for posting of
collateral exist with these exchanges:
•

some transactions are subject to clearing arrangements which result in separate recognition of collateral assets and liabilities, with the carrying values
of the associated derivative assets and liabilities held at their fair value.
•

other transactions, are legally settled by the payment or receipt of collateral which reduces the carrying values of the related derivative instruments by
the amount paid or received.
Derivative financial instruments – held for trading
The majority of the Group’s derivative financial instruments are held for trading. The fair value of derivative financial instruments held for trading is:
Consolidated
Assets Liabilities Assets Liabilities

2025 2025 2024 2024
Fair value
$m $m $m $m
Interest rate contracts
Forward rate agreements 51 (12) 1 (1)
Futures contracts
65 (123) 80 (109)
Swap agreements
9,390 (9,993) 8,258 (9,527)
Options
1,071 (1,077) 1,263 (1,371)
Total
10,577 (11,205) 9,602 (11,008)
Foreign exchange contracts
Spot and forward contracts 14,183 (13,592) 20,008 (21,445)
Swap agreements
18,673 (13,819) 21,961 (19,612)
Options
739 (962) 779 (835)
Total
33,595 (28,373) 42,748 (41,892)
Commodity and other contracts 3,052 (3,974) 1,537 (1,896)
Credit default swaps 18 (12) 2 (2)
Derivative financial instruments - held for trading
1
47,242 (43,564) 53,889 (54,798)
1.

Includes derivatives held for balance sheet management which are not designated into accounting hedge relationships.
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102
10.Derivative financial instruments (continued)
Derivative financial instruments – held for trading (continued)
The majority of the Company’s derivative financial instruments are held for trading. The fair value of derivative financial instruments held for trading is:
The Company
Assets LiabilitiesAssetsLiabilities
2025 202520242024
Fair Value $m $m$m$m
Interest rate contracts
Forward rate agreements 55 (16) 1(1)
Futures contra
cts
61 (33) 75(40)
Swap agreements 12,003 (12,713) 10,063(11,329)
Options
1,069 (1,076) 1,261(1,371)
Total 13,188 (13,838) 11,400(12,741)
Foreign exchange contracts
Spot and forward contracts 13,574 (13,208) 19,396(20,141)
Swap agreements
19,807 (15,543) 24,224(21,611)
Options 736 (960) 772(829)
Total 34,117 (29,711) 44,392(42,581)
Commodity and other contracts 3,057 (4,010) 1,537(1,896)
Credit default swaps 56 (48) 41(39)
Derivative financial instruments - held for trading
1
50,418 (47,607) 57,370(57,257)
1.

Includes derivatives held for balance sheet management which are not designated into accounting hedge relationships.
102Notes to the consolidated financial statements (continued)Australia and New Zealand Banking Group Limited 2025 Annual Report
Notes to the Financial Statements
103
10.Derivative financial instruments (continued)
Derivative financial instruments – designated in hedging relationships
Under the accounting policy choice provided by AASB 9, the Group has continued to apply the hedge accounting requirements of AASB 139 Financial
Instruments: Recognition and Measurement (AASB 139).
There are three types of hedge accounting relationships the Group utilises:

Fair value hedge Cash flow hedge Net investment hedge
Objective of this
hedging arrangement
To hedge our exposure to changes to
the fair value of a recognised asset or
liability or unrecognised firm
commitment caused by interest rate or
foreign currency movements.
To hedge our exposure to variability in
cash flows of a recognised asset or
liability, a firm commitment or a highly
probable forecast transaction caused
by interest rate, foreign currency and
other price movements.
To hedge our exposure to exchange
rate differences arising from the
translation of our foreign operations
from their functional currency to
Australian dollars.
Recognition of
effective hedge
portion
The following are recognised in profit or
loss at the same time:
•
all changes in the fair value of the
underlying item relating to the
hedged risk; and
•
the change in the fair value of the
derivatives.
We recognise the effective portion of
changes in the fair value of derivatives
designated as a cash flow hedge in the
cash flow hedge reserve.
We recognise the effective portion of
changes in the fair value of the hedging
instrument in the foreign currency
translation reserve (FCTR).
Recognition of
ineffective hedge
portion
Recognised immediately in Other operating income.
If a hedging
instrument expires, or
is sold, terminated, or
exercised; or no
longer qualifies for
hedge accounting
When we recognise the hedged item in
profit or loss, we recognise the related
unamortised fair value hedge
adjustment in profit or loss. This may
occur over time if the hedged item is
amortised to profit or loss as part of the
effective yield over the period to
maturity.
Only when we recognise the hedged
item in profit or loss is the amount
previously deferred in the cash flow
hedge reserve transferred to profit
or loss.
The amount we defer in the foreign
currency translation reserve remains in
equity and is transferred to profit or
loss only when we dispose of, or
partially dispose of, the foreign
operation.
Hedged item sold or
repaid
We recognise the unamortised fair
value hedge adjustment immediately in
profit or loss.
Amounts accumulated in equity are
transferred immediately to profit or
loss.
The gain or loss, or applicable
proportion, we have recognised in
equity is transferred to profit or loss on
disposal or partial disposal of a foreign
operation.
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10. Derivative financial instruments (continued)
Derivative financial instruments – designated in hedging relationships (continued)
The fair value of derivative financial instruments designated in hedging relationships is:

2025 2024
Consolidated
Nominal
amount Assets Liabilities
Nominal
amount Assets Liabilities

$m $m $m $m $m $m
Fair value hedges
Foreign exchange spot and forward contracts 599 - (1) 571 14 -
Interest rate swap agreements
192,596 46 (273) 175,849 226 (253)
Interest rate futures contracts 599 1 (1) 3,151 11 -
Cash flow hedges
Interest rate swap agreements 133,923 136 (62) 154,968 200 (196)
Foreign exchange swap agreements
705 52 - 654 26 (7)
Foreign exchange spot and forward contracts 177 3 (1) 81 4 -
Net investment hedges
Foreign exchange spot and forward contracts - - - 92 - -
Derivative financial instruments - designated in
hedging relationships
328,599 238 (338) 335,366 481 (456)

2025 2024
The Company
Nominal
amount Assets Liabilities
Nominal
amount Assets Liabilities
$m $m $m $m $m $m
Fair value hedges
Foreign exchange spot and forward contracts 599 - (1) 571 14 -
Interest rate swap agreements 158,334 33 (143) 144,667 198 (134)
Interest rate futures contracts
599 1 (1) 3,151 11 -
Cash flow hedges
Interest rate swap agreements 95,734 24 (16) 92,998 4 (69)
Foreign exchange swap agreements 705 52 - 654 26 (7)
Foreign exchange spot and forward contracts
177 3 (1) 81 4 -
Net investment hedges
Foreign exchange spot and forward contracts - - - - - -
Derivative financial instruments - designated in
hedging relationships
256,148 113 (162) 242,122 257 (210)
104Notes to the consolidated financial statements (continued)Australia and New Zealand Banking Group Limited 2025 Annual Report
Notes to the Financial Statements

105
10. Derivative financial instruments (continued)
Derivative financial instruments – designated in hedging relationships (continued)
The maturity profile of the nominal amounts of our hedging instruments held is:
Consolidated

Average
Less than 3
months
3 to 12
months
1 to 5
years
After
5 years Total
Nominal amount

Rate $m $m $m $m $m
As at 30 September 2025

Fair value hedges

Interest rate Interest rate 2.89% 7,619 20,388 94,000 71,188 193,195
Foreign exchange HKD/AUD FX rate
5.14 599 - - - 599
Cash flow hedges

Interest rate Interest rate 3.22% 11,883 42,949 78,576 515 133,923
Foreign exchange
1

AUD/USD FX rate
0.74
66 111 - 705 882
USD/EUR FX rate
0.91
Net investment hedges

Foreign exchange NZD/AUD FX rate - - - - - -

As at 30 September 2024
Fair value hedges
Interest rate Interest rate 2.94% 10,202 17,387 86,096 65,315 179,000
Foreign exchange HKD/AUD FX rate 5.26 571 - - - 571
Cash flow hedges
Interest rate Interest rate 3.11% 20,417 42,091 91,589 871 154,968
Foreign exchange
1

AUD/USD FX rate 0.74
20 61 - 654 735
USD/EUR FX rate 0.91
Net investment hedges
Foreign exchange NZD/AUD FX rate 1.09 - 92 - - 92
1. Hedges of foreign exchange risk cover multiple currency pairs. The table reflects the larger currency pairs only.

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106
10. Derivative financial instruments (continued)
Derivative financial instruments – designated in hedging relationships (continued)
The Company

Average
Less than 3
months
3 to 12
months
1 to 5
years
After
5 years Total
Nominal amount

Rate $m $m $m $m $m
As at 30 September 2025

Fair value hedges

Interest rate Interest rate 2.88% 7,619 17,741 69,868 63,705 158,933
Foreign exchange HKD/AUD FX rate 5.14 599 - - - 599
Cash flow hedges

Interest rate Interest rate 3.01% 5,449 29,828 59,963 494 95,734
Foreign exchange
1

AUD/USD FX rate 0.74 66 111 - 705
882
USD/EUR FX rate 0.91
Net investment hedges
Foreign exchange NZD/AUD FX rate - - - - - -

As at 30 September 2024
Fair value hedges
Interest rate Interest rate 3.01% 9,860 14,596 65,270 58,092 147,818
Foreign exchange HKD/AUD FX rate 5.26 571 - - - 571
Cash flow hedges
Interest rate Interest rate 2.55% 8,580 16,580 67,080 758 92,998
Foreign exchange
1

AUD/USD FX rate 0.74 20 61 - 654 735
USD/EUR FX rate 0.91
Net investment hedges
Foreign exchange NZD/AUD FX rate - - - - - -
1. Hedges of foreign exchange risk cover multiple currency pairs. The table reflects the larger currency pairs only.

106Notes to the consolidated financial statements (continued)Australia and New Zealand Banking Group Limited 2025 Annual Report
Notes to the Financial Statements

107
10. Derivative financial instruments (continued)
Derivative financial instruments – designated in hedging relationships (continued)
The impacts of ineffectiveness from our designated hedge relationships by type of hedge relationship and type of risk being hedged are:

Ineffectiveness
Amount reclassified
from the cash flow
hedge reserve or FCTR
to profit or loss
4

Consolidated
Change in value
of hedging
instrument
2

Change in value
of hedged item
Hedge ineffectiveness
recognised in profit or
loss
3

As at 30 September 2025 $m $m $m $m
Fair value hedges
1

Interest rate (151) 170 19 -
Foreign exchange
(28) 28 - -
Cash flow hedges
1

Interest rate
856 (852) 4 (6)
Foreign exchange
4 (4) - (7)
Net investment hedges
1

Foreign exchange 23 (23) - -

As at 30 September 2024
Fair value hedges
1

Interest rate (2,922) 2,928 6 -
Foreign exchange 36 (36) - -
Cash flow hedges
1

Interest rate 2,175 (2,074) 101 (2)
Foreign exchange (3) 3 - -
Net investment hedges
1

Foreign exchange 9 (9) - -

Ineffectiveness
Amount reclassified
from the cash flow
hedge reserve or FCTR
to profit or loss
4

The Company
Change in value
of hedging
instrument
2

Change in value
of hedged item
Hedge ineffectiveness
recognised in profit or
loss
3

As at 30 September 2025 $m $m $m $m
Fair value hedges
1

Interest rate 109 (95) 14 -
Foreign exchange
(28) 28 - -
Cash flow hedges
1

Interest rate
735 (731) 4 (5)
Foreign exchange
4 (4) - (7)
Net investment hedges
1

Foreign exchange - - - -

As at 30 September 2024
Fair value hedges
1

Interest rate (2,811) 2,817 6 -
Foreign exchange 36 (36) - -
Cash flow hedges
1

Interest rate 1,994 (1,894) 100 (2)
Foreign exchange (3) 3 - -
Net investment hedges
1

Foreign exchange - - - -
1. All hedging instruments are classified as derivative financial instruments.
2. Changes in value of hedging instruments is before any adjustments for Settle to Market clearing arrangements.
3. Recognised in Other operating income.
4. Recognised in Net interest income and Other operating income.
107
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108
10.Derivative financial instruments (continued)
Derivative financial instruments – designated in hedging relationships (continued)
The hedged items in relation to the Group’s fair value hedges are:
Carrying amount
Accumulated fair value
hedge adjustments on the
hedged item
Balance sheet Assets Liabilities Assets Liabilities
Consolidatedpresentation Hedged risk$m$m$m$m
As at 30 September 2025
Fixed rate loans and advances Net loans and advances Interest rate 982 - (25) -
Fixed rate deposits and other borrowings
Deposits and other
borrowings
Interest rate
-(2,267)-6
Fixed rate debt issuance Debt issuances Interest rate -(71,300)-1,068
Fixed rate investment securities at FVOCI
1
Investment securities Interest rate 113,397 - 973 -
Equity securities at FVOCI
1
Investment securities Foreign exchange 599 - 71 -
Total 114,978 (73,567) 1,019 1,074
As at 30 September 2024
Fixed rate loans and advances Net loans and advances Interest rate 1,546 - (30) -
Fixed rate debt issuance Debt issuances Interest rate -(73,805)-1,284
Fixed rate investment securities at FVOCI
1
Investment securities Interest rate 97,838 - 625 -
Equity securities at FVOCI
1
Investment securities Foreign exchange571-43-
Total 99,955(73,805)6381,284
1. The carrying amount of debt and equity instruments at FVOCI does not include the fair value hedge adjustment. The fair value hedge adjustment is included in other comprehensive income.
The cumulative amount of fair value hedge adjustments relating to ceased hedge relationships remaining on the Balance Sheet is nil (2024: $3 million).
The hedged items in relation to the Company’s fair value hedges are:
Carrying amount
Accumulated fair value
hedge adjustments on the
hedged item
Balance sheet Assets Liabilities Assets Liabilities
The Company presentation Hedged risk$m$m$m$m
As at 30 September 2025
Fixed rate loans and advances Net loans and advances Interest rate 982 - (25) -
Fixed rate deposits and other borrowings
Deposits and other
borrowings
Interest rate
-(2,267)-6
Fixed rate debt issuance Debt issuances Interest rate -(58,131)-786
Fixed rate investment securities at FVOCI
1
Investment securities Interest rate 93,143 - 548 -
Equity securities at FVOCI
1
Investment securities Foreign exchange 599 - 71 -
Total 94,724 (60,398) 594 792
As at 30 September 2024
Fixed rate loans and advances Net loans and advances Interest rate 1,546 - (30) -
Fixed rate debt issuance Debt issuances Interest rate
-
(60,258)
-
904
Fixed rate investment securities at FVOCI
1
Investment securities Interest rate 81,276 - 538 -
Equity securities at FVOCI
1
Investment securities Foreign exchange571-43-
Total 83,393(60,258)551904
1. The carrying amount of debt and equity instruments at FVOCI does not include the fair value hedge adjustment. The fair value hedge adjustment is included in other comprehensive income.
The cumulative amount of fair value hedge adjustments relating to ceased hedge relationships remaining on the Balance Sheet is $nil million (2024: $3 million).
108Notes to the consolidated financial statements (continued)Australia and New Zealand Banking Group Limited 2025 Annual Report
Notes to the Financial Statements
10͡
10.Derivative financial instruments (continued)
Derivative financial instruments – designated in hedging relationships (continued)
The hedged items in relation to the Group’s cash flow and net investment hedges are:
Cash flow
hedge reserve
Foreign currency
translation reserve
Continuing
hedges
Discontinued
hedges
Continuing
hedges
Discontinued
hedges
ConsolidatedHedgedrisk$m$m$m$m
As at 30 September 2025
Cash flow hedges
Floating rate loans and advances Interest rate 407 15 - -
Floating rate customer deposits Interest rate
(187) 4 - -
Foreign currency debt issuances Foreign exchange
(8) - - -
Highly probable forecast transactions Foreign exchange
2 - - -
Net investment hedges
Foreign operations Foreign exchange - - 42 23
As at 30 September 2024
Cash flow hedges
Floating rate loans and advances Interest rate (575) - - -
Floating rate customer deposits Interest rate (31) - - -
Foreign currency debt issuances Foreign exchange (7) - - -
Highly probable forecast transactions Foreign exchange 4 - - -
Net investment hedges
Foreign operations Foreign exchange - - 22 20
Cash flow
hedge reserve
Foreign currency
translation reserve
Continuing
hedges
Discontinued
hedges
Continuing
hedges
Discontinued
hedges
The Company Hedged risk$m$m$m$m
As at 30 September 2025
Cash flow hedges
Floating rate loans and advances Interest rate (23) (1) - -
Floating rate customer deposits Interest rate
30 5 - -
Foreign currency debt issuances Foreign exchange
(8) - - -
Highly probable forecast transactions Foreign exchange
2 - - -
Net investment hedges
Foreign operations Foreign exchange - - - -
As at 30 September 2024
Cash flow hedges
Floating rate loans and advances Interest rate (820) - - -
Floating rate cust
omer deposits Interest rate 105 - - -
Foreign currency debt issuances Foreign exchange (7) - - -
Highly probable forecast transactions Foreign exchange 4 - - -
Net investment hedges
Foreign operations Foreign exchange - - - -
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110
10.Derivative financial instruments (continued)
Derivative financial instruments – designated in hedging relationships (continued)
The table below details the reconciliation of the Group’s cash flow hedge reserve by risk type:
Interest rate
Foreign
currencyTotal
Consolidated $m$m$m
Balance at 1 October 2023 (1,871)(1)(1,872)
Fair value gains/(losses) 2,074(3)2,071
Transferred to profit or loss (2)-(2)
Income taxes and others (620)
1(619)
Balance at 30 September 2024 (419)(3)(422)
Fair value gains/(losses) 852 4856
Transferred to profit or loss (6)(7)(13)
Income taxes and others (252) 1(251)
Balance at 30 September 2025 175 (5)170
Hedges of net investments in a foreign operation resulted in a $23 million increase in FCTR during the year (2024: $9 million increase).
The table below details the reconciliation of the Company’s cash flow hedge reserve by risk type:
Interest rate
Foreign
currencyTotal
The Company $m$m$m
Balance at 1 October 2023 (1,823)(1)(1,824)
Fair value gains/(losses) 1,894(3)1,891
Transferred to profit or loss (2)-(2)
Income taxes and others (569)
1
(568)
Balance at 30 September 2024
(500)(3)(503)
Fair value gains/(losses) 731 4735
Transferred to profit or loss (5)(7)(12)
Income taxes and others
(218) 1(217)
Balance at 30 September 2025 8 (5) 3
Hedges of net investments in a foreign operation resulted in nil impact in FCTR during the year (2024: $nil).
110Notes to the consolidated financial statements (continued)Australia and New Zealand Banking Group Limited 2025 Annual Report
Notes to the Financial Statements
111
10.Derivative financial instruments (continued)
Recognition Initially and at each reporting date, we recognise all derivatives at fair value. If the fair value of a derivative is
positive, then we carry it as an asset, but if its value is negative, then we carry it as a liability.
Valuation adjustments are integral in determining the fair value of derivatives. This includes:
•
a credit valuation adjustment (CVA) to reflect the counterparty risk and/or event of default; and
•
a funding valuation adjustment (FVA) to account for funding costs and benefits in the derivatives
portfolio.
Derecognition of
assets and liabilities
We remove derivative assets from our Balance Sheet when the contracts expire or we have transferred
substantially all the risks and rewards of ownership. We remove derivative liabilities from our Balance Sheet
when the Group’s contractual obligations are discharged, cancelled or expired.
With respect to derivatives cleared through a central clearing counterparty or exchange, derivative assets or
liabilities may be derecognised in accordance with the principle above when collateral is settled, depending
on the legal arrangements in place for each instrument.
Impact on the
Income Statement
The recognition of gains or losses on derivative financial instruments depends on whether the derivative is
held for trading or is designated in a hedge accounting relationship. For derivative financial instruments held
for trading, gains or losses from changes in the fair value are recognised in profit or loss.
For an instrument designated in a hedge accounting relationship, the recognition of gains or losses depends
on the nature of the item being hedged. Refer to the table on page 103 for details of the recognition
approach applied for each type of hedge accounting relationship.
Sources of hedge accounting ineffectiveness may arise from differences in the interest rate reference rate,
margins, or rate set differences and differences in discounting between the hedged items and the hedging
instruments.
Hedge effectiveness To qualify for hedge accounting under AASB 139, a hedge relationship is expected to be highly effective. A
hedge relationship is highly effective only if the following conditions are met:
•
the hedge is expected to be highly effective in achieving offsetting changes in fair value or cash flows
attributable to the hedged risk during the period for which the hedge is designated (prospective
effectiveness); and
•
the actual results of the hedge are within the range of 80-125% (retrospective effectiveness).
The Group monitors hedge effectiveness on a regular basis but at a minimum at each reporting date.
Judgement is required when we select the valuation techniques used to determine the fair value of derivatives, particularly the selection of
valuation inputs that are not readily observable, and the application of valuation adjustments to certain derivatives. Refer to Note 18 Fair value
of financial assets and financial liabilities for further details.
Key judgements and estimates
Recognition and measurement
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112
11. Investment securities

Consolidated The Company

2025 2024 2025 2024

$m
$m
$m
$m
Investment securities measured at FVOCI
Debt securities 156,373 131,944 128,972 107,388
Equity securities 955 1,065 950 1,060
Investment securities measured at amortised cost
Debt securities 7,520 7,091 5,971 5,356
Investment securities measured at FVTPL
Debt securities 692 162 692 162
Total 165,540 140,262 136,585 113,966
The maturity profile of investment securities is as follows:
Consolidated
Less than 3
months
3 to 12
months 1 to 5 years After 5 years
No
maturity Total
As at 30 September 2025 $m $m $m $m $m $m
Government securities 10,402 17,206 66,723 54,498 - 148,829
Corporate and financial institution securities 235 1,824 9,956 246 - 12,261
Other securities 572 389 985 1,549 - 3,495
Equity securities - - - - 955 955
Total 11,209 19,419 77,664 56,293 955 165,540

As at 30 September 2024
Government securities 9,824 11,048 52,228 54,039 - 127,139
Corporate and financial institution securities 485 1,326 6,565 328 - 8,704
Other securities 490 386 578 1,900 - 3,354
Equity securities - - - - 1,065 1,065
Total 10,799 12,760 59,371 56,267 1,065 140,262

During the year, the Group recognised a net gain of $28 million (2024: $8 million) in Other operating income from the recycling of gains/losses previously
recognised in Other comprehensive income in respect of debt securities at FVOCI.
2024
2025
127,139
3,354
8,704
1,065
148,829
Government securities
Corporate and financial
institution securities
Other securities
Equity securities
3,495
12,261
955
112Notes to the consolidated financial statements (continued)Australia and New Zealand Banking Group Limited 2025 Annual Report
Notes to the Financial Statements

113

11. Investment securities (continued)

The Company
Less than 3
months
3 to 12
months 1 to 5 years After 5 years
No
maturity Total
As at 30 September 2025 $m $m $m $m $m $m
Government securities
9,482 15,546 51,301 46,466 - 122,795
Corporate and financial institution securities 235 1,327 7,549 246 - 9,357
Other securities
571 389 985 1,538 - 3,483
Equity securities
- - - - 950 950
Total
10,288 17,262 59,835 48,250 950 136,585

As at 30 September 2024
Government securities 9,213 8,454 38,158 46,719 - 102,544
Corporate and financial institution securities 484 976 5,249 328 - 7,037
Other securities 490 386 578 1,871 - 3,325
Equity securities - - - - 1,060 1,060
Total 10,187 9,816 43,985 48,918 1,060 113,966
During the year, the Group recognised a net gain of $16 million (2024: $8 million) in Other operating income from the recycling of gains/losses previously
recognised in Other comprehensive income in respect of debt securities at FVOCI.

Investment securities are those financial assets in security form (that is, transferable debt or equity instruments) that are not held for trading
purposes. By way of exception, bills of exchange (a form of security/transferable instrument) which are used to facilitate the Group’s customer
lending activities are classified as Loans and advances (rather than Investment securities) to better reflect the substance of the arrangement.
Equity investments not held for trading purposes may be designated at FVOCI on an instrument-by-instrument basis. If this election is made,
gains or losses are not reclassified from Other comprehensive income to profit or loss on disposal of the investment. However, gains or losses
may be reclassified within equity.
Assets disclosed as Investment securities are subject to the general classification and measurement policy for financial assets outlined at the
commencement of the Group’s financial asset disclosures on page 98. Additionally, expected credit losses associated with Investment
securities - debt securities at amortised cost and Investment securities - debt securities at FVOCI are recognised and measured in
accordance with the accounting policy outlined in Note 13 Allowance for expected credit losses. For Investment securities - debt securities at
FVOCI, the allowance for Expected Credit Loss (ECL) is recognised in the FVOCI reserve in equity with a corresponding charge to profit or loss.

Judgement is required when we select valuation techniques used to determine the fair value of assets not valued using quoted market prices,
particularly the selection of valuation inputs that are not readily observable. Refer to Note 18 Fair value of financial assets and financial liabilities
for further details.
Key judgements and estimates
Recognition and measurement
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Australia and New Zealand Banking Group Limited 2025 Annual Report
114
12.Net loans and advances
The following table provides details of Net loans and advances:
ConsolidatedThe Company
2025202420252024
$m$m$m$m
Overdrafts
6,019 6,109 4,665 4,701
Credit cards 6,205 6,713 5,125 5,571
Commercial bills
3,739 4,401 3,739 4,401
Term loans – housing
503,997 484,554 341,805 324,883
Term loans – non-housing
309,086 301,284 256,681 248,498
Other
955 924 965 845
Subtotal
830,001 803,985 612,980 588,899
Unearned income
1
(641)(515)(599)(489)
Capitalised brokerage and other origination costs
1
4,500 4,2373,426 3,303
Gross loans and advances
833,860 807,707 615,807 591,713
Allowance for expected credit losses (refer to Note 13) (3,874) (3,675) (2,952) (2,715)
Net loans and advances
829,986 804,032 612,855 588,998
Residual contractual maturity:
Within one year 146,295 159,042 123,248 133,701
More than one year
683,691 644,990 489,607 455,297
Net loans and advances
829,986 804,032 612,855 588,998
Carried on Balance Sheet at:
Amortised cost 799,588 779,246 583,639 564,559
Fair value through profit or loss
30,398 24,786 29,216 24,439
Net loans and advances
829,986 804,032 612,855 588,998
1. Amortised over the expected life of the loan.
Loans and advances are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market and are
facilities the Group provides directly to customers or through third party channels.
Loans and advances are initially recognised at fair value plus transaction costs directly attributable to the issue of the loan or advance, which
are primarily brokerage and other origination costs which we amortise over the estimated life of the loan. Subsequently, we then measure
loans and advances at amortised cost using the effective interest rate method, net of any allowance for ECL, or at fair value when they are
specifically designated on initial recognition as FVTPL, are classified as held for sale or when held for trading. Refer to Note 18 Fair value of
financial assets and financial liabilities for further details.
We classify contracts to lease assets and hire purchase agreements as finance leases if they transfer substantially all the risks and rewards of
ownership of the asset to the customer or an unrelated third party. We include these facilities in ‘Other’ in the table above.
The Group enters into transactions in which it transfers financial assets that are recognised on its Balance Sheet. When the Group retains
substantially all of the risks and rewards of the transferred assets, the transferred assets remain on the Group’s Balance Sheet, however if
substantially all the risks and rewards are transferred, the Group derecognises the asset. If the risks and rewards are partially retained and
control over the asset is lost, the Group derecognises the asset. If control over the asset is not lost, the Group continues to recognise the asset
to the extent of its continuing involvement.
We separately recognise the rights and obligations retained, or created, in the transfer of assets as appropriate.
Assets disclosed as Net loans and advances are subject to the general classification and measurement policy for financial assets outlined on
page 98. Additionally, expected credit losses associated with loans and advances at amortised cost are recognised and measured in
accordance with the accounting policy outlined in Note 13 Allowance for expected credit losses.
Recognition and measurement
114Notes to the consolidated financial statements (continued)Australia and New Zealand Banking Group Limited 2025 Annual Report
114Australia and New Zealand Banking Group
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DRP and BOP Discount - Dispatch of letter to Shareholders 2025 Annual General Meeting Documents

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