ANZ Share Price on 9 December 2025: Dividend, Restructuring and Outlook for 2026

Sydney – 9 December 2025

ANZ Group Holdings Limited (ASX: ANZ) shares are trading near the top of their 52‑week range after a year in which profits fell, regulatory costs surged and a new chief executive launched an aggressive overhaul of the bank.

As of early afternoon on 9 December 2025, ANZ shares were changing hands at about A$35.12 on the ASX, up slightly from a previous close of A$35.07. The stock’s 52‑week range now sits between A$26.22 and a record A$38.93, giving the bank a market capitalisation of roughly A$105 billion and a trailing dividend yield of about 4.7%. ^[1]

Despite a messy year for earnings and governance, ANZ’s share price has climbed roughly 20–22% over the past year, outperforming the other “big four” bank stocks. ^[2]

Share price snapshot: a strong 2025 run after volatile news flow

Recent trading has been choppy but broadly positive:

Over the past week, ANZ has hovered just under A$35–A$35.5 after pulling back from its November all‑time high of A$38.93. ^[3]
On 8 December, the broader Australian market slipped ahead of the next Reserve Bank of Australia (RBA) meeting; the big four banks traded mixed, with ANZ edging lower on the day. ^[4]
Earlier in November, the stock jumped more than 3% on the day ANZ released its full‑year 2025 results, even though cash earnings dropped sharply. ^[5]

Across calendar 2025, ANZ has decisively outpaced peers. Coverage from local investment media notes that ANZ’s share price has risen about 22% over the past 12 months, beating Commonwealth Bank, Westpac and NAB over the same period. ^[6]

The combination of a higher share price and a still‑elevated dividend has turned ANZ into one of the more prominent yield‑plus‑restructuring stories on the ASX.

2025 full‑year results: profit hit by one‑off charges, dividend held

On 10 November 2025, ANZ reported its full‑year result for the 12 months to 30 September: ^[7]

Statutory profit: A$5.89 billion, down 10% on the prior year.
Cash profit: A$5.79 billion, down around 14% year‑on‑year.
Common Equity Tier 1 (CET1) ratio: about 12.0–12.03%, up 25 basis points over the half. ^[8]
Credit impairment charge: A$441 million, with collective provisions lifted to A$4.38 billion and coverage at 1.18% of risk‑weighted assets. ^[9]

The profit decline was driven primarily by A$1.11 billion after‑tax in “significant items”, including: ^[10]

A$414 million in redundancy costs linked to 3,500 staff cuts and the removal of about 1,000 contractors.
A$264 million in legal penalties to settle regulatory investigations with the Australian Securities and Investments Commission (ASIC).
A$78 million to wind down the Cashrewards loyalty business.
A$285 million impairment on ANZ’s stake in Indonesian lender PT Bank Pan Indonesia.
A$68 million after‑tax for accelerated integration of Suncorp Bank.

Excluding these one‑off items, ANZ emphasised that cash profit was broadly flat year‑on‑year at around A$6.9 billion, with underlying return on equity in the 9.5–10% range. ^[11]

Dividend: 83c final, 4.7% trailing yield

Despite the hit to earnings, the board kept the dividend steady:

Final dividend 2025: 83 cents per share, partially franked at 70%.
Full‑year dividend: 166 cents per share, also 70% franked. ^[12]

Based on today’s share price of roughly A$35.10, that implies a trailing cash yield of about 4.7%, before the benefit of franking credits. ^[13]

ANZ is also applying a 1.5% discount to its Dividend Reinvestment Plan for the final dividend, which boosts capital by encouraging scrip take‑up. ^[14]

Strategy reset under CEO Nuno Matos

This earnings season has effectively doubled as a progress report on ANZ’s restructuring under CEO Nuno Matos, the former HSBC executive who took the top job in May 2025. ^[15]

Cost cuts, simplification and Suncorp integration

Over the past six months, ANZ has announced a series of sweeping measures:

Workforce reductions: 3,500 permanent roles and around 1,000 contractor positions to be removed, primarily in Australian retail and technology functions, as part of a plan to deliver A$800 million in gross pre‑tax cost savings by FY26. ^[16]
Buyback cancelled: ANZ has cancelled the remaining ~A$800 million of a previously announced A$2 billion on‑market share buyback to conserve capital for restructuring and growth investments. ^[17]
Suncorp Bank synergies: Management now expects A$500 million in annual cost synergies from the A$4.9 billion Suncorp Bank acquisition by FY29, double the original target, with the bulk of benefits expected in FY28–29. ^[18]

CFO Farhan Faruqui told investors that group revenue grew around 7% in FY25, helped by a full‑year contribution from Suncorp Bank. Net interest margin (NIM) declined only 2 basis points, to around 1.55–1.56%, after adjusting for markets revenue, despite intense competition in mortgages and deposits. ^[19]

Matos has set medium‑term targets for return on tangible equity (ROTE) of 12% by 2028 and 13% by 2030, aiming to close the profitability gap with Commonwealth Bank and other peers. ^[20]

Sector influence: new chair of the Australian Banking Association

In early December, Matos was also appointed chair of the Australian Banking Association (ABA) council, giving ANZ a prominent voice in debates on regulation, competition and scam protection. ^[21]

He has highlighted priorities including:

Strengthening customer protections against scams.
Improving competition and access to banking services.
Maintaining credit availability as the RBA’s rate path remains uncertain. ^[22]

Regulatory, cultural and ESG overhang

A key part of the ANZ equity story in late 2025 is reputation repair. The bank remains under scrutiny from regulators, proxy advisers and ESG research houses.

ASIC penalty and APRA capital add‑on

ANZ’s 2025 results incorporate a record regulatory penalty of around A$240 million for misconduct, including charging fees to deceased customers and misreporting bond trading data. ^[23]

Earlier in the year, prudential regulator APRA increased ANZ’s capital add‑on by about A$1 billion after finding shortcomings in non‑financial risk management and remediation programs. ^[24]

ANZ has responded with a Root Cause Remediation Plan, approved by APRA, and a multi‑year program to overhaul its risk culture and operational controls. ^[25]

Cultural reset and parliamentary scrutiny

In November, Matos told Australian lawmakers that ANZ “needs a cultural overhaul” and must be accountable for repeated mistakes, acknowledging that the bank had not met community expectations. ^[26]

Management has linked the job cuts and structural changes directly to this cultural reset, aiming to simplify reporting lines, improve risk oversight and reduce duplication. ^[27]

ESG controversy and pay revolt

ESG research firm Glass Lewis recently issued an “ESG controversy alert” on ANZ, citing regulatory actions and conduct issues as material governance and social risks. ^[28]

At the same time, both Institutional Shareholder Services (ISS) and CGI Glass Lewis have recommended that investors vote against ANZ’s remuneration report at the 18 December 2025 annual general meeting. ^[29]

Their concerns include:

The scale of regulatory penalties and misconduct.
The perception that former CEO Shayne Elliott retains substantial long‑term incentives despite losing A$13.5 million in bonuses. ^[30]

A “first strike” against the pay report would not immediately spill the board but would underscore governance risk that investors will continue to monitor.

How the balance sheet looks entering 2026

Despite earnings volatility, ANZ’s capital and credit metrics remain comparatively strong:

CET1 ratio: about 12.0–12.26% on a pro‑forma basis after allowing for the cancelled buyback and holding company capital return. ^[31]
Credit quality: 90‑day‑plus mortgage arrears around 0.86% in both Australia and New Zealand, with non‑performing loans at roughly 0.79% of exposures. ^[32]
Collective provisions: A$4.38 billion, representing coverage of 1.18% of credit risk‑weighted assets and about 13 times the FY25 individual provision charge. ^[33]

Both ANZ and external analysts describe the credit environment as benign, with no broad‑based deterioration in arrears, although management and regulators remain cautious about households under cost‑of‑living pressure. ^[34]

What analysts and forecasters are saying about ANZ stock

Consensus ratings: mostly “hold” with selective upside

Street‑level data suggests analysts are constructive but not euphoric on ANZ at current levels.

A recent survey of broker ratings compiled by the Wall Street Journal shows: ^[35]

A majority of analysts rate ANZ as “hold/neutral”.
A smaller group recommends “buy” or “overweight”.
A handful retain “sell” or “underweight” calls, typically citing regulatory risk and margin pressure.

Price‑target aggregators show 12‑month targets clustered in the mid‑A$30s, broadly in line with or modestly above today’s A$35–A$36 trading range:

Data from TradingView indicates an average target around the mid‑A$30s, with individual forecasts spanning roughly A$25 to just over A$40 per share. ^[36]
Fintel’s compilation of broker models shows a similar range, with most targets between A$30 and A$42. ^[37]
Other platforms such as MooMoo and MarketScreener also place the consensus target in the A$34–A$36 band. ^[38]

In other words, using these targets alone, the implied one‑year upside from today’s price looks modest, while the investment case leans heavily on dividend income and medium‑term execution of the ANZ 2030 strategy. ^[39]

Medium‑term return expectations

Longer‑horizon models are a little more optimistic. A recent independent analysis from research platform TIKR suggested that, under reasonable assumptions on growth, margins and valuation, ANZ could generate around 25% total return over five years (including dividends) if management delivers on its cost and capital plans. ^[40]

That scenario depends on:

Maintaining relatively stable net interest margins despite ongoing competition in mortgages and deposits. ^[41]
Keeping credit losses low as household budgets adjust to a lower‑rate but still tight cost‑of‑living environment. ^[42]
Extracting the promised A$800 million in cost savings and Suncorp synergies without damaging customer service or franchise strength. ^[43]

Key themes for ANZ investors and watchers in 2026

Without offering individual investment advice, several themes are likely to shape how markets value ANZ through 2026:

1. Margin pressure vs. RBA policy

ANZ and its peers are navigating a very different cycle from the post‑pandemic rate‑hiking period. The RBA has already delivered three rate cuts in 2025, which have helped housing volumes but squeezed deposit margins and intensified pricing pressure in home loans. ^[44]

For ANZ, the net interest margin story will hinge on:

Whether it can grow lower‑cost “save and transact” deposits faster than term deposits. ^[45]
How aggressively it reprices mortgages in a fiercely competitive market. ^[46]

Even small changes in NIM can have outsized effects on earnings, so margin commentary in each quarterly update will be closely scrutinised.

2. Cost‑out execution and staff reductions

The ambitious plan to remove 3,500 roles, cut contractors and simplify the organisation is central to ANZ’s promise to reduce its underlying cost base by about 3% in FY26. ^[47]

Successful execution could:

Lift returns on equity towards the 12–13% targets.
Free up capital for continued investment in technology and growth segments.

But missteps could:

Impair customer experience in already underperforming segments such as Australian retail and business banking. ^[48]
Reinforce reputational concerns around “mass sackings”, which already weighed on ANZ’s share price when first announced in September. ^[49]

3. Suncorp Bank integration

ANZ is still early in the multi‑year integration of Suncorp Bank, a deal that expanded its Queensland footprint but brought integration and technology risks. ^[50]

Investors will watch:

Whether synergy delivery accelerates as promised in FY26–FY29.
How effectively ANZ manages migration of systems and customers without service disruptions.

4. Governance and ESG trajectory

Finally, governance remains a swing factor. The December AGM vote on the remuneration report, ongoing APRA oversight and Glass Lewis’s ESG alert together underscore that ANZ is still working through the consequences of past misconduct. ^[51]

Progress on the APRA remediation plan, reductions in new regulatory findings and clearer accountability structures will all influence how ESG‑sensitive investors treat the stock.

Bottom line

As of 9 December 2025, ANZ Group Holdings sits in an unusual position:

Financially solid, with strong capital, resilient credit quality and an attractive, well‑covered dividend yield of about 4.7%. ^[52]
Strategically busy, with a major cost‑cut program, Suncorp integration and a re‑energised push into core Australian and New Zealand markets. ^[53]
Reputationally challenged, as it works through regulatory penalties, cultural reforms and scrutiny from proxy advisers and ESG analysts. ^[54]

Current market pricing and analyst forecasts suggest modest short‑term upside, with much of the investment case hinging on dividend income and the bank’s ability to execute ANZ 2030 without further missteps. ^[55]