Sydney, June 13, 2026, 03:20 (AEST).
- ANZ Group Holdings added 1.01% to A$34.17 on Friday. The S&P/ASX 200 climbed nearly 2% as the market bounced back.
- Ben Kelleher is set to take over as ANZ New Zealand CEO after Antonia Watson retires, ANZ said. His appointment as Group Executive is subject to regulatory review.
- Bank stocks will watch for the Reserve Bank of Australia’s June 16 rate call. Most economists in a Reuters poll see the central bank holding steady.
ANZ Group Holdings rose Friday, finishing at A$34.17, up A$0.34 or 1.01%. Shares traded from A$34.10 to A$34.68 during the session. The S&P/ASX 200 jumped around 2% as risk appetite picked up, lifting both banks and miners. Bank stocks like ANZ have stayed sensitive to where rates are headed, credit risks, and any read on earnings holding up against weaker growth.
The stock traded as ANZ flagged a top management shakeup at its major offshore unit. Antonia Watson will step down as ANZ Bank New Zealand CEO and ANZ Group exec at the end of FY26, finishing up September 30. Ben Kelleher, the current chief risk officer at ANZ NZ and ex-managing director for personal banking, is set to take her place. The handover is still pending nods from the Reserve Bank of New Zealand and other regulators. ANZ NZ chair Scott St John said Kelleher is “an outstanding people leader.” ANZ
ANZ’s New Zealand business isn’t a sideshow for investors. ANZ NZ posted a cash net profit after tax of $1.238 billion for the six months ended March 31, up 2% from the previous half. Customer deposits went up 4%, and net loans and advances rose 2%. But net interest margin came under pressure, falling 5 basis points. One basis point is one-hundredth of a percentage point.
Legal risk still hangs over the New Zealand business. ANZ said in May the High Court of New Zealand granted summary judgment against ANZ NZ in a Credit Contracts and Consumer Finance Act class action. The bank put the maximum potential liability for borrowing costs at around NZ$125 million. ANZ said it appealed to the Court of Appeal, so the risk to capital, reputation, and management focus stays alive.
Monetary policy looks like the next driver for markets. The RBA’s cash rate is at 4.35%, and the central bank updates it June 16. A Reuters survey showed 42 out of 45 economists predict the RBA will keep the rate unchanged after this year’s hikes. ANZ says holding rates could help sentiment and ease concerns about mortgage stress. A hawkish move would bring more pressure on bank valuations, loan demand and bad-debt forecasts.
ANZ’s first-half cash profit came in at A$3.78 billion, up 14% from the previous half when significant items are excluded. The bank’s return on tangible equity reached 11.6%. CET1 capital ratio stood at 12.39%. The board put forward an interim dividend of 83 cents, franked at 75%. Chief executive Nuno Matos said ANZ’s “transformation is running at pace,” citing cost cuts, Suncorp Bank integration and stronger returns for shareholders as key factors. Bullish investors are watching execution. ANZ
ANZ shares don’t look cheap after their Friday rally. Analyst consensus from Investing.com puts the stock at Neutral, with 14 analysts breaking out to six Buys, six Holds, and two Sells. The average 12-month target is A$35.617, just above the A$34.17 price. ANZ appears fairly valued, with the dividend and better capital position providing a floor, but with not much consensus upside, some legal risk in New Zealand, margin headwinds, and the June 16 RBA call all in play. The stock is a fit for income investors who can wait, less so for buyers betting on a quick rerate.
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