ANZ Group Holdings Ltd

ANZ: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	A$81.00	Jwtz	Sdljdww

ANZ Group: Solid Loan Growth and Supportive Capital Position

Nathan Zaia

Aug 20, 2024

Following a brief third-quarter update, we make no change to our AUD 31 fair value estimate for wide-moat ANZ Group. Lending volume growth remains strong. Stress in the loan book is rising but manageable, and the capital position post-completion of the Suncorp Bank acquisition is solid. The bank's common equity Tier 1 ratio of 12%, assuming completion of the current AUD 2 billion on-market share buyback, equates to AUD 2.2 billion in surplus capital at the top end of management's 11% to 11.5% target.

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