ANZ Group Holdings Ltd

ANZ: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	A$59.00	Yprt	Hbdbjdwn

ANZ Group: Profitability Tracking Ahead of Expectations on Low Bad Debts and Solid Loan Growth

Nathan Zaia

Feb 12, 2024

We reiterate our AUD 31 fair value estimate for wide-moat ANZ Group. The first-quarter 2024 update revealed revenue in line with the quarterly average of first half 2023, with loan growth offsetting unquantified net interest margin, or NIM, pressure. This is positive in our view, given elevated price competition for mortgages and deposits.

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