ANZ Group Holdings (ASX: ANZ) Stock Update: Share Price, Dividend, AGM Showdown and 2026 Outlook as of 2 December 2025

All data and commentary in this article are current as of 2 December 2025 and may change as new information is released.

Key takeaways

ANZ share price is trading around A$34–35, up double‑digits over the past year but down from its mid‑November record high near A$39. ^[1]
FY25 profit fell 10% on big regulatory and restructuring charges, but underlying cash profit was broadly flat and capital remains strong with a CET1 ratio around 12%. ^[2]
A final fully‑year dividend of 166 cents per share (83c final, 70% franked) is due to be paid on 19 December 2025, giving a trailing yield of roughly 5%. ^[3]
Governance and culture are in the spotlight ahead of the 18 December AGM, with proxy adviser Glass Lewis urging investors to vote against ANZ’s remuneration report, raising the risk of a “second strike” against the board. ^[4]
Analysts’ consensus rating is Neutral with 14 brokers targeting an average 12‑month price of about A$35.2, only modestly above current levels. ^[5]

Where ANZ’s share price stands on 2 December 2025

ANZ Group Holdings Limited (ASX: ANZ) is trading in the mid‑A$34s at the time of writing, after closing at A$34.20 on Monday 1 December 2025, down 1.27% on the day and extending a short near‑term pull‑back. ^[6]

Last close: A$34.20 (1 Dec 2025) ^[7]
Intraday indicative price (2 Dec): around A$34.4, up slightly in the past 24 hours ^[8]
Market capitalisation: roughly A$102–103 billion ^[9]
52‑week range: about A$26.2 to A$38.9, with the all‑time high of A$38.93 set on 12 November 2025 ^[10]
12‑month performance: up about 10–11% year‑on‑year, with year‑to‑date gains above 30% on some measures ^[11]

The broader Australian market started December on the back foot, with the ASX 200 falling around 0.6% on 1 December and all four major banks closing lower, ANZ down 1.27%, amid global rate jitters and an ASX trading outage. ^[12]

In other words, ANZ is no longer cheap in absolute terms — it’s trading closer to the upper half of its 52‑week range — but it has also just come off a meaningful pull‑back after a strong run through 2025.

Earnings recap: FY25 profit hit by “one‑off” costs, but core franchise still solid

On 10 November 2025 ANZ reported its full‑year results for the year ended 30 September 2025: ^[13]

Statutory profit: A$5.89 billion, down 10% on the prior year
Cash profit: A$5.79 billion
Underlying cash profit (excluding significant items): about A$6.90 billion, broadly flat year‑on‑year
Reported cash return on equity (ROE): 8.1%; underlying ROE excluding significant items around 9.6%
Common Equity Tier 1 (CET1) capital ratio: ~12.0% at group level, 12.03% for the bank, with a pro‑forma 12.26% once planned capital actions are included ^[14]
Credit impairment charge: A$441 million (A$4.38 billion collective provision balance; coverage ratio 1.18%) ^[15]

The A$1.1 billion “significant items”

The headline profit decline was driven by A$1.109 billion in net after‑tax “significant items” recognised in the second half of FY25. These included: ^[16]

Impairment of the PT Bank Panin Indonesia stake (A$285m after tax)
Staff redundancy costs linked to the newly announced restructure (A$585m pre‑tax, A$414m after tax)
A A$240m penalty plus associated costs from a major Australian Securities and Investments Commission (ASIC) settlement (A$264m after tax)
Suncorp Bank integration‑related charges (A$97m pre‑tax, A$68m after tax)
Closure and goodwill write‑off of the Cashrewards business (A$78m after tax)

ANZ frames these as the cost of “cleaning house”: resolving legacy regulatory issues, simplifying its structure and bringing forward Suncorp Bank integration to mid‑2027. ^[17]

ANZ 2030: cost‑cutting and digital transformation

The FY25 result is tightly tied to the bank’s “ANZ 2030” strategy, which aims to lift productivity and returns by: ^[18]

Delivering around 3% total cost reduction targeted for FY26
Extracting value from the Suncorp Bank acquisition, completed on 31 July 2024 and adding more than 1.2 million customers and A$55 billion in deposits ^[19]
Accelerating growth in ANZ Plus, the digital retail platform which saw customer numbers jump around 84% in FY24
Investing heavily in technology – roughly A$2.5 billion over five years into platforms such as ANZ Plus and Transactive Global, plus a multi‑cloud and data‑analytics build‑out ^[20]

An AI‑driven analysis of the FY25 result from AInvest characterises ANZ as a bank in “strategic recalibration”: near‑term profit pressure from legal and restructuring costs, but backed by strong capital and a clear cost‑out agenda. ^[21]

Dividend, yield and capital management

For income‑focused investors, the dividend remains a central part of the ANZ story.

Final FY25 dividend: 83 cents per share, 70% franked
Full‑year dividend: 166 cents per share, unchanged from FY24 on a headline basis ^[22]
Ex‑dividend date: 13 November 2025
Payment date: 19 December 2025 ^[23]
Dividend Reinvestment Plan (DRP): 1.5% discount, and ANZ does not plan to fully neutralise DRP issuance via buy‑backs, effectively raising some equity at a small discount ^[24]

At a share price in the mid‑A$34s, the trailing cash dividend of A$1.66 implies a yield close to 4.8–5.0%, and TradingView estimates ANZ’s FY25 dividend yield at 5.0% with a payout ratio around 84%. ^[25]

TipRanks notes that ANZ’s latest 83‑cent dividend, covering the six months to 30 September 2025, underlines management’s intent to keep capital returns steady despite one‑off earnings hits. ^[26]

Governance and culture: pay revolt, job cuts and “good news” culture

While the financials look solid on the surface, ANZ heads into December under intense governance scrutiny.

Glass Lewis urges investors to vote down ANZ’s pay report

On 2 December, proxy adviser Glass Lewis recommended that ANZ shareholders vote against the bank’s 2025 remuneration report at the upcoming AGM, arguing that executive pay outcomes have not fully reflected past misconduct and regulatory failures. ^[27]

Key context:

At the 2024 AGM, around 38% of votes were cast against the remuneration report, triggering a “first strike” under Australia’s two‑strikes rule. TS2 Tech
A second strike this year – if 25% or more of votes again oppose the pay report – would force a separate “spill” resolution on whether directors must stand for re‑election. TS2 Tech+1
ANZ’s 2025 AGM will be held in Sydney on 18 December, with the notice of meeting already flagging a conditional spill resolution and several climate and deforestation‑related shareholder proposals. ^[28]

Glass Lewis argues that, despite ANZ clawing back more than A$30 million in bonuses from current and former executives, pay consequences still lag the seriousness of regulatory failings and the record ASIC penalty. ^[29]

ASIC penalty, APRA capital add‑on and risk culture

Behind the pay debate lies a broader risk‑culture and regulatory story:

In September, ASIC announced A$240 million in penalties for misconduct affecting tens of thousands of customers and the federal government – reportedly the largest corporate penalty in Australian history. ^[30]
The prudential regulator APRA has imposed a court‑enforceable undertaking (CEU) on ANZ and increased its capital add‑on by about A$1 billion, citing persistent weaknesses in non‑financial risk management. TS2 Tech+2AInvest+2
A court‑mandated review described ANZ as having a “good news culture” – a tendency to emphasise positive updates and under‑report problems – as well as overlapping responsibilities and reluctance to challenge senior decisions. TS2 Tech+1

ANZ has responded with leadership changes, a detailed “Root Cause Remediation Plan” and a program to strengthen non‑financial risk controls, but regulators have made it clear that the cultural reset will be judged over years, not quarters. ^[31]

3,500 job cuts and ESG tensions

New CEO Nuno Matos, who joined in May 2025 from HSBC, has moved quickly on costs and structure. ^[32]

In September ANZ announced 3,500 permanent job cuts plus 1,000 contractors to be removed by late 2026, equivalent to around 8% of staff, alongside a A$560m restructuring charge. ^[33]
Matos argues the cuts are needed to reduce duplication and complexity and to support a “performance‑driven culture,” while unions accuse the bank of unnecessary downsizing. ^[34]

There is also a fresh ESG twist: Capital Brief and others report that ANZ is trimming parts of its climate and ESG teams, including the departure of a long‑serving climate lead, even as the bank faces ESG‑focused shareholder resolutions at the AGM. TS2 Tech

This combination – record fines, a CEU, deep job cuts and ESG restructuring – explains why many investors frame ANZ today as a “high‑yield bank with a governance overhang.” TS2 Tech+1

Macro backdrop: RBA cuts earlier, then pauses at 3.60%

All Australian banks live and die by the interest‑rate cycle, and 2025 has been unusually busy.

After a long plateau at 4.35%, the Reserve Bank of Australia (RBA) cut the cash rate three times in 2025, bringing it to 3.60% by August. ^[35]
Since then, the RBA has left the rate unchanged at 3.60% at its October and November meetings, citing a renewed pick‑up in inflation and still‑tight labour markets. ^[36]

ANZ’s own economics team has recently scrapped its earlier forecast of a near‑term rate cut, now expecting the cash rate to remain at 3.60% for an extended period, given inflation around 3.8% and unemployment near 4.3%. ^[37]

For ANZ’s earnings, this matters in several ways:

Lower rates squeeze net interest margins but reduce stress on borrowers.
A “higher for longer” plateau at 3.60% can support margins but prolong pressure on households and small businesses, particularly in housing and SME lending. ^[38]

The RBA’s future moves – currently debated between a further cut, a long pause, or even a modest hike – will be a key driver of ANZ’s profitability and credit quality through 2026.

Analysts’ ratings and price targets

On the sell‑side research front, the message is consistent: solid bank, strong dividend, limited near‑term upside, material execution and governance risk.

According to consensus data compiled by Investing.com: ^[39]

Overall rating: Neutral
Coverage: 14 analysts
Recommendations: 4 Buy, 7 Hold, 3 Sell
Average 12‑month target price:A$35.17, implying roughly 2% upside from current levels
Target range: A$30 (low) to A$40.40 (high)

TradingView’s snapshot broadly agrees, noting the same maximum target of A$40.40 and a minimum near A$25–30, with the stock trading a little below the analyst average. ^[40]

The TS2Tech wrap of late‑November broker commentary adds colour: TS2 Tech

Morgan Stanley reportedly rates ANZ Equal‑weight with a target around A$34, arguing that cost‑out potential is meaningful but largely in the price.
Jarden has an Overweight view with a target near A$35, highlighting strong capital and Suncorp synergies if management executes well.
Other brokers, including some houses aggregated on MarketScreener, lean more cautious with Underweight or Sell calls, citing higher regulatory costs, cultural uncertainty and a halted buy‑back as reasons to cap upside.

From a fundamental forecasts angle, research aggregated by PortersFiveForce points to modest growth rather than a dramatic earnings rebound: ^[41]

Average annual earnings growth of ~1.7%,
Revenue growth around 4% per year,
EPS growth of ~1.6% per year,
ROE projected to reach around 9.2% within three years,
A stylised scenario that places ANZ shares around A$35–36 by end‑2025.

Those numbers are model‑based estimates rather than guarantees, but they align with the market’s pricing: a big‑four bank seen as fairly valued, offering income and some growth, but not a deep‑value bargain.

Technical and trading outlook

Short‑term traders are watching ANZ’s recent pull‑back closely.

Technical site StockInvest currently classifies ANZ.AX as a “hold or accumulate” candidate after a multi‑day decline: ^[42]

1 Dec close: A$34.20, down 1.27% on the day and about 5.5% lower over the past 10 sessions.
Support: strong accumulated volume support around A$33.19.
Resistance: near A$35.9, with additional volume resistance just above A$36.
RSI (14‑day): in oversold territory (around 21), suggesting selling pressure has been intense.
3‑month model forecast: roughly +11.6% expected gain, with a 90% probability band between A$38.16 and A$44.28, according to their trend models.

StockInvest stresses that this is not a fundamental call: the system still shows multiple moving‑average sell signals and treats ANZ as a hold/accumulate, not a strong buy. ^[43]

TradingView’s blended indicator dashboard also rates ANZ “Neutral” on both technical and analyst‑rating dials, with daily volatility below 1% and a beta around 1.3, implying slightly higher volatility than the broader market. ^[44]

How ANZ compares to other big‑four banks

Relative to its peers, ANZ remains:

The smallest of the big four by market cap (around A$102–103 billion), but still a core holding in major Australian equity and high‑yield ETFs. ^[45]
Less exposed to Australian residential mortgages than Commonwealth Bank or Westpac, but more exposed to institutional banking and New Zealand, which adds both diversification and complexity. TS2 Tech+1
On valuation metrics such as price‑to‑earnings, price‑to‑book and dividend yield, roughly mid‑pack: cheaper than Commonwealth Bank, more richly valued than in the immediate post‑royal‑commission years, and no longer at a large discount to peers after 2025’s rally. TS2 Tech+2TradingView+2

TradingView estimates ANZ’s 2025 dividend yield at about 5%, with an 83.8% payout ratio, underlining its role as an income stock rather than a high‑growth bank. ^[46]

Key catalysts to watch from December 2025 into 2026

Looking ahead, several events and trends could move ANZ’s share price:

2025 AGM – 18 December, Sydney
- Outcome of the remuneration report vote: does ANZ receive a second strike, triggering a board spill resolution? ^[47]
- Results of shareholder resolutions on climate, deforestation and governance, and how the board responds publicly. TS2 Tech
Dividend payment – 19 December 2025
- Investor participation in the DRP at a 1.5% discount, and any commentary on future capital management or potential resumption of buy‑backs once regulatory clouds clear. ^[48]
Execution of ANZ 2030 and Suncorp Bank integration
- Evidence that the promised cost savings and synergies are being delivered without service‑quality problems or further regulatory missteps. ^[49]
Regulatory updates from ASIC and APRA
- Any change to APRA’s A$1 billion capital add‑on, progress on the CEU, or new enforcement action would directly affect both earnings and the risk premium investors demand. TS2 Tech+1
Further culture and ESG developments
- Market reaction to ESG and climate‑team cuts, senior risk‑management appointments, and ongoing cultural remediation will shape perceptions of medium‑term risk. TS2 Tech+1
Macro and RBA policy path
- The eventual direction of the cash rate from 3.60%, along with inflation, unemployment and housing‑market data, will remain key inputs for loan growth, margins and impairments. ^[50]
Next earnings report – May 2026
- ANZ’s next scheduled earnings release is on 13 May 2026, when investors will see whether cost cuts, Suncorp synergies and cultural reforms are translating into better risk‑adjusted returns. ^[51]

What this all means for ANZ shareholders

Putting the pieces together, ANZ Group Holdings today looks like:

A well‑capitalised big‑four bank with CET1 around 12% and robust provisioning; ^[52]
Offering a near‑5% dividend yield, partially franked, supported by stable underlying cash earnings; ^[53]
Trading around the analyst consensus valuation, with only modest upside implied by 12‑month targets; ^[54]
Carrying a material governance and regulatory overhang, including a live risk of a second strike at the AGM, a large ASIC penalty, an APRA capital add‑on and an ambitious, disruptive cost‑cutting program. ^[55]

For long‑term investors, ANZ is increasingly framed as a “prove it” story: the market is willing to pay a fair price for a strong franchise and generous dividend, but it wants clear evidence that management can:

Deliver promised cost savings without damaging the franchise,
Resolve cultural and regulatory issues decisively, and
Sustain earnings and capital strength through an uncertain interest‑rate and economic environment.