ANZ Group Less Vulnerable Than Peers to Inevitable Retail Deposit Pricing Changes, Jarden Says

MT Newswires Live05-01 12:12

ANZ Group Holdings (ASX:ANZ, NZE:ANZ) is "much less vulnerable" to inevitable information technology-driven changes to retail deposit pricing than its major bank peers, Jarden said in a Friday note following the company's fiscal first-half results.

The company's cash net profit after tax of AU$3.78 billion exceeded both consensus and Jarden's estimates by around 3%.

The equity research firm said it seeks clarity on how ANZ plans to extend and leverage its leadership in institutional and New Zealand banking, whilst closing gaps in the Australian retail and business segments.

It added that ANZ has a clear, distinctive target to increase return on tangible equity to 12% by fiscal year 2028 and 13% by fiscal year 2030 by "unlocking efficiency dividends from right sizing, simplification and synergy extraction."

Jarden maintained an overweight rating on ANZ Group with a price target of AU$35.

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