ANZ 2023 Half Year Results
ANZ 2023 Half Year Results
ONGOING MARGIN TAILWINDS FROM OUR CAPITAL AND REPLICATED
PORTFOLIO
Portfolio balance, $b
Portfolio interest earning rates impact³
Illustrative potential NII benefit
142
141
134
Sensitive to short
30
37
term interest rates¹
24
3.8%
2.4%
0.2%
Mar 22 monthly
earning rate
Sep 22 monthly
earning rate
Mar 23 monthly
earning rate
Further benefits are
dependent on future
central bank rate
decisions and
portfolio volume
growth
Prospective benefit from higher
interest earning rates
Relative to
the prior
period
FY23
(vs FY22)
2H23
(vs 1H23)
Additional
NII earned
~+$1.3b
~+$0.2b
105
111
110
Sensitive to longer
term interest rates²
1.3%
1.5%
1.7%
Mar 22
Sep 22
Mar 23
Mar 22 monthly Sep 22 monthly
earning rate
earning rate
Mar 23 monthly
earning rate
Further benefits of
higher current term
interest rates will be
seen progressively as
maturities are
gradually reinvested
over next 5 years.
Step-up is non-linear
This page may contain forward-looking statements or opinions. Please refer to ANZ's Disclaimer and Important Notice with respect to such statements on page 1
Overnight to 3 month interest rates
Delta on
Group NIM
~+13bps
~+5bps
FY23 benefits of ~$1.3b (of which
~$0.55b was realised in 1H23 and
~$0.75b is expected to be realised in
2H23) is ~$0.2bn lower than the FY23
estimate as at FY22 results. This is due to
lower term rates and reduced volume
1.
2.
Primarily 3-to-5-year term interest rates
3.
Mar 22, Sep 22 and Mar 23 month rates denote actual portfolio monthly earnings rate achieved
4.
2H23 illustration highlights the potential impact on NII assuming current longer term reinvestment rates are maintained, and shorter-term interest rates follow the path currently forecast by ANZ Research (as at 2nd May 2023). Rate timing and
magnitude outlined on page 68. It also assumes stable FX rates and importantly that the 2H23 portfolio remains at current levels in terms of absolute volumes, regions and mix. It should be noted that the portfolio volume reduced during 1H23
and this a simplified analysis does not take into account further volume changes which may be expected over the next Half Year
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