Elliott: focusing on the future

Speaking to bluenotes via video-link from the bank’s head office in Melbourne, Elliott said ANZ performed “pretty decently” in a very difficult environment but the focus is now on the future.

"Our customers are going to have different needs - whether that’s because they’re under stress or because they see opportunity. So we need to be balanced.” - Elliott

“[The bank needs] to be able to both protect what [we] have but also prepare for the future,” he said.

“The future is going to be here and be different. Our customers are going to have different needs - whether that’s because they’re under stress or because they see opportunity. So we need to be balanced.”

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Click here for a transcript of this video

ANZ’s cash profit for continuing operations was $A3.76 billion, down 42 per cent compared with the prior comparable period. The statutory profit after tax was $A3.58 billion in the full year, a 40 per cent decrease.

On the decision to pay a solid, albeit reduced, dividend of A35 cents fully franked, Elliott said he was proud the bank made that judgement without diluting shareholders.

“We didn’t put our hand out to shareholders for more capital,” he explained. “We’ve kept our share count the same [so] I think it’s a pretty balanced and good result.”

Elliott said ANZ had increased its investment into customer data platforms which has provided the bank with “amazing insight” into customer behaviour.

“We’re literally able to see in real-time how people are behaving,” he said. “That really gives us the ability to deal with customers as individuals.”

Melbourne-based Elliott said he felt a sense of optimism as COVID-19 restrictions begin being lifted across the state of Victoria and the focus shifts to economic recovery.

“Victoria is a very important part of Australia – economically and otherwise. As economies and businesses emerge from this lockdown, you do get quite a sharp recovery,” he said. “So there will be a bounce back. We’ve seen that happen elsewhere and we’re very, very confident it will happen here in Victoria.”

You can hear more of the conversation in the video above.

Andrew Cornell is Managing Editor of bluenotes