Australia and New Zealand Banking Group Limited
ABN 11 005 357 522

Half Year
31 March 2026

Consolidated Financial Report

CONSOLIDATED FINANCIAL REPORT

Section	Page
Directors' Report	3
Condensed Consolidated Income Statement	9
Condensed Consolidated Statement of Comprehensive Income	10
Condensed Consolidated Balance Sheet	11
Condensed Consolidated Cash Flow Statement	12
Condensed Consolidated Statement of Changes in Equity	13
Notes to Condensed Consolidated Financial Statements	14
Directors' Declaration	46
Auditor's Review Report and Independence Declaration	47

This Consolidated Financial Report has been prepared for Australia and New Zealand Banking Group Limited (ANZBGL, Company, us, we, or our) and its subsidiaries (Group).

All amounts are in Australian dollars unless otherwise stated. The Consolidated Financial Report was approved by resolution of the Board of Directors on 30 April 2026.

The Company has prepared additional disclosures as required by Rule 4.2 of the Disclosure Transparency Rules of the United Kingdom's Financial Conduct Authority which will be available for viewing on or after 1 May 2026 on the United Kingdom National Storage Mechanism at https://data.fca.org.uk/#/nsm/nationalstoragemechanism.

DISCLAIMER & IMPORTANT NOTICE:

The material in this Consolidated Financial Report contains general background information about the Group's activities current as at 30 April 2026. It is information given in summary form and does not purport to be complete. It is not intended to be and should not be relied upon as advice to investors or potential investors and does not take into account the investment objectives, financial situation or needs of any particular investor. These should be considered, with or without professional advice, when deciding if an investment is appropriate.

This Consolidated Financial Report may contain forward-looking statements or opinions including statements regarding our intent, belief or current expectations with respect to the Group's business operations, market conditions, results of operations and financial condition, capital adequacy, sustainability objectives or targets, specific provisions and risk management practices. When used in this Consolidated Financial Report, the words 'forecast', 'estimate', 'goal', 'target', 'indicator', 'plan', 'pathway', 'ambition', 'modelling', 'project', 'intend', 'anticipate', 'believe', 'expect', 'may', 'probability', 'risk', 'will', 'seek', 'would', 'could', 'should' and similar expressions, as they relate to the Group and its management, are intended to identify forward-looking statements or opinions. Those statements are usually predictive in character; and may be affected by inaccurate assumptions or unknown risks and uncertainties or may differ materially from results ultimately achieved. As such, these statements should not be relied upon when making investment decisions. These statements only speak as at the date of publication and no representation is made as to their correctness on or after this date. Forward-looking statements constitute 'forward-looking statements' for the purposes of the United States Private Securities Litigation Reform Act of 1995. The Group does not undertake any obligation to publicly release the result of any revisions to these forward-looking statements to reflect events or circumstances after the date hereof to reflect the occurrence of unanticipated events.

DIRECTORS' REPORT

The Directors present their report for Australia and New Zealand Banking Group Limited (the Company) for the half year ended 31 March 2026, together with the Condensed Consolidated Financial Statements of the Group.

Directors

The names of the Directors of the Company who held office during and since the end of the half year are:

Mr PD O'Sullivan Chairman
Mr NGMSA Matos Managing Director and Chief Executive Officer
Mr JP Cincotta Director
Ms AR Gerry Director
Mr RBM Gibb Director
Mr GK Hodges Director, ceased 8 February 2026
Ms HS Kramer Director
Ms CE O'Reilly Director
Mr JP Smith Director
Mr SA St John Director

DIRECTORS' REPORT

Performance overview

Condensed Consolidated Income Statement

	Half Year			Movement
	Mar 26
$M	Sep 25
$M	Mar 25
$M	Mar 26
v. Sep 25	Mar 26
v. Mar 25
Net interest income	8,871	9,065	8,838	-2%	0%
Other operating income	2,190	1,930	2,315	13%	-5%
Operating income	11,061	10,995	11,153	1%	-1%
Operating expenses	(5,604)	(7,078)	(5,788)	-21%	-3%
Profit before credit impairment and income tax	5,457	3,917	5,365	39%	2%
Credit impairment (charge)/release	(277)	(292)	(143)	-5%	94%
Profit before income tax	5,180	3,625	5,222	43%	-1%
Income tax expense	(1,529)	(1,233)	(1,538)	24%	-1%
Non-controlling interests	(20)	(20)	(21)	0%	-5%
Profit attributable to shareholders of the Company	3,631	2,372	3,663	53%	-1%

Statutory profit attributable to shareholders of the Company was $3,631 million. This decreased $32 million (1%) compared to the March 2025 half and increased $1,259 million (53%) compared to the September 2025 half.

Cash profit, a non-IFRS measure, represents the Group's preferred measure of the result of its core business activities, enabling readers to assess Group and divisional performance against prior periods and against peer institutions. To calculate cash profit, the Group excludes non-core items from statutory profit. The adjustments made in arriving at cash profit are included in statutory profit which is subject to review within the context of the external auditor's review of the Consolidated Financial Report. Cash profit is not subject to review by the external auditor. The external auditor has informed the Audit Committee that cash profit has been determined on a consistent basis across each period presented.

The adjustments between statutory profit and cash profit were a $130 million loss for the March 2026 half (Sep 25 half: $30 million gain; Mar 25 half: $74 million gain) and are summarised below:

Adjustment	Comment for the adjustment
Economic hedges
Mar 26 half: $144 million loss
Sep 25 half: $39 million loss
Mar 25 half: $167 million gain	The Group enters into economic hedges to manage its interest rate and foreign exchange risk which, in accordance with accounting standards, result in fair value gains and losses being recognised in the Income Statement. Fair value adjustments are removed from cash profit since the profit or loss resulting from the hedge transactions will reverse over time to match with the profit or loss from the economically hedged item as part of cash profit. This includes gains and losses arising from derivatives not designated in accounting hedge relationships but which are considered to be economic hedges, including hedges of foreign currency debt issuances and foreign exchange denominated revenue and expense streams, primarily NZD and USD (and USD-correlated), as well as ineffectiveness from designated accounting hedges.
Revenue and expense hedges
Mar 26 half: $57 million gain
Sep 25 half: $112 million gain
Mar 25 half: $36 million loss	The loss on economic hedges for the March 2026 half related to funding-related derivatives, mainly from the strengthening of the AUD against the USD and EUR.
The gain on revenue and expense hedges for the March 2026 half was driven by appreciation of the AUD against the USD and NZD.
Amortisation of acquired intangible assets
Mar 26 half: $43 million loss
Sep 25 half: $43 million loss
Mar 25 half: $57 million loss	Amortisation of acquired intangible assets:
The acquisition of Suncorp Bank resulted in the recognition of intangible assets of $685 million comprising core deposit and brand intangibles, which are being amortised over their useful lives ranging between 3 to 6 years. The amortisation is removed from cash profit as the assets and associated amortisation only arise through acquisition accounting and would not occur in the ordinary course of business. A $43 million charge after-tax was recognised in the March 2026 half. The carrying value of the acquired intangible assets are $481 million as at 31 March 2026 (Sep 25: $542 million; Mar 25: $603 million).

DIRECTORS' REPORT

Cash Profit Results

	Half Year			Movement
	Mar 26 $M	Sep 25 $M	Mar 25 $M	Mar 26 v. Sep 25	Mar 26 v. Mar 25
Net interest income	8,871	9,065	8,838	-2%	0%
Other operating income	2,315	1,827	2,131	27%	9%
Operating income	11,186	10,892	10,969	3%	2%
Operating expenses	(5,543)	(7,017)	(5,706)	-21%	-3%
Cash profit before credit impairment and income tax	5,643	3,875	5,263	46%	7%
Credit impairment (charge)/release	(277)	(292)	(143)	-5%	94%
Cash profit before income tax	5,366	3,583	5,120	50%	5%
Income tax expense	(1,585)	(1,221)	(1,510)	30%	5%
Non-controlling interests	(20)	(20)	(21)	0%	-5%
Cash profit attributable to shareholders of the Company	3,761	2,342	3,589	61%	5%

March 2026 v March 2025

Cash profit attributable to shareholders of the Company increased $172 million (5%) compared with the March 2025 half.

Net interest income increased $33 million driven by a $25.1 billion increase in average interest earning assets, partially offset by a 3 bps decrease in net interest margin from 155 bps to 152 bps. The increase in average interest earning assets was driven by higher average net loans and advances and higher trading assets and investment securities, partially offset by the impact of foreign currency translation. The net interest margin decreased driven by the impact of Markets activities, assets pricing due to ongoing competition across most divisions and the timing impact of Reserve Bank of Australia (RBA) rate changes, and deposits pricing driven by lower cash rates in New Zealand and international geographies. This was partially offset by higher earnings on replicating portfolio, a reduction in the average liquid asset balance in the Group Centre division, and favourable funding mix primarily from stronger growth in at-call deposits and overall deposit growth outpacing lending growth.
Other operating income increased $184 million (9%) driven by higher realised gains on economic hedges against foreign currency denominated revenue streams offsetting net unfavourable foreign currency translations elsewhere in the Group ($97 million), higher net fee and commission income ($61 million) due to higher scheme incentives and lower customer remediation in the Australia Retail division, and realised gains from liquid asset portfolio rebalancing activity in the Suncorp Bank division ($21 million). This was partially offset by lower Markets other operating income ($21 million).
Operating expenses decreased $163 million (3%) driven by lower restructuring expenses ($81 million) due to a reduction in operational changes across the Group, lower personnel expenses ($25 million) due to benefits from productivity initiatives, lower technology costs ($22 million), lower other expenses ($20 million), and lower premises expenses ($15 million).
Credit impairment charge increased $134 million (94%) driven by an increase in the collectively assessed credit impairment charge ($140 million) for downside risk associated with escalation of conflict in the Middle East increasing volatility in global financial markets, portfolio growth, and a net increase in management temporary adjustments for the revised forecast trajectory for cash rates. This was partially offset by lower individually assessed credit impairment ($6 million).

March 2026 v September 2025

Cash profit attributable to shareholders of the Company increased $1,419 million (61%) compared with the September 2025 half.

Net interest income decreased $194 million (2%) driven by a $9.8 billion decrease in average interest earning assets and a 2 bps decrease in net interest margin from 154 bps to 152 bps. The decrease in average interest earning assets was driven by lower average net loans and advances due to lower Markets activities and the impact of foreign currency translation. The net interest margin decreased driven by the impact of Markets activities, and assets pricing due to the timing impact of RBA rate changes and ongoing competition across most divisions, partially offset by higher earnings on replicating portfolio, favourable funding mix primarily from stronger growth in at-call deposits and overall deposit growth outpacing lending growth, and a reduction in the average liquid asset balance in the Group Centre division.
Other operating income increased $488 million (27%) driven by the impairment of P.T. Bank Pan Indonesia Tbk (PT Panin) in the September 2025 half ($285 million), higher realised gains on economic hedges against foreign currency denominated revenue streams offsetting net unfavourable foreign currency translations elsewhere in the Group ($105 million), higher Markets other operating income ($100 million) and realised gains from liquid asset portfolio rebalancing activity in the Suncorp Bank division ($26 million). This was partially offset by lower net fee and commission income ($41 million) mainly due to lower scheme incentives in the Australia Retail division and lower non-lending fees in the Institutional (excluding Markets) division, and a dividend from Bank of Tianjin ($21 million) in the September 2025 half.
Operating expenses decreased $1,474 million (21%) driven by lower restructuring expenses ($679 million) due to significant operating model changes announced in the September 2025 half, lower other expenses ($455 million) due to ASIC settlement ($271 million) in the September 2025 half and lower investment spend, lower technology expenses ($156 million) due to accelerated software amortisation and impairments on certain technology assets in the September 2025 half, ongoing technology simplification, and lower amortisation due to change in useful lives of select strategic software assets, lower personnel expenses ($155 million) due to benefits from productivity initiatives, and lower premises expenses ($29 million) due to lower depreciation charge.
Credit impairment charge decreased $15 million (5%) driven by a decrease in individually assessed credit impairment ($13 million).

DIRECTORS' REPORT

Condensed Consolidated Balance Sheet

	As at			Movement
Assets	Mar 26
$B	Sep 25
$B	Mar 25
$B	Mar 26
v. Sep 25	Mar 26
v. Mar 25
Cash / Settlement balances owed to ANZ / Collateral paid	190.1	188.4	212.5	1%	-11%
Trading assets and investment securities	215.6	213.8	200.8	1%	7%
Derivative financial instruments	67.9	47.5	49.6	43%	37%
Net loans and advances	822.3	830.0	820.9	-1%	0%
Other	18.4	18.0	19.2	2%	-4%
Total assets	1,314.3	1,297.7	1,303.0	1%	1%
Liabilities
Settlement balances owed by ANZ / Collateral received	43.7	38.5	26.2	14%	67%
Deposits and other borrowings	960.8	956.4	973.6	0%	-1%
Derivative financial instruments	59.5	43.9	44.3	36%	34%
Debt issuances	160.5	169.3	169.6	-5%	-5%
Other	18.5	19.1	18.6	-3%	-1%
Total liabilities	1,243.0	1,227.2	1,232.3	1%	1%
Total equity	71.4	70.4	70.7	1%	1%

March 2026 v March 2025

Cash / Settlement balances owed to ANZ / Collateral paid decreased $22.4 billion (11%) driven by a decrease in balance with central banks ($40.5 billion), and the impact of foreign currency translation. This was partially offset by increases in short-dated reverse repurchase agreements ($11.0 billion), settlement balances owed to ANZ ($10.3 billion), and overnight interbank deposits ($6.1 billion).
Trading assets and investment securities increased $14.8 billion (7%) driven by increases in government and semi-government bonds, treasury bills, and commodities, partially offset by the impact of foreign currency translation.
Derivative financial assets and liabilities increased $18.3 billion (37%) and $15.2 billion (34%) respectively, mainly driven by market movements, primarily the appreciation of the AUD and other major currencies against USD.
Net loans and advances increased $1.4 billion driven by increases across the Australia Retail ($12.6 billion), New Zealand ($5.6 billion), and Suncorp Bank ($2.5 billion) divisions due to home loan growth, the Business & Private Bank division ($2.5 billion) due to higher business lending volumes, and the Institutional (excluding Markets) division ($2.4 billion) due to higher core lending volumes. This was partially offset by a decrease in Markets ($6.1 billion) mainly due to a reduction in reverse repurchase agreements, and the impact of foreign currency translation.
Settlement balances owed by ANZ / Collateral received increased $17.5 billion (67%) driven primarily by increases in trade-dated liabilities.
Deposits and other borrowings decreased $12.8 billion (1%) driven by decreases across deposits from banks and repurchase agreements ($10.8 billion), commercial paper ($9.7 billion), and the impact of foreign currency translation. This was partially offset by higher customer deposits across the Institutional ($22.4 billion), Australia Retail ($6.1 billion), Business & Private Bank ($4.5 billion), and New Zealand ($4.2 billion) divisions.
Debt issuances decreased $9.1 billion (5%) driven by maturities of senior debt, and the impact of foreign currency translation.

March 2026 v September 2025

Derivative financial assets and liabilities increased $20.4 billion (43%) and $15.6 billion (36%) respectively, mainly driven by market movements, primarily the appreciation of the AUD and other major currencies against USD.
Net loans and advances decreased $7.7 billion (1%) driven by a decrease in Markets ($13.4 billion) mainly due to a reduction in reverse repurchase agreements, and the impact of foreign currency translation. This was partially offset by increases in the Institutional (excluding Markets) division ($6.0 billion) due to higher core lending volumes, the Australia Retail ($4.7 billion) and New Zealand ($2.7 billion) divisions due to home loan growth, and the Business & Private Bank division ($1.3 billion) due to higher business lending volumes.
Settlement balances owed by ANZ / Collateral received increased $5.2 billion (14%) driven by an increase in collateral received.
Deposits and other borrowings increased $4.4 billion driven by higher customer deposits in the Institutional ($23.9 billion), Business & Private Bank ($4.9 billion), Australia Retail ($2.9 billion) and New Zealand ($2.5 billion) divisions, and an increase in commercial paper ($2.9 billion). This was partially offset by decreases across deposits from banks and repurchase agreements ($11.1 billion) and certificates of deposit ($6.1 billion), and the impact of foreign currency translation.
Debt issuances decreased $8.8 billion (5%) driven by maturities of senior debt, and the impact of foreign currency translation.

DIRECTORS' REPORT

Liquidity	Half Year Average			Movement
	Mar 26	Sep 25	Mar 25	Mar 26 v. Sep 25	Mar 26 v. Mar 25
Total liquid assets ($B)	308.8	319.5	306.0	-3%	1%
Liquidity Coverage Ratio (%)	132%	133%	132%	-1%	0%

The Group holds a portfolio of high-quality unencumbered liquid assets in order to protect the Group's liquidity position in a severely stressed environment, as well as to meet regulatory requirements. High Quality Liquid Assets comprise three categories, with the definitions consistent with Basel 3 Liquidity Coverage Ratio (LCR):

Highest-quality liquid assets (HQLA1): cash, highest credit quality government, central bank or public sector securities eligible for repurchase with central banks to provide same-day liquidity.
High-quality liquid assets (HQLA2): high credit quality government, central bank or public sector securities, high quality corporate debt securities and high-quality covered bonds eligible for repurchase with central banks to provide same-day liquidity.
Alternative liquid assets (ALA): Eligible securities listed by the Reserve Bank of New Zealand (RBNZ).

The Group monitors and manages the size and composition of its liquid assets portfolio on an ongoing basis in line with regulatory requirements and the risk appetite set by the Board. The LCR remained above the regulatory minimum thresholds throughout the periods.

Funding	As at			Movement
	Mar 26 $B	Sep 25 $B	Mar 25 $B	Mar 26 v. Sep 25	Mar 26 v. Mar 25
Wholesale funding instruments	252.2	265.7	273.3	-5%	-8%
Customer deposits	770.9	749.2	757.8	3%	2%
Other liabilities	219.8	212.3	201.2	4%	9%
Shareholders' equity	71.4	70.4	70.7	1%	1%
Total liabilities and shareholders' equity	1,314.3	1,297.6	1,303.0	1%	1%
Net Stable Funding Ratio (%)	115%	115%	117%	0%	-2%

The Group targets a diversified funding base, avoiding undue concentration by investor type, maturity, market source and currency.

During the March 2026 half, the Group issued $15.5 billion of term wholesale funding (excluding unsubordinated debt with shorter tenors of 12 to 18 months).

Net Stable Funding Ratio remained above the regulatory minimum of 100% throughout this period.

Capital Management	As at			Movement
	Mar 26	Sep 25	Mar 25	Mar 26 v. Sep 25	Mar 26 v. Mar 25
APRA Common Tier Equity 1	12.4%	12.0%	11.8%
Credit risk weighted assets ($B)	366.4	369.6	378.1	-1%	-3%
Total risk weighted assets ($B)	464.0	458.5	469.0	1%	-1%
APRA Leverage Ratio	4.5%	4.4%	4.4%

Australian Prudential Regulation Authority (APRA), under the authority of the Banking Act 1959, sets minimum regulatory requirements for banks including what is acceptable as regulatory capital and provides methods of measuring the risks incurred by the Bank.

The Group's APRA Common Equity Tier 1 ratio was 12.4% at 31 March 2026, which is above APRA's minimum requirements. The increase of 36 bps during the March 2026 half was driven by the impact of current period earnings, and the reinvestment of NOHC surplus capital into ANZBGL group. This was partially offset by the 2025 final dividend paid during the period, risk weighted assets (RWA) growth reflecting higher interest rate risk in the banking book RWA and lending growth driven higher credit RWA, and capital floor adjustment.

At 31 March 2026, the Group's APRA Leverage Ratio was 4.5% which is above the 3.5% minimum for Internal Ratings Based Authorised Deposit-taking Institution, which includes ANZ.

Issue of Ordinary Shares

During the March 2026 half, the Company issued 81,593,214 shares (Sep 2025 half: nil; Mar 2025 half: nil) to its intermediate holding company, ANZ BH Pty Ltd, a wholly owned subsidiary of ANZ Group Holdings Limited (ANZGHL), for $1,930 million (Sep 2025 half: nil; Mar 2025 half: nil).

Dividend

ANZBGL paid a 2025 final dividend of $2,407 million to its intermediate holding company, ANZ BH Pty Ltd, a wholly owned subsidiary of ANZGHL, during the March 2026 half.

The Directors proposed a 2026 interim dividend of $2,502 million to be paid to ANZ BH Pty Ltd on 1 July 2026, with the final amount subject to the outcome of the ANZGHL Bonus Option Plan.

DIRECTORS' REPORT

Lead auditor's independence declaration

The lead auditor's independence declaration given under section 307C of the Corporations Act 2001 (as amended) is set out on page 47 which forms part of this report.

Rounding of amounts

The amounts contained in this Directors' Report and the accompanying Condensed Consolidated Financial Statements have been rounded to the nearest million dollars, except where otherwise indicated, as permitted by ASIC Corporations Instrument 2016/191.

Significant events since balance date

On 29 April 2026, the ANZGHL Group announced that it has entered into a binding agreement to acquire Worldline S.A's 51% share in Worldline Australia Pty Ltd, the joint venture between the ANZGHL Group and Worldline S.A that commenced in 2022, subject to Australian Competition and Consumer Commission approval. Completion is expected to occur in the September 2026 half.

Other than the matter above, there have been no significant events from 31 March 2026 to the date of signing this report.

Signed in accordance with a resolution of the Directors.

Paul D O'Sullivan
Chairman

Nuno A Matos
Managing Director

30 April 2026

CONDENSED CONSOLIDATED INCOME STATEMENT

Australia and New Zealand Banking Group Limited

		Half Year			Movement
	Note	Mar 26 $M	Sep 25 $M	Mar 25 $M	Mar 26 v. Sep 25	Mar 26 v. Mar 25
Interest income¹		28,962	31,204	32,755	-7%	-12%
Interest expense		(20,091)	(22,139)	(23,917)	-9%	-16%
Net interest income	2	8,871	9,065	8,838	-2%	0%
Other operating income	2	2,190	1,930	2,315	13%	-5%
Operating income		11,061	10,995	11,153	1%	-1%
Operating expenses	3	(5,604)	(7,078)	(5,788)	-21%	-3%
Profit before credit impairment and income tax		5,457	3,917	5,365	39%	2%
Credit impairment (charge)/release	8	(277)	(292)	(143)	-5%	94%
Profit before income tax		5,180	3,625	5,222	43%	-1%
Income tax expense	4	(1,529)	(1,233)	(1,538)	24%	-1%
Profit for the period		3,651	2,392	3,684	53%	-1%
Comprising:
Profit attributable to shareholders of the Company		3,631	2,372	3,663	53%	-1%
Profit attributable to non-controlling interests	13	20	20	21	0%	-5%

¹ Includes interest income calculated using effective interest method on financial assets measured at amortised cost or fair value through other comprehensive income of $26,649 million for the March 2026 half (Sep 25 half: $28,772 million; Mar 25 half: $30,294 million).

The notes appearing on pages 14 to 45 form an integral part of the Condensed Consolidated Financial Statements.

CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

Australia and New Zealand Banking Group Limited

	Half Year			Movement
	Mar 26
$M	Sep 25
$M	Mar 25
$M	Mar 26
v. Sep 25	Mar 26
v. Mar 25
Profit for the period	3,651	2,392	3,684	53%	-1%
Other comprehensive income
Items that will not be reclassified subsequently to profit or loss
Investment securities - equity securities at FVOCI	56	(221)	84	large	-33%
Other reserve movements¹	(19)	(98)	39	-81%	large
Items that may be reclassified subsequently to profit or loss
Foreign currency translation reserve	(1,466)	(1,210)	608	21%	large
Cash flow hedge reserve	(1,632)	554	289	large	large
FVOCI reserve	411	624	(116)	-34%	large
Income tax attributable to the above items	375	(250)	(77)	large	large
Share of associates' other comprehensive income²	11	17	(5)	-35%	large
Total comprehensive income for the period	1,387	1,808	4,506	-23%	-69%
Comprising total comprehensive income attributable to:
Shareholders of the Company	1,405	1,815	4,493	-23%	-69%
Non-controlling interests¹	(18)	(7)	13	large	large

¹ Includes foreign currency translation differences attributable to non-controlling interests of -$38 million for the March 2026 half (Sep 25 half: $27 million; Mar 25 half: -$8 million).
² Share of associates' other comprehensive income, that may be reclassified subsequently to profit or loss, relates to Group's share of PT Panin's reserves presented below:

| | Mar 26 half
$M | Sep 25 half
$M | Mar 25 half
$M |
| --- | --- | --- | --- |
| FVOCI reserve gain/(loss) | 13 | 17 | 1 |
| Defined benefits gain/(loss) | (2) | - | (6) |
| Total | 11 | 17 | (5) |

The notes appearing on pages 14 to 45 form an integral part of the Condensed Consolidated Financial Statements.

CONDENSED CONSOLIDATED BALANCE SHEET

Australia and New Zealand Banking Group Limited

		As at			Movement
Assets	Note	Mar 26 $M	Sep 25 $M	Mar 25 $M	Mar 26 v. Sep 25	Mar 26 v. Mar 25
Cash and cash equivalents		165,533	155,209	195,788	7%	-15%
Settlement balances owed to ANZ		16,393	23,394	6,225	-30%	large
Collateral paid		8,173	9,831	10,464	-17%	-22%
Trading assets		51,225	48,248	45,745	6%	12%
Derivative financial instruments		67,911	47,480	49,552	43%	37%
Investment securities		164,438	165,540	155,072	-1%	6%
Net loans and advances	7	822,252	829,986	820,852	-1%	0%
Regulatory deposits		570	541	644	5%	-11%
Investments in associates	15	1,144	1,140	1,479	0%	-23%
Current tax assets		28	25	43	12%	-35%
Deferred tax assets		3,641	3,327	3,180	9%	14%
Goodwill and other intangible assets		5,583	5,762	5,780	-3%	-3%
Premises and equipment		2,114	2,283	2,325	-7%	-9%
Other assets		5,323	4,905	5,822	9%	-9%
Total assets		1,314,328	1,297,671	1,302,971	1%	1%
Liabilities
Settlement balances owed by ANZ		32,370	31,144	16,085	4%	large
Collateral received		11,284	7,428	10,129	52%	11%
Deposits and other borrowings	9	960,754	956,401	973,630	0%	-1%
Derivative financial instruments		59,466	43,902	44,279	35%	34%
Current tax liabilities		323	537	306	-40%	6%
Deferred tax liabilities		250	226	190	11%	32%
Payables and other liabilities		15,407	15,147	15,726	2%	-2%
Employee entitlements		697	688	655	1%	6%
Other provisions		1,947	2,479	1,704	-21%	14%
Debt issuances	10	160,480	169,274	169,555	-5%	-5%
Total liabilities		1,242,978	1,227,226	1,232,259	1%	1%
Net assets		71,350	70,445	70,712	1%	1%
Shareholders' equity
Ordinary share capital	13	29,025	27,053	27,028	7%	7%
Reserves	13	(3,644)	(1,379)	(902)	large	large
Retained earnings	13	45,266	44,032	43,822	3%	3%
Share capital and reserves attributable to shareholders of the Company		70,647	69,706	69,948	1%	1%
Non-controlling interests	13	703	739	764	-5%	-8%
Total shareholders' equity		71,350	70,445	70,712	1%	1%

The notes appearing on pages 14 to 45 form an integral part of the Condensed Consolidated Financial Statements.

CONDENSED CONSOLIDATED CASH FLOW STATEMENT

Australia and New Zealand Banking Group Limited

	Half Year
	Mar 26
$M	Sep 25
$M	Mar 25
$M
Profit for the period	3,651	2,392	3,684
Adjustments to reconcile to net cash provided by/(used in) operating activities:
Allowance for expected credit losses	277	292	143
Impairment of investments in associates	-	285	-
Depreciation and amortisation	498	555	545
Goodwill and other intangible assets impairments	13	71	-
Net derivatives/foreign exchange adjustment	(8,949)	327	3,541
Other non-cash movements	(115)	17	(7)
Net (increase)/decrease in operating assets:
Collateral paid	1,345	207	372
Trading assets	2,857	(20,725)	(15)
Net loans and advances	(2,765)	(17,428)	(11,808)
Other assets	(436)	614	(588)
Net increase/(decrease) in operating liabilities:
Deposits and other borrowings	21,069	(1,620)	51,750
Settlement balances owed by ANZ	2,056	15,571	(240)
Collateral received	4,189	(2,318)	2,913
Other liabilities	(226)	281	(2,783)
Total adjustments	19,813	(23,871)	43,823
Net cash provided by/(used in) operating activities^{1}	23,464	(21,479)	47,507
Cash flows from investing activities
Investment securities assets:
Purchases	(41,033)	(41,643)	(41,649)
Proceeds from sale or maturity	39,005	28,117	31,629
Net investments in other assets	(310)	(211)	(242)
Net cash provided by/(used in) investing activities	(2,338)	(13,737)	(10,262)
Cash flows from financing activities
Deposits and other borrowings (repaid)/drawn down	(953)	(919)	(510)
Debt issuances:^{2}
Issue proceeds	19,231	19,977	25,961
Redemptions	(22,763)	(18,786)	(19,798)
Dividends paid^{3}	(2,425)	(2,126)	(2,539)
On-market purchase of treasury shares	(29)	(8)	(118)
Repayment of lease liabilities	(161)	(205)	(172)
Issue of ordinary shares	1,930	-	-
Net cash provided by/(used in) financing activities	(5,170)	(2,067)	2,824
Net increase/(decrease) in cash and cash equivalents	15,956	(37,283)	40,069
Cash and cash equivalents at beginning of period	155,209	195,788	150,965
Effects of exchange rate changes on cash and cash equivalents	(5,632)	(3,296)	4,754
Cash and cash equivalents at end of period	165,533	155,209	195,788

Net cash provided by/(used in) operating activities includes interest received of $28,819 million for the March 2026 half (Sep 25 half: $31,419 million; Mar 25 half: $32,582 million), interest paid of $20,545 million for the March 2026 half (Sep 25 half: $22,836 million; Mar 25 half: $24,129 million) and income taxes paid of $1,704 million for the March 2026 half (Sep 25 half: $1,295 million; Mar 25 half: $1,785 million).
Non-cash movements on Debt issuances include a gain of $5,262 million for the March 2026 half (Sep 25 half: $1,472 million gain; Mar 25: $7,014 million loss) from unrealised movements primarily due to fair value hedge adjustments and foreign currency translation differences.
Cash outflow for shares purchased to satisfy the dividend reinvestment plan are classified in Dividends paid.

The notes appearing on pages 14 to 45 form an integral part of the Condensed Consolidated Financial Statements.

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

Australia and New Zealand Banking Group Limited

	Ordinary share capital $M	Reserves $M	Retained earnings $M	Share capital and reserves attributable to shareholders of the Company $M	Non-controlling interests $M	Total shareholders' equity $M
As at 1 October 2024	27,065	(1,678)	42,602	67,989	771	68,760
Profit for the period	-	-	3,663	3,663	21	3,684
Other comprehensive income for the period	-	804	26	830	(8)	822
Total comprehensive income for the period	-	804	3,689	4,493	13	4,506
Transactions with equity holders in their capacity as equity holders:
Dividends paid	-	-	(2,472)	(2,472)	(20)	(2,492)
Other equity movements:
Employee share and option plans	(37)	(28)	3	(62)	-	(62)
As at 31 March 2025	27,028	(902)	43,822	69,948	764	70,712
Profit for the period	-	-	2,372	2,372	20	2,392
Other comprehensive income for the period	-	(508)	(49)	(557)	(27)	(584)
Total comprehensive income for the period	-	(508)	2,323	1,815	(7)	1,808
Transactions with equity holders in their capacity as equity holders:
Dividends paid	-	-	(2,108)	(2,108)	(18)	(2,126)
Other equity movements:
Employee share and option plans	25	27	(1)	51	-	51
Other items	-	4	(4)	-	-	-
As at 30 September 2025	27,053	(1,379)	44,032	69,706	739	70,445
Profit for the period	-	-	3,631	3,631	20	3,651
Other comprehensive income for the period	-	(2,237)	11	(2,226)	(38)	(2,264)
Total comprehensive income for the period	-	(2,237)	3,642	1,405	(18)	1,387
Transactions with equity holders in their capacity as equity holders:
Issue of ordinary shares¹	1,930	-	-	1,930	-	1,930
Dividends paid	-	-	(2,407)	(2,407)	(18)	(2,425)
Other equity movements:
Employee share and option plans	42	(28)	2	16	-	16
Other items	-	-	(3)	(3)	-	(3)
As at 31 March 2026	29,025	(3,644)	45,266	70,647	703	71,350

¹ The Company issued 81,593,214 ordinary shares to ANZ BH Pty Ltd for $1,930 million during the March 2026 half.

The notes appearing on pages 14 to 45 form an integral part of the Condensed Consolidated Financial Statements.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Basis of preparation

These are the Condensed Consolidated Financial Statements for Australia and New Zealand Banking Group Limited (the Company) and its controlled entities (the Group) for the half year ended 31 March 2026. These Condensed Consolidated Financial Statements:

have been prepared in accordance with the recognition and measurement requirements of Australian Accounting Standards (AASs);
should be read in conjunction with ANZBGL’s Annual Financial Report for the year ended 30 September 2025 and any public announcements made by the Group for the half year ended 31 March 2026 in accordance with the continuous disclosure obligations under the Corporations Act 2001 and the ASX Listing Rules;
do not include all notes of the type normally included in an annual report;
are presented in Australian dollars unless otherwise stated; and
were approved by the Board of Directors on 30 April 2026.

i) Statement of Compliance

These Condensed Consolidated Financial Statements have been prepared in accordance with the Corporations Act 2001 and AASB 134 Interim Financial Reporting which ensured compliance with IAS 34 Interim Financial Reporting.

ii) Rounding of amounts

The amounts contained in these Condensed Consolidated Financial Statements have been rounded to the nearest million dollars, except where otherwise indicated, as permitted by Australian Securities and Investments Commission Corporations Instrument 2016/191.

iii) Basis of measurement and presentation

The financial information has been prepared in accordance with the historical cost basis except the following assets and liabilities that are stated at their fair values:

derivative financial instruments and in the case of fair value hedging, a fair value adjustment made to the underlying hedged item;
financial instruments held for trading;
financial instruments designated at fair value through profit and loss (FVTPL); and
financial assets at fair value through other comprehensive income (FVOCI).

In accordance with AASB 119 Employee Benefits, defined benefit obligations are measured using the Projected Unit Credit method.

iv) Accounting policies

These Condensed Consolidated Financial Statements have been prepared on the basis of accounting policies and using methods of computation consistent with those applied in the 2025 ANZBGL Annual Report. New and revised standards and interpretations issued by the AASB and the International Accounting Standards Board (IASB) that are effective for the half year ended 31 March 2026 did not result in changes to the Group's accounting policies.

v) Use of estimates, assumptions and judgements

The preparation of these Condensed Consolidated Financial Statements requires the use of management judgement, estimates and assumptions impacting the application of accounting policies and financial outcomes. Discussion of the critical accounting estimates and judgements, which include complex or subjective decisions or assessments are provided in the 2025 ANZBGL Annual Report and updated as necessary within these Condensed Consolidated Financial Statements. Such estimates and judgements are reviewed on an ongoing basis.

The Group has made various accounting estimates in these Condensed Consolidated Financial Statements based on forecasts of economic conditions which reflect expectations and assumptions used at 31 March 2026 about future events considered reasonable in the circumstances. There is a considerable degree of judgement involved in preparing these estimates. The assumptions and judgements made in relation to significant accounting estimates are discussed further below.

Expected Credit Losses

The significant accounting estimate predominantly impacted by these forecasts and associated uncertainties are expected credit losses, including key economic assumptions and the application of probability weightings to a number of economic scenarios. Actual economic conditions are likely to be different from those forecast since anticipated events frequently do not occur as expected, and the effect of these differences may significantly impact the Group's accounting estimates included in these financial statements. Refer to Note 8 Allowance for expected credit losses for key judgements and assumptions in estimating collectively assessed ECL.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Basis of preparation, cont'd

Investments in Associates – PT Panin

The Group assesses the carrying value of its investments in associates for impairment indicators. Significant management judgment is required to determine the key assumptions underpinning the value-in-use (VIU) calculation for PT Bank Pan Indonesia Tbk (PT Panin). Factors that may change in subsequent periods and lead to potential future impairments, or reversals of prior impairments, include changes in forecast earning levels in the near and medium term and/or changes in the long-term growth forecasts, changes to required levels of regulatory capital and the post-tax discount rate arising from changes in the risk premium or risk-free rates. Refer to Note 15 Investments in associates for the assumptions utilised in the VIU calculation.

Provisions

The Group recognises provisions for various obligations including restructuring costs, customer remediation, non-lending losses, frauds and forgeries, and litigation-related claims. These provisions involve judgements regarding the timing and outcome of future events, including estimates of expenditure required to satisfy these obligations. The appropriateness of the underlying assumptions is reviewed on a regular basis against actual experience and other relevant evidence, including for example expert legal advice, and adjustments are made to provisions where appropriate.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

2. Income

	Half Year			Movement
	Mar 26 $M	Sep 25 $M	Mar 25 $M	Mar 26 v. Sep 25	Mar 26 v. Mar 25
Net interest income
Interest income	28,962	31,204	32,755	-7%	-12%
Interest expense	(19,861)	(21,908)	(23,697)	-9%	-16%
Major bank levy	(230)	(231)	(220)	0%	5%
Net interest income	8,871	9,065	8,838	-2%	0%
Other operating income
Lending fees¹	208	221	215	-6%	-3%
Non-lending fees	1,050	1,162	1,121	-10%	-6%
Commissions	29	34	29	-15%	0%
Funds management income	128	127	124	1%	3%
Fee and commission income	1,415	1,544	1,489	-8%	-5%
Fee and commission expense	(470)	(549)	(596)	-14%	-21%
Net fee and commission income	945	995	893	-5%	6%
Net foreign exchange earnings and other financial instruments income²	1,081	1,072	1,276	1%	-15%
Net income from insurance business	53	49	46	8%	15%
Share of associates' profit/(loss)	56	52	54	8%	4%
PT Panin impairment	-	(285)	-	large	n/a
Other	55	47	46	17%	20%
Other income	1,245	935	1,422	33%	-12%
Other operating income	2,190	1,930	2,315	13%	-5%
Operating income	11,061	10,995	11,153	1%	-1%

¹ Lending fees recognised in other operating income exclude fees treated as part of the effective yield calculation which are recognised in interest income.
² Includes fair value movements (excluding realised and accrued interest) on derivatives not designated as accounting hedges, entered into to manage interest rate and foreign exchange risk, ineffective portions of cash flow hedges, and fair value movements in financial assets and liabilities at fair value through profit or loss.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Operating expenses

	Half Year			Movement
	Mar 26 $M	Sep 25 $M	Mar 25 $M	Mar 26 v. Sep 25	Mar 26 v. Mar 25
i) Personnel
Salaries and related costs	2,896	3,025	2,930	-4%	-1%
Superannuation costs	299	259	246	15%	22%
Equity-settled share-based payments	47	61	60	-23%	-22%
Other	25	77	56	-68%	-55%
Personnel	3,267	3,422	3,292	-5%	-1%
ii) Premises
Rent	43	39	48	10%	-10%
Depreciation	220	230	228	-4%	-4%
Other	83	106	85	-22%	-2%
Premises	346	375	361	-8%	-4%
iii) Technology
Depreciation and amortisation	217	263	233	-17%	-7%
Subscription licences and outsourced services	642	698	633	-8%	1%
Other	162	216	177	-25%	-8%
Technology	1,021	1,177	1,043	-13%	-2%
iv) Restructuring¹	2	681	83	large	-98%
v) Other
Advertising and public relations	101	112	104	-10%	-3%
Professional fees	356	557	400	-36%	-11%
Freight, stationery, postage and communication	99	96	83	3%	19%
Card processing fees	49	42	45	17%	9%
Amortisation and impairment of other intangible assets	61	62	82	-2%	-26%
Non-lending losses, frauds and forgeries²	72	322	61	-78%	18%
Other	230	232	234	-1%	-2%
Other	968	1,423	1,009	-32%	-4%
Operating expenses	5,604	7,078	5,788	-21%	-3%

¹ September 2025 half includes $579 million of staff redundancies, $97 million of non-staff costs relating to Suncorp Bank migration, and $5 million various other small items.
² September 2025 half includes $240 million of ASIC penalties, with an additional $10 million recognised during the March 2026 half.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

4. Income tax expense

Reconciliation of the prima facie income tax expense on pre-tax profit with the income tax expense recognised in the profit and loss.

	Half Year			Movement
	Mar 26 $M	Sep 25 $M	Mar 25 $M	Mar 26 v. Sep 25	Mar 26 v. Mar 25
Profit before income tax	5,180	3,625	5,222	43%	-1%
Prima facie income tax expense at 30%	1,554	1,087	1,567	43%	-1%
Tax effect of permanent differences:
Share of associates' (profit)/loss	(17)	(16)	(16)	6%	6%
Interest on convertible instruments	45	47	58	-4%	-22%
Overseas tax rate differential	(82)	(76)	(83)	8%	-1%
Provision for foreign tax on dividend repatriation	15	22	11	-32%	36%
Non-deductible ASIC penalties	3	72	-	-96%	n/a
PT Panin impairment	-	86	-	large	n/a
Other	6	20	(2)	-70%	large
Subtotal	1,524	1,242	1,535	23%	-1%
Income tax (over)/under provided in previous years	5	(9)	3	large	67%
Income tax expense	1,529	1,233	1,538	24%	-1%
Australia	840	525	774	60%	9%
Overseas	689	708	764	-3%	-10%
Income tax expense	1,529	1,233	1,538	24%	-1%
Effective tax rate	29.5%	34.0%	29.5%

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

5. Dividends

	Half Year			Movement
	Mar 26	Sep 25	Mar 25	Mar 26 v. Sep 25	Mar 26 v. Mar 25
Ordinary share dividend ($M)¹
Interim dividend	-	2,108	-
Final dividend	2,407	-	2,472
Total	2,407	2,108	2,472	14%	-3%

¹ Dividends paid to ordinary shareholders of the Company excludes dividends paid by subsidiaries to the Group’s non-controlling equity holders of $18 million for the March 2026 half (Sep 25 half: $38 million; Mar 25 half: $20 million).

Ordinary Shares

ANZBGL paid a 2025 final dividend of $2,407 million to its intermediate holding company, ANZ BH Pty Ltd, a wholly owned subsidiary of ANZGHL, during the March 2026 half.

The Directors proposed a 2026 interim dividend of $2,502 million to be paid to ANZ BH Pty Ltd on 1 July 2026, with the final amount subject to the outcome of the ANZGHL Bonus Option Plan.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

6. Segment reporting

i) Description of segments

The Group operates a divisional structure with seven divisions: Australia Retail, Business & Private Bank (formerly known as Australia Commercial), Institutional, New Zealand, Suncorp Bank, Pacific, and Group Centre. Operating segments presented below are consistent with internal divisional reporting provided to the chief operating decision maker, being the Chief Executive Officer.

The presentation of divisional results has been impacted by the creation of a new Group Operations function within the Group Centre division during the March 2026 half to better support the bank's strategy. Group Operations brings together operations, business services and enterprise services teams from across the bank to deliver a consistent catalogue of shared services, streamline operations, and support for each division more effectively. The establishment of Group Operations primarily impacted divisional full-time equivalent (FTEs) employees, the impacts on divisional income statement and balance sheet items were not material.

Prior period comparatives have been restated.

ii) Operating segments

The Group measures the performance of operating segments on a cash profit basis. To calculate cash profit, the Group excludes certain items from profit after-tax attributable to shareholders. These adjustments relate to the impacts of economic hedges and revenue and expense hedges, which represent timing differences that will reverse through earnings in the future, and the amortisation of intangible assets recognised as a result of the Suncorp Bank acquisition.

Transactions between divisions across segments within the Group are conducted on an arm's length basis and where relevant disclosed as part of the income and expenses of these segments.

March 2026 Half Year	Business &
	Australia Retail $M	Private Bank $M	Institutional $M	New Zealand $M	Suncorp Bank $M	Pacific $M	Group Centre $M	Group Total $M
Net interest income	2,667	1,625	1,990	1,547	783	55	204	8,871
Net fee and commission income	271	140	318	198	20	6	(8)	945
Other income^{1,2}	55	14	1,036	1	30	38	196	1,370
Operating income^{1,2}	2,993	1,779	3,344	1,746	833	99	392	11,186
Operating expenses^{3}	(1,532)	(728)	(1,365)	(652)	(444)	(67)	(755)	(5,543)
Cash profit before credit impairment and income tax	1,461	1,051	1,979	1,094	389	32	(363)	5,643
Credit impairment (charge)/release	(107)	(52)	(104)	(1)	(20)	6	1	(277)
Cash profit before income tax	1,354	999	1,875	1,093	369	38	(362)	5,366
Income tax (expense)/benefit^{1,2,3}	(409)	(301)	(528)	(305)	(111)	(8)	77	(1,585)
Non-controlling interests	-	-	-	-	-	(1)	(19)	(20)
Cash profit/(loss)	945	698	1,347	788	258	29	(304)	3,761
Economic hedges^{1}								(144)
Revenue and expense hedges^{2}								57
Amortisation of acquired intangible assets^{3}								(43)
Profit after-tax attributable to shareholders								3,631
Financial Position
Total external assets	356,786	68,826	660,697	122,414	90,294	3,382	11,929	1,314,328
Total external liabilities	193,525	128,758	515,836	116,805	83,473	3,946	200,635	1,242,978

1 Economic hedges cash profit adjustment relates to the Institutional, New Zealand, Suncorp Bank and Group Centre divisions. In the condensed consolidated income statement, $207 million loss was recognised in Other operating income and $63 million of Income tax benefit was recognised during the March 2026 half.
2 Revenue and expense hedges cash profit adjustment relates to the Group Centre division. In the condensed consolidated income statement, $82 million gain was recognised in Other operating income and $25 million of Income tax expense was recognised during the March 2026 half.
3 Amortisation of acquired intangible assets cash profit adjustment relates to the Suncorp Bank division. In the condensed consolidated income statement, $61 million was recognised in Operating expenses and $18 million of Income tax benefit was recognised during the March 2026 half.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Segment reporting, cont'd

September 2025 Half Year	Australia Retail $M	Business & Private Bank $M	Institutional $M	New Zealand $M	Suncorp Bank $M	Pacific $M	Group Centre $M	Group Total $M
Net interest income	2,654	1,591	2,118	1,650	817	53	182	9,065
Net fee and commission income	298	137	344	190	32	5	(11)	995
Other income^{1,2}	59	16	928	2	4	40	(217)	832
Operating income^{1,2}	3,011	1,744	3,390	1,842	853	98	(46)	10,892
Operating expenses^{3}	(2,234)	(765)	(1,620)	(722)	(640)	(70)	(966)	(7,017)
Cash profit before credit impairment and income tax	777	979	1,770	1,120	213	28	(1,012)	3,875
Credit impairment (charge)/release	(226)	(52)	(3)	15	(25)	1	(2)	(292)
Cash profit before income tax	551	927	1,767	1,135	188	29	(1,014)	3,583
Income tax (expense)/benefit^{1,2,3}	(208)	(280)	(541)	(318)	(56)	(5)	187	(1,221)
Non-controlling interests	-	-	-	-	-	(1)	(19)	(20)
Cash profit/(loss)	343	647	1,226	817	132	23	(846)	2,342
Economic hedges^{1}								(39)
Revenue and expense hedges^{2}								112
Amortisation of acquired intangible assets^{3}								(43)
Profit after-tax attributable to shareholders								2,372
Financial Position
Total external assets	351,574	67,524	631,835	126,104	89,369	3,354	27,911	1,297,671
Total external liabilities	190,552	123,942	502,757	120,644	82,791	3,858	202,682	1,227,226
March 2025 Half Year
Net interest income	2,592	1,589	2,028	1,589	823	55	162	8,838
Net fee and commission income	215	138	333	193	21	7	(14)	893
Other income^{1,2}	54	15	1,053	-	9	37	70	1,238
Operating income^{1,2}	2,861	1,742	3,414	1,782	853	99	218	10,969
Operating expenses^{3}	(1,781)	(755)	(1,461)	(685)	(433)	(74)	(517)	(5,706)
Cash profit before credit impairment and income tax	1,080	987	1,953	1,097	420	25	(299)	5,263
Credit impairment (charge)/release	(63)	(50)	(28)	4	(11)	3	2	(143)
Cash profit before income tax	1,017	937	1,925	1,101	409	28	(297)	5,120
Income tax (expense)/benefit^{1,2,3}	(312)	(282)	(547)	(309)	(123)	(7)	70	(1,510)
Non-controlling interests	-	-	-	-	-	(1)	(20)	(21)
Cash profit/(loss)	705	655	1,378	792	286	20	(247)	3,589
Economic hedges^{1}								167
Revenue and expense hedges^{2}								(36)
Amortisation of acquired intangible assets^{3}								(57)
Profit after-tax attributable to shareholders								3,663
Financial Position
Total external assets	343,544	66,327	618,541	127,467	88,785	3,365	54,942	1,302,971
Total external liabilities	187,346	124,816	493,410	122,408	82,483	3,848	217,948	1,232,259

1 Economic hedges cash profit adjustment relates to the Institutional, New Zealand, Suncorp Bank and Group Centre divisions. In the condensed consolidated income statement, $58 million loss was recognised in Other operating income for the September 2025 half (Mar 25 half: $236 million gain) and $19 million of Income tax benefit was recognised for the September 2025 half (Mar 25 half: $69 million expense).
2 Revenue and expense hedges cash profit adjustment relates to the Group Centre division. In the condensed consolidated income statement, $161 million gain was recognised in Other operating income for the September 2025 half (Mar 25 half: $52 million loss) and $49 million of Income tax expense was recognised for the September 2025 half (Mar 25 half: $16 million benefit).
3 Amortisation of acquired intangible assets cash profit adjustment relates to the Suncorp Bank division. In the condensed consolidated income statement, $61 million was recognised in Operating expenses for the September 2025 half (Mar 25 half: $62 million) and $18 million of Income tax benefit was recognised for the September 2025 half (Mar 25 half: $25 million).

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Net loans and advances

	As at			Movement
	Mar 26 $M	Sep 25 $M	Mar 25 $M	Mar 26 v. Sep 25	Mar 26 v. Mar 25
Australia
Overdrafts	4,335	4,615	4,479	-6%	-3%
Credit cards outstanding	5,103	5,119	5,211	0%	-2%
Commercial bills outstanding	3,532	3,739	4,072	-6%	-13%
Term loans - housing	407,446	401,534	391,719	1%	4%
Term loans - non-housing	192,745	204,554	193,921	-6%	-1%
Other	1,022	955	916	7%	12%
Total Australia	614,183	620,516	600,318	-1%	2%
New Zealand
Overdrafts	955	1,010	1,011	-5%	-6%
Credit cards outstanding	1,042	1,080	1,126	-4%	-7%
Term loans - housing	99,091	102,011	103,090	-3%	-4%
Term loans - non-housing	33,496	35,601	34,852	-6%	-4%
Total New Zealand	134,584	139,702	140,079	-4%	-4%
Rest of World
Overdrafts	386	394	585	-2%	-34%
Credit cards outstanding	6	6	6	0%	0%
Term loans - housing	450	452	454	0%	-1%
Term loans - non-housing	72,644	68,931	79,420	5%	-9%
Total Rest of World	73,486	69,783	80,465	5%	-9%
Subtotal	822,253	830,001	820,862	-1%	0%
Unearned income¹	(607)	(641)	(584)	-5%	4%
Capitalised brokerage and other origination costs¹	4,503	4,500	4,335	0%	4%
Gross loans and advances	826,149	833,860	824,613	-1%	0%
Allowance for ECL (refer to Note 8)	(3,897)	(3,874)	(3,761)	1%	4%
Net loans and advances	822,252	829,986	820,852	-1%	0%

¹ Amortised over the expected life of the loan.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

8. Allowance for expected credit losses

The Group's assessment of expected credit losses (ECL) from its credit portfolio is subject to judgements and estimates made by management based on a variety of internal and external information, as well as the Group's experience of the performance of the portfolio under a variety of conditions.

	As at
	Mar 26			Sep 25			Mar 25
	Collectively assessed $M	Individually assessed $M	Total $M	Collectively assessed $M	Individually assessed $M	Total $M	Collectively assessed $M	Individually assessed $M	Total $M
Net loans and advances at amortised cost	3,539	358	3,897	3,512	362	3,874	3,415	346	3,761
Off-balance sheet commitments - undrawn and contingent facilities	880	37	917	833	37	870	834	18	852
Investment securities - debt securities at amortised cost	34	-	34	34	-	34	31	-	31
Total	4,453	395	4,848	4,379	399	4,778	4,280	364	4,644
Other Comprehensive Income
Investment securities - debt securities at FVOCI¹	14	-	14	13	-	13	21	-	21

¹ For FVOCI assets, the allowance for ECL does not alter the carrying amount which remains at fair value. Instead, the allowance for ECL is recognised in Other comprehensive income with a corresponding charge to profit or loss.

The following tables present the movement in the allowance for ECL.

Net loans and advances at amortised cost

Allowance for ECL is included in Net loans and advances.

	Stage 3
	Stage 1 $M	Stage 2 $M	Collectively assessed $M	Individually assessed $M	Total $M
As at 1 October 2024	1,276	1,653	443	303	3,675
Transfer between stages	147	(160)	(61)	74	-
New and increased provisions (net of releases)¹	(214)	198	109	210	303
Write-backs	-	-	-	(67)	(67)
Bad debts written-off (excluding recoveries)	-	-	-	(172)	(172)
Foreign currency translation and other movements²	17	(1)	8	(2)	22
As at 31 March 2025	1,226	1,690	499	346	3,761
Transfer between stages	204	(174)	(117)	87	-
New and increased provisions (net of releases)	(83)	54	233	185	389
Write-backs	-	-	-	(70)	(70)
Bad debts written-off (excluding recoveries)	-	-	-	(174)	(174)
Foreign currency translation and other movements²	(14)	(12)	6	(12)	(32)
As at 30 September 2025	1,333	1,558	621	362	3,874
Transfer between stages	214	(213)	(65)	64	-
New and increased provisions (net of releases)	(122)	178	67	186	309
Write-backs	-	-	-	(62)	(62)
Bad debts written-off (excluding recoveries)	-	-	-	(180)	(180)
Foreign currency translation and other movements²	(19)	(14)	1	(12)	(44)
As at 31 March 2026	1,406	1,509	624	358	3,897

¹ Includes Suncorp Bank acquisition related collectively assessed allowance for ECL. Under accounting standards, these were initially recognised as Stage 1, and where relevant moving to Stage 2 after the date of acquisition, all presented within New and increased provisions (net of releases).
² Other movements include the impact of discounting on expected cash flows for individually assessed allowances for ECL.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

8. Allowance for expected credit losses, cont'd

Off-balance sheet commitments - undrawn and contingent facilities

Allowance for ECL is included in Other provisions.

	Stage 1 $M	Stage 2 $M	Stage 3		Total $M
			Collectively assessed $M	Individually assessed $M
As at 30 September 2024	658	156	27	5	846
Transfer between stages	19	(18)	(2)	1	-
New and increased provisions (net of releases)	(60)	26	6	14	(14)
Write-backs	-	-	-	(2)	(2)
Foreign currency translation and other movements	23	-	(1)	-	22
As at 31 March 2025	640	164	30	18	852
Transfer between stages	22	(21)	(4)	3	-
New and increased provisions (net of releases)	(6)	20	3	16	33
Write-backs	-	-	-	(1)	(1)
Foreign currency translation and other movements	(13)	(3)	1	1	(14)
As at 30 September 2025	643	160	30	37	870
Transfer between stages	21	(20)	(1)	-	-
New and increased provisions (net of releases)	54	4	6	2	66
Write-backs	-	-	-	(2)	(2)
Foreign currency translation and other movements	(13)	(4)	-	-	(17)
As at 31 March 2026	705	140	35	37	917

Investment securities - debt securities at amortised cost

Allowance for ECL is included in Investment securities.

	Stage 1 $M	Stage 2 $M	Stage 3		Total $M
			Collectively assessed $M	Individually assessed $M
As at 31 March 2025	31	-	-	-	31
As at 30 September 2025	34	-	-	-	34
As at 31 March 2026	34	-	-	-	34

Investment securities - debt securities at FVOCI

For FVOCI assets, the allowance for ECL does not alter the carrying amount which remains at fair value. Instead, the allowance for ECL is recognised in Other comprehensive income with a corresponding charge to profit or loss.

	Stage 1 $M	Stage 2 $M	Stage 3		Total $M
			Collectively assessed $M	Individually assessed $M
As at 31 March 2025	21	-	-	-	21
As at 30 September 2025	13	-	-	-	13
As at 31 March 2026	14	-	-	-	14

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

8. Allowance for expected credit losses, cont'd

Credit impairment charge/(release) analysis

	Half Year			Movement
	Mar 26 $M	Sep 25 $M	Mar 25 $M	Mar 26 v. Sep 25	Mar 26 v. Mar 25
New and increased provisions (net of releases)1
- Collectively assessed	126	128	(14)	-2%	large
- Individually assessed	252	291	299	-13%	-16%
Write-backs2	(64)	(71)	(69)	-10%	-7%
Recoveries of amounts previously written-off	(37)	(56)	(73)	-34%	-49%
Total credit impairment charge/(release)	277	292	143	-5%	94%

1 New and increased provisions (net of releases) includes the impact of transfers between stages as summarised below:

	Mar 26 half		Sep 25 half		Mar 25 half
	Collectively assessed $M	Individually assessed $M	Collectively assessed $M	Individually assessed $M	Collectively assessed $M	Individually assessed $M
Net loans and advances at amortised cost	59	250	117	272	19	284
Off-balance sheet commitments	64	2	14	19	(29)	15
Investment securities - debt securities at amortised cost	2	-	5	-	(5)	-
Investment securities - debt securities at FVOCI	1	-	(8)	-	1	-
Total	126	252	128	291	(14)	299

2 Consists of write-backs in Net loans and advances at amortised cost of $62 million for the March 2026 half (Sep 25 half: $70 million; Mar 25 half: $67 million), and Off-balance sheet commitments of $2 million for the March 2026 half (Sep 25 half: $1 million; Mar 25 half: $2 million).

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

8. Allowance for expected credit losses, cont'd

Key judgements and estimates

Individually assessed allowance for ECL

In estimating individually assessed ECL, the Group makes judgements and assumptions in relation to expected repayments, the realisable value of collateral, business prospects for the customer, competing claims and the likely cost and duration of the work-out process.

Collectively assessed allowance for ECL

In estimating collectively assessed ECL, the Group makes judgements and assumptions in relation to:

the selection of an estimation technique or modelling methodology; and
the selection of inputs for those models, and the interdependencies between those inputs.

The judgements and associated assumptions have been made within the context of the uncertainty of how various factors might impact the global economy, and reflect historical experience and other factors that are considered relevant, including expectations of future events that are believed to be reasonable under the circumstances. The Group's ECL estimates are inherently uncertain and, as a result, actual results may differ from these estimates.

The key judgements and assumptions in estimating collectively assessed ECL are presented below.

Base case economic forecast assumptions

The economic drivers of the base case economic forecasts, reflective of ANZ Economics' view of future macro-economic conditions, used at 31 March 2026 are set out below. For years beyond the near-term forecasts below, the ECL models apply simplified assumptions for the economic conditions to calculate lifetime loss. There is a high level of estimation uncertainty when forming these forecasts.

The base case economic forecasts for Australia are for a pace of growth broadly consistent with the economy's ability to grow over the medium term, and reflect the impact of interest rate adjustments and modest tax cuts. In New Zealand, economic recovery and a return to growth is forecast, supported by lower interest rates, favourable terms of trade and a declining unemployment rate. However, as these base case economic forecasts do not capture the current and potential future uncertainty and volatility arising from the recent conflict in the Middle East, scenario weightings have been applied to reflect the Group's assessment of downside risks, as discussed below.

	Calendar year
	2025	2026	2027
Australia
GDP (annual average % change)	1.9	2.0	2.0
Unemployment rate (annual average)	4.2	4.3	4.4
Residential property prices (annual % change)	7.3	4.8	3.8
Consumer price index (annual average % change)	2.8	3.6	2.9
New Zealand
GDP (annual average % change)	0.4	2.6	2.8
Unemployment rate (annual average)	5.3	5.1	4.7
Residential property prices (annual % change)	(0.1)	2.0	4.5
Consumer price index (annual average % change)	2.8	2.5	2.0
Rest of World
GDP (annual average % change)	2.3	2.5	2.2
Consumer price index (annual % change)	2.7	2.5	2.2

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

8. Allowance for expected credit losses, cont'd

Probability weightings

Probability weightings for each scenario are determined by management considering the risks and uncertainties surrounding the base case economic scenario including the uncertainties described above.

The key consideration for probability weightings in the current period is the heightened downside risks arising from the recent conflict in the Middle East, which increases volatility in global financial markets. Accordingly, greater weight has been applied to the severe downside scenario, reflecting the Group's assessment of downside risks.

The assigned probability weightings in Australia, New Zealand and Rest of World are subject to a high degree of inherent uncertainty and therefore the actual outcomes may be significantly different to those projected. The Group considers these weightings in each geography to provide estimates of the possible loss outcomes and taking into account short and long-term inter-relationships within the Group's credit portfolios.

Average weighting applied across the Group are summarised in the table below:

	Mar 26	Sep 25	Mar 25
Group
Base	46%	46%	46%
Upside	1%	1%	1%
Downside	38%	40%	40%
Severe downside	15%	13%	13%

ECL - Sensitivity analysis

Given inherent economic uncertainties and the judgement applied to factors used in determining the expected default of borrowers in future periods, ECL reported by the Group should be considered as a best estimate within a range of possible estimates.

The table below illustrates the sensitivity of the Group's allowance for collectively assessed ECL to key factors used in determining it at 31 March 2026:

	Balance Sheet $M	Impact $M
If 1% of stage 1 facilities were included in stage 2	4,504	51
If 1% of stage 2 facilities were included in stage 1	4,447	(6)
100% upside scenario	1,573	(2,880)
100% base scenario	2,000	(2,453)
100% downside scenario	4,388	(65)
100% severe downside scenario	9,735	5,282

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Deposits and other borrowings

	As at			Movement
	Mar 26 $M	Sep 25 $M	Mar 25 $M	Mar 26 v. Sep 25	Mar 26 v. Mar 25
Australia
Certificates of deposit	32,727	38,184	30,215	-14%	8%
Term deposits	103,599	97,468	102,183	6%	1%
On demand and short-term deposits	348,755	339,073	322,209	3%	8%
Deposits not bearing interest	40,345	40,664	39,770	-1%	1%
Deposits from banks and securities sold under repurchase agreements	48,774	55,657	55,917	-12%	-13%
Commercial paper and other borrowings	50,167	45,957	60,203	9%	-17%
Total Australia	624,367	617,003	610,497	1%	2%
New Zealand
Certificates of deposit	1,805	774	1,213	large	49%
Term deposits	51,882	53,421	54,438	-3%	-5%
On demand and short-term deposits	56,604	57,459	58,246	-1%	-3%
Deposits not bearing interest	15,776	15,224	15,405	4%	2%
Deposits from banks and securities sold under repurchase agreements	2,753	3,924	3,182	-30%	-13%
Commercial paper and other borrowings	2,124	3,659	1,931	-42%	10%
Total New Zealand	130,944	134,461	134,415	-3%	-3%
Rest of World
Certificates of deposit	4,797	6,803	8,153	-29%	-41%
Term deposits	122,426	117,929	141,641	4%	-14%
On demand and short-term deposits	26,339	22,536	18,136	17%	45%
Deposits not bearing interest	5,177	5,448	5,770	-5%	-10%
Deposits from banks and securities sold under repurchase agreements	46,704	52,221	55,018	-11%	-15%
Total Rest of World	205,443	204,937	228,718	0%	-10%
Deposits and other borrowings	960,754	956,401	973,630	0%	-1%

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

10. Debt issuances

	As at			Movement
	Mar 26
$M	Sep 25
$M	Mar 25
$M	Mar 26
v. Sep 25	Mar 26
v. Mar 25
Total unsubordinated debt	117,351	125,163	126,679	-6%	-7%
Additional Tier 1 Capital (perpetual subordinated securities)¹,²
ANZ Capital Notes (ANZ CN)³
ANZ CN6	1,493	1,492	1,491	0%	0%
ANZ CN7	1,302	1,301	1,300	0%	0%
ANZ CN8	1,488	1,487	1,486	0%	0%
ANZ CN9	1,684	1,683	1,682	0%	0%
ANZ Capital Securities⁴	1,452	1,489	1,544	-2%	-6%
Tier 2 Capital (term subordinated notes)⁵	32,951	33,811	32,444	-3%	2%
Other subordinated debt securities	2,759	2,848	2,929	-3%	-6%
Total subordinated debt	43,129	44,111	42,876	-2%	1%
Total debt issuances	160,480	169,274	169,555	-5%	-5%

¹ ANZ Capital Notes and ANZ Capital Securities are Basel 3 compliant instruments.
² APRA has confirmed that its phase out of Additional Tier 1 capital instruments will commence in January 2027.
³ Each of the ANZ Capital Notes will convert into a variable number of ordinary shares of ANZGHL on a specified mandatory conversion date at a 1% discount (subject to certain conditions being satisfied). If ANZBGL's Common Equity Tier 1 capital ratio is equal to or less than 5.125%, or ANZBGL receives a notice of non-viability from APRA, then the notes will immediately convert into a variable number of ordinary shares of ANZGHL at a 1% discount subject to a maximum conversion number. Subject to certain conditions, the notes are redeemable or convertible into ordinary shares of ANZGHL (on similar terms to mandatory conversion) by ANZBGL at its discretion on an early redemption or conversion date.

| | Issuer | Issue date | Issue amount
$M | First early redemption
or conversion date | Mandatory
conversion date |
| --- | --- | --- | --- | --- | --- |
| CN6 | ANZBGL | 8 Jul 2021 | 1,500 | 20 Mar 2028 | 20 Sep 2030 |
| CN7 | ANZBGL | 24 Mar 2022 | 1,310 | 20 Mar 2029 | 20 Sep 2031 |
| CN8 | ANZBGL | 24 Mar 2023 | 1,500 | 20 Mar 2030 | 20 Sep 2032 |
| CN9 | ANZBGL | 20 Mar 2024 | 1,700 | 20 Mar 2031 | 20 Sep 2033 |

⁴ On 15 June 2016, ANZBGL, acting through its London branch, issued USD 1 billion fully-paid perpetual subordinated contingent convertible securities (ANZ Capital Securities). If ANZBGL's Common Equity Tier 1 capital ratio is equal to or less than 5.125%, or ANZBGL receives a notice of non-viability from APRA, then the securities will immediately convert into a variable number of ANZGHL ordinary shares at a 1% discount subject to a maximum conversion number. Subject to certain conditions, on the First Reset Date (15 June 2026) and on each 5-year anniversary, ANZ has the right to redeem all of the securities at its discretion.
⁵ All the term subordinated notes are convertible and are Basel 3 compliant instruments. If ANZBGL receives a notice of non-viability from APRA, then the convertible subordinated notes will immediately convert into a variable number of ordinary shares of ANZGHL at a 1% discount subject to a maximum conversion number.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

11. Credit risk

Maximum exposure to credit risk

For financial assets recognised on the balance sheet, the maximum exposure to credit risk is the carrying amount. In certain circumstances there may be differences between the carrying amounts reported on the balance sheet and the amounts reported in the tables below. Principally, these differences arise in respect of financial assets that are subject to risks other than credit risk, such as equity instruments which are primarily subject to market risk, or bank notes and coins.

For undrawn facilities, this maximum exposure to credit risk is the full amount of the committed facilities. For contingent exposures, the maximum exposure to credit risk is the maximum amount the Group would have to pay if the instrument is called upon.

The table below shows the maximum exposure to credit risk of on-balance sheet, and off-balance sheet positions before taking account of any collateral held or other credit enhancements:

	Reported As at			Excluded^{1} As at			Maximum Exposure to Credit Risk As at
	Mar 26 $M	Sep 25 $M	Mar 25 $M	Mar 26 $M	Sep 25 $M	Mar 25 $M	Mar 26 $M	Sep 25 $M	Mar 25 $M
On-balance sheet positions
Net loans and advances	822,252	829,986	820,852	-	-	-	822,252	829,986	820,852
Investment securities
- debt securities at amortised cost	6,889	7,520	6,917	-	-	-	6,889	7,520	6,917
- debt securities at FVOCI	155,918	156,373	146,773	-	-	-	155,918	156,373	146,773
- equity securities at FVOCI	990	955	1,208	990	955	1,208	-	-	-
- debt securities at FVTPL	641	692	174	-	-	-	641	692	174
Other financial assets	314,251	288,745	313,230	26,933	33,673	14,612	287,318	255,072	298,618
Total on-balance sheet positions	1,300,941	1,284,271	1,289,154	27,923	34,628	15,820	1,273,018	1,249,643	1,273,334
Off-balance sheet commitments
Undrawn and contingent facilities^{2}	242,281	241,224	251,202	-	-	-	242,281	241,224	251,202
Total	1,543,222	1,525,495	1,540,356	27,923	34,628	15,820	1,515,299	1,490,867	1,524,536

1 Excluded comprises Investment securities - equity securities at FVOCI, and bank notes and coins and cash at bank within Other financial assets as they do not have credit exposure.
2 Undrawn and contingent facilities include guarantees, letters of credit and performance related contingencies, net of collectively assessed allowance for expected credit losses.

Credit Quality

The Group's internal Customer Credit Rating (CCR) is used to manage the credit quality of financial assets. To enable wider comparisons, the Group's CCRs are mapped to external rating agency scales as follows:

Credit Quality Description	Internal CCR	ANZ Customer Requirement	Moody's Rating	Standard & Poor's Rating
Strong	CCR 0+ to 4-	Demonstrated superior stability in their operating and financial performance over the long-term, and whose earnings capacity is not significantly vulnerable to foreseeable events.	Aaa - Baa3	AAA - BBB-
Satisfactory	CCR 5+ to 6-	Demonstrated sound operational and financial stability over the medium to long term even though some may be susceptible to cyclical trends or variability in earnings.	Ba1 - B1	BB+ - B+
Weak	CCR 7+ to 8=	Demonstrated some operational and financial instability, with variability and uncertainty in profitability and liquidity projected to continue over the short and possibly medium term.	B2 - Caa	B - CCC
Non-performing	CCR 8- to 10	When doubt arises as to the collectability of a credit facility, the financial instrument (or 'the facility') is classified as non-performing.	N/A	N/A

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

11. Credit risk, cont'd

Net loans and advances

| As at March 2026 | Stage 1
$M | Stage 2
$M | Stage 3 | | Total
$M |
| --- | --- | --- | --- | --- | --- |
| | | | Collectively assessed
$M | Individually assessed
$M | |
| Strong | 519,602 | 18,089 | - | - | 537,691 |
| Satisfactory | 185,803 | 41,731 | - | - | 227,534 |
| Weak | 15,075 | 16,047 | - | - | 31,122 |
| Non-performing | - | - | 6,866 | 1,025 | 7,891 |
| Gross loans and advances at amortised cost | 720,480 | 75,867 | 6,866 | 1,025 | 804,238 |
| Allowance for ECL | (1,406) | (1,509) | (624) | (358) | (3,897) |
| Net loans and advances at amortised cost | 719,074 | 74,358 | 6,242 | 667 | 800,341 |
| Loans and advances at fair value through profit or loss | | | | | 17,703 |
| Loans and advances purchased credit impaired¹ | | | | | 312 |
| Unearned income | | | | | (607) |
| Capitalised brokerage and other origination costs | | | | | 4,503 |
| Net carrying amount | | | | | 822,252 |

As at September 2025

Strong	515,360	12,698	-	-	528,058
Satisfactory	193,577	36,906	-	-	230,483
Weak	17,922	14,787	-	-	32,709
Non-performing	-	-	6,955	1,018	7,973
Gross loans and advances at amortised cost	726,859	64,391	6,955	1,018	799,223
Allowance for ECL	(1,333)	(1,558)	(621)	(362)	(3,874)
Net loans and advances at amortised cost	725,526	62,833	6,334	656	795,349
Loans and advances at fair value through profit or loss					30,398
Loans and advances purchased credit impaired¹					380
Unearned income					(641)
Capitalised brokerage and other origination costs					4,500
Net carrying amount					829,986

As at March 2025

Strong	507,657	16,096	-	-	523,753
Satisfactory	189,086	44,293	-	-	233,379
Weak	15,709	18,219	-	-	33,928
Non-performing	-	-	6,802	993	7,795
Gross loans and advances at amortised cost	712,452	78,608	6,802	993	798,855
Allowance for ECL	(1,226)	(1,690)	(499)	(346)	(3,761)
Net loans and advances at amortised cost	711,226	76,918	6,303	647	795,094
Loans and advances at fair value through profit or loss					21,568
Loans and advances purchased credit impaired¹					439
Unearned income					(584)
Capitalised brokerage and other origination costs					4,335
Net carrying amount					820,852

¹ Represents Stage 3 exposures from Suncorp Bank at the date of acquisition recognised net of allowance for ECL.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

11. Credit risk, cont'd

Off-balance sheet commitments - undrawn and contingent facilities

As at March 2026	Stage 1 $M	Stage 2 $M	Stage 3		Total $M
			Collectively assessed $M	Individually assessed $M
Strong	207,178	1,480	-	-	208,658
Satisfactory	29,337	3,163	-	-	32,500
Weak	678	1,132	-	-	1,810
Non-performing	-	-	150	80	230
Gross undrawn and contingent facilities subject to ECL	237,193	5,775	150	80	243,198
Allowance for ECL included in Other provisions	(705)	(140)	(35)	(37)	(917)
Net undrawn and contingent facilities subject to ECL	236,488	5,635	115	43	242,281
As at September 2025
Strong	208,112	1,422	-	-	209,534
Satisfactory	27,128	3,287	-	-	30,415
Weak	691	1,225	-	-	1,916
Non-performing	-	-	142	87	229
Gross undrawn and contingent facilities subject to ECL	235,931	5,934	142	87	242,094
Allowance for ECL included in Other provisions	(643)	(160)	(30)	(37)	(870)
Net undrawn and contingent facilities subject to ECL	235,288	5,774	112	50	241,224
As at March 2025
Strong	217,514	1,189	-	-	218,703
Satisfactory	28,039	3,048	-	-	31,087
Weak	719	1,316	-	-	2,035
Non-performing	-	-	149	80	229
Gross undrawn and contingent facilities subject to ECL	246,272	5,553	149	80	252,054
Allowance for ECL included in Other provisions	(640)	(164)	(30)	(18)	(852)
Net undrawn and contingent facilities subject to ECL	245,632	5,389	119	62	251,202

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

11. Credit risk, cont'd

Investment securities - debt securities at amortised cost

| As at March 2026 | Stage 1
$M | Stage 2
$M | Stage 3 | | Total
$M |
| --- | --- | --- | --- | --- | --- |
| | | | Collectively assessed
$M | Individually assessed
$M | |
| Strong | 5,503 | - | - | - | 5,503 |
| Satisfactory | 200 | - | - | - | 200 |
| Weak | 1,220 | - | - | - | 1,220 |
| Gross investment securities - debt securities at amortised cost | 6,923 | - | - | - | 6,923 |
| Allowance for ECL | (34) | - | - | - | (34) |
| Net investment securities - debt securities at amortised cost | 6,889 | - | - | - | 6,889 |

As at September 2025

Strong	5,937	-	-	-	5,937
Satisfactory	193	-	-	-	193
Weak	1,424	-	-	-	1,424
Gross investment securities - debt securities at amortised cost	7,554	-	-	-	7,554
Allowance for ECL	(34)	-	-	-	(34)
Net investment securities - debt securities at amortised cost	7,520	-	-	-	7,520

As at March 2025

Strong	5,159	-	-	-	5,159
Satisfactory	147	-	-	-	147
Weak	1,642	-	-	-	1,642
Gross investment securities - debt securities at amortised cost	6,948	-	-	-	6,948
Allowance for ECL	(31)	-	-	-	(31)
Net investment securities - debt securities at amortised cost	6,917	-	-	-	6,917

Investment securities - debt securities at FVOCI

| As at March 2026 | Stage 1
$M | Stage 2
$M | Stage 3 | | Total
$M |
| --- | --- | --- | --- | --- | --- |
| | | | Collectively assessed
$M | Individually assessed
$M | |
| Strong | 155,918 | - | - | - | 155,918 |
| Investment securities - debt securities at FVOCI | 155,918 | - | - | - | 155,918 |
| Allowance for ECL recognised in Other comprehensive income | (14) | - | - | - | (14) |

As at September 2025

Strong	156,373	-	-	-	156,373
Investment securities - debt securities at FVOCI	156,373	-	-	-	156,373
Allowance for ECL recognised in Other comprehensive income	(13)	-	-	-	(13)

As at March 2025

Strong	146,773	-	-	-	146,773
Investment securities - debt securities at FVOCI	146,773	-	-	-	146,773
Allowance for ECL recognised in Other comprehensive income	(21)	-	-	-	(21)

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

11. Credit risk, cont'd

Other financial assets

	As at
	Mar 26	Sep 25	Mar 25
	$M	$M	$M
Strong	269,297	234,025	280,729
Satisfactory^{1}	18,388	21,170	17,409
Weak	274	569	654
Other financial assets^{1}	287,959	255,764	298,792

1 Includes Investment securities - debt securities at FVTPL of $641 million as at 31 March 2026 (Sep 25: $692 million; Mar 25: $174 million).

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

12. Fair value of financial assets and financial liabilities

Classification of financial assets and financial liabilities

The Group recognises and measures financial instruments at either fair value or amortised cost, with a significant number of financial instruments on the balance sheet at fair value.

Fair value is the best estimate of the price that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants at the measurement date.

The following tables set out the classification of financial assets and liabilities according to their measurement bases with their carrying amounts as recognised on the balance sheet.

As at March 2026	At amortised cost $M	At fair value $M	Total $M
Financial assets
Cash and cash equivalents	109,857	55,676	165,533
Settlement balances owed to ANZ	16,393	-	16,393
Collateral paid	8,173	-	8,173
Trading assets	-	51,225	51,225
Derivative financial instruments	-	67,911	67,911
Investment securities	6,889	157,549	164,438
Net loans and advances	804,549	17,703	822,252
Regulatory deposits	570	-	570
Other financial assets	4,446	-	4,446
Total	950,877	350,064	1,300,941
Financial liabilities
Settlement balances owed by ANZ	32,370	-	32,370
Collateral received	11,284	-	11,284
Deposits and other borrowings	910,480	50,274	960,754
Derivative financial instruments	-	59,466	59,466
Payables and other liabilities	10,613	4,794	15,407
Debt issuances	157,426	3,054	160,480
Total	1,122,173	117,588	1,239,761

As at September 2025

Financial assets
Cash and cash equivalents	105,965	49,244	155,209
Settlement balances owed to ANZ	23,394	-	23,394
Collateral paid	9,831	-	9,831
Trading assets	-	48,248	48,248
Derivative financial instruments	-	47,480	47,480
Investment securities	7,520	158,020	165,540
Net loans and advances	799,588	30,398	829,986
Regulatory deposits	541	-	541
Other financial assets	4,042	-	4,042
Total	950,881	333,390	1,284,271
Financial liabilities
Settlement balances owed by ANZ	31,144	-	31,144
Collateral received	7,428	-	7,428
Deposits and other borrowings	898,713	57,688	956,401
Derivative financial instruments	-	43,902	43,902
Payables and other liabilities	11,187	3,960	15,147
Debt issuances	166,504	2,770	169,274
Total	1,114,976	108,320	1,223,296

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Fair value of financial assets and financial liabilities, cont'd

As at March 2025	At amortised cost $M	At fair value $M	Total $M
Financial assets
Cash and cash equivalents	140,504	55,284	195,788
Settlement balances owed to ANZ	6,225	-	6,225
Collateral paid	10,464	-	10,464
Trading assets	-	45,745	45,745
Derivative financial instruments	-	49,552	49,552
Investment securities	6,917	148,155	155,072
Net loans and advances	799,284	21,568	820,852
Regulatory deposits	644	-	644
Other financial assets	4,812	-	4,812
Total	968,850	320,304	1,289,154
Financial liabilities
Settlement balances owed by ANZ	16,085	-	16,085
Collateral received	10,129	-	10,129
Deposits and other borrowings	918,177	55,453	973,630
Derivative financial instruments	-	44,279	44,279
Payables and other liabilities	11,642	4,084	15,726
Debt issuances	167,313	2,242	169,555
Total	1,123,346	106,058	1,229,404

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

12. Fair value of financial assets and financial liabilities, cont'd

Financial assets and financial liabilities measured at fair value

The fair values of financial assets and financial liabilities are generally determined at the individual instrument level. If the Group holds offsetting risk positions, then the portfolio exception in AASB 13 Fair Value Measurement (AASB 13) is used to measure the fair value of such groups of financial assets and financial liabilities. The Group measures the portfolio based on the price that would be received to sell a net long position (an asset) for a particular risk exposure, or to transfer a net short position (a liability) for a particular risk exposure.

a) Fair value designation

The Group designates certain loans and advances, deposits and other borrowings and debt issuances as fair value through profit or loss:

where they contain separable embedded derivatives and are managed on a fair value basis, the total fair value movements are recognised in profit or loss in the same period as the movement on any associated hedging instruments; or
in order to eliminate an accounting mismatch which would arise if the assets or liabilities were otherwise carried at amortised cost. This mismatch arises due to measuring the derivative financial instruments (used to mitigate interest rate risk of these assets or liabilities) at fair value through profit or loss.

The Group's approach ensures that it recognises the fair value movements on the assets or liabilities in profit or loss in the same period as the movement on the associated derivatives.

The Group may also designate certain loans and advances, deposits and other borrowings and debt issuances as fair value through profit or loss where they are managed on a fair value basis to align the measurement with how the financial instruments are managed.

b) Fair value approach and valuation techniques

The Group uses valuation techniques to estimate the fair value of assets and liabilities for recognition, measurement and disclosure purposes where no quoted price in an active market for that asset or liability exists. This includes the following:

Asset or Liability	Fair Value Approach
Financial instruments classified as:
• Derivative financial assets and financial liabilities (including trading and non-trading)
• Repurchase agreements less than 90 days
• Net loans and advances
• Deposits and other borrowings
• Debt issuances	Discounted cash flow (DCF) techniques are used whereby contractual future cash flows of the instrument are discounted using wholesale market interest rates, or market borrowing rates for debt or loans with similar maturities or yield curves appropriate for the remaining term to maturity.
Other financial instruments held for trading:
• Securities sold short
• Debt and equity securities	Valuation techniques are used that incorporate observable market inputs for financial instruments with similar credit risk, maturity and yield characteristics.
Equity securities where an active market does not exist are measured using comparable company valuation multiples (such as price-to-book ratios).
Financial instruments classified as:
• Investment securities – debt or equity	Valuation techniques use comparable multiples (such as price-to-book ratios) or DCF techniques incorporating, to the extent possible, observable inputs from instruments with similar characteristics.

There were no significant changes to valuation approaches during the current or prior periods.

c) Fair value hierarchy

The Group categorises assets and liabilities carried at fair value into a fair value hierarchy in accordance with AASB 13 based on the observability of inputs used to measure the fair value:

Level 1 - valuations based on quoted prices (unadjusted) in active markets for identical assets or liabilities;
Level 2 - valuations using inputs other than quoted prices included within Level 1 that are observable for a similar asset or liability, either directly or indirectly; and
Level 3 - valuations where significant unobservable inputs are used to measure the fair value of the asset or liability.

There were no significant changes to levelling approaches during the current or prior periods.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

12. Fair value of financial assets and financial liabilities, cont'd

The following table presents financial assets and financial liabilities carried at fair value in accordance with the fair value hierarchy:

	Fair value measurements
As at March 2026	Level 1 $M	Level 2 $M	Level 3 $M	Total $M
Assets
Cash and cash equivalents (measured at fair value)	-	55,676	-	55,676
Trading assets¹	32,625	18,600	-	51,225
Derivative financial instruments¹	652	67,239	20	67,911
Investment securities¹	125,602	30,970	977	157,549
Net loans and advances (measured at fair value)	-	17,608	95	17,703
Total	158,879	190,093	1,092	350,064
Liabilities
Deposits and other borrowings (designated at fair value)	-	50,274	-	50,274
Derivative financial instruments¹	302	59,156	8	59,466
Payables and other liabilities	4,256	538	-	4,794
Debt issuances (designated at fair value)	-	3,054	-	3,054
Total	4,558	113,022	8	117,588

As at September 2025

Assets
Cash and cash equivalents (measured at fair value)	-	49,244	-	49,244
Trading assets¹	30,508	17,720	20	48,248
Derivative financial instruments¹	115	47,343	22	47,480
Investment securities¹	121,790	35,287	943	158,020
Net loans and advances (measured at fair value)	-	30,310	88	30,398
Total	152,413	179,904	1,073	333,390
Liabilities
Deposits and other borrowings (designated at fair value)	-	57,688	-	57,688
Derivative financial instruments¹	469	43,419	14	43,902
Payables and other liabilities	3,517	443	-	3,960
Debt issuances (designated at fair value)	-	2,770	-	2,770
Total	3,986	104,320	14	108,320

As at March 2025

Assets
Cash and cash equivalents (measured at fair value)	-	55,284	-	55,284
Trading assets¹	24,200	21,530	15	45,745
Derivative financial instruments¹	107	49,423	22	49,552
Investment securities¹	114,369	32,590	1,196	148,155
Net loans and advances (measured at fair value)	-	21,335	233	21,568
Total	138,676	180,162	1,466	320,304
Liabilities
Deposits and other borrowings (designated at fair value)	-	55,453	-	55,453
Derivative financial instruments¹	421	43,848	10	44,279
Payables and other liabilities	3,737	347	-	4,084
Debt issuances (designated at fair value)	-	2,242	-	2,242
Total	4,158	101,890	10	106,058

¹ During the March 2026 half, $2,616 million of assets were transferred from Level 1 to Level 2 (Sep 25: $6,621 million; Mar 25: $8,290 million), and $7,977 million of assets were transferred from Level 2 to Level 1 (Sep 25: $868 million; Mar 25: $805 million) due to a change in the observability of market price and/or valuation inputs. There were no other material transfers between Level 1, Level 2 and Level 3 during the period. Transfers into and out of levels are measured at the beginning of the reporting period in which the transfer occurred.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

12. Fair value of financial assets and financial liabilities, cont'd

Fair value measurements incorporating unobservable market data

a) Level 3 fair value measurements

Level 3 financial instruments are a net asset of $1,084 million (Sep 25: $1,059 million; Mar 25: $1,456 million). The assets and liabilities which incorporate significant unobservable inputs are:

equity and debt securities for which there is no active market or traded prices cannot be observed;
loans and advances measured at fair value for which there is no observable market data; and
derivatives referencing market rates that cannot be observed primarily due to lack of market activity.

Level 3 Transfers

There were no material transfers into or out of Level 3 during the period.

The material Level 3 financial instruments as at 31 March 2026 are summarised below:

i) Investment securities - equity holdings classified as FVOCI

Bank of Tianjin (BoT)

The Group holds an investment in the Bank of Tianjin. The investment is valued based on comparative price-to-book (P/B) multiples (a P/B multiple is the ratio of the market value of equity to the book value of equity). The extent of judgement applied in determining the appropriate multiple and comparator group from which the multiple is derived resulted in the Level 3 classification. As at 31 March 2026, the BoT equity holding balance was $875 million (Sep 25: $843 million, Mar 25: $1,097 million). The increase in BoT fair valuation during the March 2026 half was driven by an increase in the book value and P/B multiple used in the valuation, and the impact of foreign currency translation.

Other equity investments

The Group holds $102 million (Sep 25: $100 million; Mar 25: $99 million) of unlisted equities classified as FVOCI, for which there are no active markets or traded prices available, resulting in a Level 3 classification. The movement in unlisted equity holdings during the March 2026 half was mainly due to revaluation and foreign currency translation impacts.

ii) Net loans and advances - classified as FVTPL

Syndicated loans

The Group holds $95 million (Sep 25: $88 million; Mar 25: $233 million) of syndicated loans for sale which are measured at FVTPL for which there is no observable market data available. The increase in the Level 3 loan balances for the March 2026 half was mainly due to new holdings offset by scheduled repayments and foreign currency translation impact.

b) Sensitivity to level 3 data inputs

When we make assumptions due to significant inputs to a valuation not being directly observable (Level 3 inputs), then changing these assumptions changes the Group's estimate of the instrument's fair value. Favourable and unfavourable changes are determined by changing the primary unobservable parameters used to derive fair valuation.

Investment securities - equity holdings

The valuations of the equity investments are sensitive to variations in selected unobservable inputs, with valuation techniques used including P/B multiples and discounted cash flow techniques. If for example, a 10% increase or decrease to the primary input into the valuations were to occur (such as the P/B multiple), it would result in a $98 million increase or decrease in the fair value of the portfolio, which would be recognised in shareholders' equity in the Group, with no impact to net profit or loss.

Net loans and advances

Syndicated loan valuations are sensitive to credit spreads in determining their fair valuation. For the syndicated loans which are primarily investment-grade loans, an increase or decrease in credit spreads would have an immaterial impact on net profit or net assets of the Group. For the remaining syndicated loans, the Group may, where deemed necessary, utilise Credit Risk Insurance to mitigate the credit risks associated with those loans. The effect of this would also result in an immaterial impact to the net profit or net assets of the Group.

Other

The remaining Level 3 balance is immaterial and changes in inputs have a minimal impact on net profit and net assets of the Group.

c) Deferred fair value gains and losses

Where fair value is determined using unobservable inputs significant to the fair value of a financial instrument, the Group does not immediately recognise the difference between the transaction price and the amount determined based on the valuation technique (day one gains or losses) in profit or loss. After initial recognition, the Group recognises the deferred amount in profit or loss on a straight-line basis over the life of the transaction or until all inputs become observable. Day one gains and losses which have been deferred are not material.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

12. Fair value of financial assets and financial liabilities, cont'd

Financial assets and liabilities not measured at fair value

The financial assets and financial liabilities listed below are measured at amortised cost on the Group's balance sheet. While this is the value at which we expect the assets will be realised and the liabilities settled, the Group provides an estimate of the fair value of the financial assets and financial liabilities at balance date in the table below.

Fair values of financial assets and liabilities carried at amortised cost not included in the table below approximate their carrying values. These financial assets and liabilities are either short term in nature or are floating rate instruments that are re-priced to market interest rates on or near the end of the reporting period.

	Carrying amount in the balance sheet			Fair value
	At amortised cost $M	At fair value $M	Total $M	$M
As at March 2026
Financial assets
Investment securities	6,889	157,549	164,438	164,437
Net loans and advances	804,549	17,703	822,252	822,155
Total	811,438	175,252	986,690	986,592
Financial liabilities
Deposits and other borrowings	910,480	50,274	960,754	960,532
Debt issuances	157,426	3,054	160,480	161,061
Total	1,067,906	53,328	1,121,234	1,121,593
As at September 2025
Financial assets
Investment securities	7,520	158,020	165,540	165,543
Net loans and advances	799,588	30,398	829,986	830,566
Total	807,108	188,418	995,526	996,109
Financial liabilities
Deposits and other borrowings	898,713	57,688	956,401	956,672
Debt issuances	166,504	2,770	169,274	171,031
Total	1,065,217	60,458	1,125,675	1,127,703
As at March 2025
Financial assets
Investment securities	6,917	148,155	155,072	155,058
Net loans and advances	799,284	21,568	820,852	821,246
Total	806,201	169,723	975,924	976,304
Financial liabilities
Deposits and other borrowings	918,177	55,453	973,630	973,721
Debt issuances	167,313	2,242	169,555	170,823
Total	1,085,490	57,695	1,143,185	1,144,544

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

13. Shareholders' equity

Shareholders' equity

	As at			Movement
Shareholders' equity	Mar 26
$M	Sep 25
$M	Mar 25
$M	Mar 26
v. Sep 25	Mar 26
v. Mar 25
Ordinary share capital	29,025	27,053	27,028	7%	7%
Reserves
Foreign currency translation reserve	(2,383)	(941)	253	large	large
Share option reserve	76	104	77	-27%	-1%
FVOCI reserve	(341)	(690)	(991)	-51%	-66%
Cash flow hedge reserve	(974)	170	(219)	large	large
Transactions with non-controlling interests reserve	(22)	(22)	(22)	0%	0%
Total reserves	(3,644)	(1,379)	(902)	large	large
Retained earnings	45,266	44,032	43,822	3%	3%
Share capital and reserves attributable to shareholders of the Company	70,647	69,706	69,948	1%	1%
Non-controlling interests	703	739	764	-5%	-8%
Total shareholders' equity	71,350	70,445	70,712	1%	1%

Ordinary share capital

The Company's ordinary share capital comprises of 3,084,959,996 fully paid shares as at 31 March 2026 (Sep 25: 3,003,366,782; Mar 25: 3,003,366,782). During the March 2026 half, the Company issued 81,593,214 shares (Sep 25 half: nil; Mar 25 half: nil) to its intermediate holding company, ANZ BH Pty Ltd, a wholly owned subsidiary of ANZGHL, for $1,930 million (Sep 25 half: nil; Mar 25 half: nil).

Non-controlling interests

	Profit attributable to non-controlling interests			Equity attributable to non-controlling interests			Dividend paid to non-controlling interests
	Half Year			As at			Half Year
	Mar 26
$M	Sep 25
$M	Mar 25
$M	Mar 26
$M	Sep 25
$M	Mar 25
$M	Mar 26
$M	Sep 25
$M	Mar 25
$M
ANZ Bank New Zealand PPS¹	18	20	19	688	725	750	18	18	20
Other	2	-	2	15	14	14	-	-	-
Total	20	20	21	703	739	764	18	18	20

¹ Perpetual Preference Share (PPS) externally issued by ANZ Bank New Zealand Limited are considered non-controlling interests of the Group.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

14. Changes in composition of the Group

There were no acquisitions or disposals of material controlled entities for the half year ended 31 March 2026.

15. Investments in associates

	Half Year			Movement
	Mar 26 $M	Sep 25 $M	Mar 25 $M	Mar 26 v. Sep 25	Mar 26 v. Mar 25
PT Panin	1,144	1,140	1,479	0%	-23%
Total carrying value of associates	1,144	1,140	1,479	0%	-23%

Contribution to Group profit after-tax

	Half Year			Movement
	Mar 26 $M	Sep 25 $M	Mar 25 $M	Mar 26 v. Sep 25	Mar 26 v. Mar 25
PT Panin	56	52	54	8%	4%
Share of associates' profit/(loss)	56	52	54	8%	4%

1 Ownership interest held by the Group as at 31 March 2026 was 39% (Sep 25: 39%; Mar 25: 39%).

Impairment assessment

The Group assesses the carrying value of its investments in associates for impairment indicators. The impairment assessment identified that one of the Group's associated investments, PT Panin, had indicators of impairment as a result of its carrying value exceeding its fair value less costs of disposal (FVLCOD) at times throughout the March 2026 half. No impairment was recognised as the Group determined its recoverable amount based on its value-in-use (VIU) exceeded its carrying value at 31 March 2026. Further details of the VIU assessment are outlined below.

Key judgements and estimates

Factors that may change in subsequent periods and lead to potential future impairments, or reversals of prior impairments, include changes in forecast earnings levels in the near and medium term and/or changes in the long-term growth forecasts, changes to required levels of regulatory capital and the post-tax discount rate arising from changes in the risk premium or risk-free rates.

The key assumptions used in the VIU calculation are outlined below:

As at 31 March 2026	PT Panin
Post-tax discount rate	13.4%
Terminal growth rate	5.1%
Expected earnings growth (compound annual growth rate – 5 years)	8.4%
Common Equity Tier 1 ratio (closing level at 2030)	27.1%

The VIU calculations are sensitive to changes in the underlying assumptions with reasonably possible changes in key assumptions having a positive or negative impact on the VIU outcome, and as such the recoverable amount of the investment including reducing the recoverable amount below its carrying value.

A change in the March 2026 post-tax discount rate by +/- 50 bps would impact the VIU outcome for PT Panin by ($58 million)/$65 million;
A change in the March 2026 terminal growth rate by +/- 25 bps would impact the VIU outcome for PT Panin by $24 million/($23 million).

16. Related party disclosure

There have been no transactions with related parties that are significant to understanding the changes in financial position and performance of the Group since 30 September 2025.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

17. Commitments, contingent liabilities and contingent assets

Credit related commitments and contingencies

	Half Year			Movement
	Mar 26 $M	Sep 25 $M	Mar 25 $M	Mar 26 v. Sep 25	Mar 26 v. Mar 25
Contractual amount of:
Undrawn facilities	193,320	193,177	200,327	0%	-3%
Guarantees and letters of credit	22,862	21,514	23,764	6%	-4%
Performance related contingencies	27,016	27,403	27,963	-1%	-3%
Total	243,198	242,094	252,054	0%	-4%

Other contingent liabilities and contingent assets

There are outstanding court proceedings, claims and possible claims for and against the Group. Where relevant, expert legal advice has been obtained and, in the light of such advice, provisions and/or disclosures as deemed appropriate have been made. In some instances, we have not disclosed the estimated financial impact of the individual items either because it is not practicable to do so or because such disclosure may prejudice the interests of the Group.

A description of the contingent liabilities and contingent assets as at 31 March 2026 is set out below.

Contingent liabilities

Regulatory, customer and third-party exposures

The Group regularly engages with its domestic and international regulators and other statutory and supervisory bodies. The nature of these regulatory interactions can be wide ranging and include regulatory investigations, surveillance and reviews, reportable situations, formal and informal inquiries and regulatory supervisory activities in Australia, New Zealand and globally. The Group also receives notices and requests for information from its regulators and other bodies from time to time as part of both industry-wide and Group-specific reviews and makes disclosures to its regulators at its own instigation.

Matters in relation to which the Group has recently engaged with its regulators include:

the ASIC Matters Resolution Program within the Australia Retail division, which covers a range of areas, specifically: ANZ's Online Saver product, hardship processes, deceased estates, breach reporting, event management, customer remediation and complaints;
anti-money laundering and counter-terrorism financing obligations, processes and procedures;
Common Reporting Standard and Foreign Account Tax Compliance Act obligations, processes and reporting; and
non-financial risk (NFR) management practices including the application of interest and fees on certain products and the financial accountability regime.

The possible exposures associated with the Group's regulatory interactions may include civil enforcement actions, criminal proceedings, fines and penalties, imposition of capital or liquidity requirements, customer remediation, the requirement to conduct independent reviews, sanctions or the exercise of other regulatory powers.

There may also be exposures to customers, third parties and shareholders which are additional to any regulatory exposures. These could include class actions or claims for compensation or other remedies.

The outcomes and total costs associated with these possible regulatory, customer and other exposures remain uncertain.

Non-financial risk management enforceable undertaking

On 3 April 2025, the Group announced it had entered into a court enforceable undertaking (CEU) with APRA for matters relating to NFR management practices and risk culture across the Group and accepted an additional operational risk capital overlay of $250 million.

The CEU followed ongoing conversations between the Group and APRA regarding APRA's concerns about the Group's NFR management practices and risk culture. It also followed the emergence of issues in ANZBGL's Global Markets business which led to APRA in August 2024 expressing its concerns about the Group's NFR uplift program of work.

As part of the CEU agreed with APRA, the Group appointed an independent reviewer to conduct an enterprise-wide independent review to identify the root causes and behavioural drivers of shortcomings in ANZ's NFR management practices and NFR culture. On 30 September 2025, ANZ submitted its Root Cause Remediation Plan (RCRP) to APRA as required by the CEU. ANZ has appointed Promontory to provide independent assurance of its progress against the RCRP.

The CEU provides that upon any breach of the terms of the CEU, APRA may take regulatory action as it considers appropriate in the circumstances, including action under section 18A of the Banking Act 1959 (Cth).

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

17. Commitments, contingent liabilities and contingent assets, cont'd

South African rate action

In February 2017, the South African Competition Commission commenced proceedings against local and international banks including the Company alleging breaches of the cartel provisions of the South African Competition Act in respect of trading in the South African rand. The potential civil penalty or other financial impact is uncertain.

OnePath superannuation litigation

In December 2020, a class action was brought against OnePath Custodians, OnePath Life and the Company alleging that OnePath Custodians breached its obligations under superannuation legislation, and its duties as trustee, in respect of superannuation investments and fees. The claim also alleges that the Company was involved in some of OnePath Custodians' investment breaches. An agreement to settle the claim was reached in October 2024. The Company will contribute $14 million to the settlement, which is covered by existing provisions held. The settlement is without admission of liability and was approved by the Federal Court of Australia on 20 March 2026. The period in which the Court approval may be appealed expires on 8 May 2026.

New Zealand loan information litigation

In September 2021, a representative proceeding was brought against ANZ Bank New Zealand Limited, alleging breaches of disclosure requirements under consumer credit legislation in respect of variation letters sent to certain loan customers. ANZ Bank New Zealand Limited is defending the allegations.

Security recovery actions

Various claims have been made or are anticipated, arising from security recovery actions taken to resolve impaired assets. These claims will be defended.

Warranties, indemnities and performance management fees

The Group has provided warranties, indemnities and other commitments in favour of the seller/purchaser and other persons in connection with various acquisitions/disposals of businesses and assets and other transactions, covering a range of matters and risks. It is exposed to claims under those warranties, indemnities and commitments, some of which are currently active. The outcomes and total costs associated with these exposures remain uncertain.

The Group has entered into an arrangement to pay performance fees to external fund managers in the event predetermined performance criteria are satisfied in relation to certain Group investments. The satisfaction of the performance criteria and associated performance fee remains uncertain.

Clearing and settlement obligations

Certain group companies have a commitment to comply with rules governing various clearing and settlement arrangements which could result in a credit risk exposure and loss if another member institution fails to settle its payment clearing activities. The Group's potential exposure arising from these arrangements is unquantifiable in advance.

Certain group companies hold memberships of central clearing houses, including ASX Clear (Futures), London Clearing House (LCH) SwapClear, Korea Exchange (KRX), Hong Kong Exchange (HKEX), the Clearing Corporation of India, Taiwan Futures Exchange and the Shanghai Clearing House. These memberships allow the relevant group company to centrally clear derivative instruments in line with cross-border regulatory requirements. Common to all of these memberships is the requirement for the relevant group company to make default fund contributions. In the event of a default by another member, the relevant group company could potentially be required to commit additional default fund contributions which are unquantifiable in advance.

Parent entity guarantees

Certain group companies have issued letters of comfort and guarantees in respect of certain subsidiaries in the normal course of business. Under these letters and guarantees, the issuing entity undertakes to ensure that those subsidiaries continue to meet their financial obligations, subject to certain conditions including that the subsidiary remains a controlled entity.

Contingent assets

National Housing Bank

The Company is pursuing recovery of the proceeds of certain disputed cheques which were credited to the account of a former Grindlays customer in the early 1990s.

The disputed cheques were drawn on the National Housing Bank (NHB) in India. Proceedings between Grindlays and NHB concerning the proceeds of the cheques were resolved in early 2002.

Recovery is now being pursued from the estate of the Grindlays customer who received the cheque proceeds. Any amounts recovered are to be shared between the Company and NHB.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

18. Significant events since balance date

On 29 April 2026, the Group announced that it has entered into a binding agreement to acquire Worldline S.A's 51% share in Worldline Australia Pty Ltd, the joint venture between the Group and Worldline S.A that commenced in 2022, subject to Australian Competition and Consumer Commission approval. Completion is expected to occur in the September 2026 half.

Other than the matter above, there have been no significant events from 31 March 2026 to the date of signing this report.

DIRECTORS' DECLARATION

Directors' Declaration

The Directors of Australia and New Zealand Banking Group Limited declare that:

in the Directors' opinion the Condensed Consolidated Financial Statements and Notes to the Condensed Consolidated Financial Statements are in accordance with the Corporations Act 2001, including:
section 304, that they comply with the Australian Accounting Standards and any further requirements in the Corporations Regulations 2001; and
section 305, that they give a true and fair view of the financial position of the Group as at 31 March 2026 and of its performance for the half year ended on that date; and
in the Directors' opinion as at the date of this declaration there are reasonable grounds to believe that the Company will be able to pay its debts as and when they become due and payable.

Signed in accordance with a resolution of the Directors.

Paul D O'Sullivan
Chairman

Nuno A Matos
Managing Director

30 April 2026

AUDITOR'S REVIEW REPORT AND INDEPENDENCE DECLARATION

KPMG

Independent Auditor's Review Report to the shareholders of Australia and New Zealand Banking Group Limited

Conclusion

We have reviewed the accompanying Condensed Consolidated Financial Statements of Australia and New Zealand Banking Group Limited (the Group).

Based on our review, which is not an audit, we have not become aware of any matter that makes us believe that the Condensed Consolidated Financial Statements of Australia and New Zealand Banking Group Limited do not comply with the Corporations Act 2001, including:

giving a true and fair view of the Group's financial position as at 31 March 2026 and of its performance for the half year ended on that date; and
complying with Australian Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations 2001.

The Condensed Consolidated Financial Statements comprise:

The condensed consolidated balance sheet as at 31 March 2026;
The condensed consolidated income statement, condensed consolidated statement of comprehensive income, condensed consolidated statement of changes in equity and condensed consolidated cash flow statement for the half year ended on that date;
Notes 1 to 18 including selected explanatory notes; and
The Directors' Declaration.

The Group comprises Australia and New Zealand Banking Group Limited (the Company) and the entities it controlled at the half year's end or from time to time during the half year.

Basis for Conclusion

We conducted our review in accordance with ASRE 2410 Review of a Financial Report Performed by the Independent Auditor of the Entity and ISRE 2410 Review of Interim Financial Information Performed by the Independent Auditor of the Entity. Our responsibilities are further described in the Auditor's Responsibilities for the Review of the Condensed Consolidated Financial Statements section of our report.

We are independent of the Group in accordance with the auditor independence requirements of the Corporations Act 2001 and the ethical requirements of the APES 110 Code of Ethics for Professional Accountants (including Independence Standards) issued by the Accounting Professional and Ethical Standards Board Limited (the Code) that are relevant to audits of the annual financial reports of public interest entities in Australia. We have fulfilled our other ethical responsibilities in accordance with these requirements.

Responsibilities of the Directors for the Condensed Consolidated Financial Statements

The Directors of the Company are responsible for:

the preparation of the Condensed Consolidated Financial Statements that gives a true and fair view in accordance with Australian Accounting Standards and the Corporations Act 2001; and
such internal control as the Directors determine is necessary to enable the preparation of the Condensed Consolidated Financial Statements that gives a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditor's Responsibilities for the Review of the Condensed Consolidated Financial Statements

Our responsibility is to express a conclusion on the Condensed Consolidated Financial Statements based on our review. ASRE 2410 and ISRE 2410 require us to conclude whether we have become aware of any matter that makes us believe that the Condensed Consolidated Financial Statements do not comply with the Corporations Act 2001 including giving a true and fair view of the Group's financial position as at 31 March 2026 and its performance for the half year ended on that date, and complying with Australian Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations 2001.

A review of Condensed Consolidated Financial Statements consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Australian Auditing Standards and International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

KPMG

Maria Trinci
Partner
Melbourne
30 April 2026

KPMG, an Australian partnership and a member firm of the KPMG global organisation of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved. The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organisation. Liability limited by a scheme approved under Professional Standards Legislation.

AUDITOR'S REVIEW REPORT AND INDEPENDENCE DECLARATION

Lead Auditor's Independence Declaration under Section 307C of the Corporations Act 2001

To the Directors of Australia and New Zealand Banking Group Limited

I declare that, to the best of my knowledge and belief, in relation to the review of the interim financial report of Australia and New Zealand Banking Group Limited for the half year ended 31 March 2026 there have been:

(i) no contraventions of the auditor independence requirements as set out in the Corporations Act 2001 in relation to the review; and
(ii) no contraventions of any applicable code of professional conduct in relation to the review.

KPMG

Maria Trinci
Partner
Melbourne
30 April 2026

AI assistant

Australia and New Zealand Banking Group Ltd. — Interim / Quarterly Report 2026

10425_rns_2026-05-01_4e843978-20b5-440c-aa8c-b01ff0ddfab6.pdf

CONTENTS

DISCLAIMER & IMPORTANT NOTICE:

Directors

Performance overview

Condensed Consolidated Income Statement

March 2026 v March 2025

March 2026 v September 2025

Issue of Ordinary Shares

Dividend

Lead auditor's independence declaration

Rounding of amounts

Significant events since balance date

Australia and New Zealand Banking Group Limited

2. Income

4. Income tax expense

5. Dividends

Ordinary Shares

6. Segment reporting

i) Description of segments

ii) Operating segments

8. Allowance for expected credit losses

Net loans and advances at amortised cost

8. Allowance for expected credit losses, cont'd

Off-balance sheet commitments - undrawn and contingent facilities

Investment securities - debt securities at amortised cost

Investment securities - debt securities at FVOCI

8. Allowance for expected credit losses, cont'd

8. Allowance for expected credit losses, cont'd

Key judgements and estimates

Individually assessed allowance for ECL

Collectively assessed allowance for ECL

Base case economic forecast assumptions

8. Allowance for expected credit losses, cont'd

Probability weightings

ECL - Sensitivity analysis

10. Debt issuances

11. Credit risk

Maximum exposure to credit risk

Credit Quality

11. Credit risk, cont'd

11. Credit risk, cont'd

11. Credit risk, cont'd

11. Credit risk, cont'd

12. Fair value of financial assets and financial liabilities

Classification of financial assets and financial liabilities

12. Fair value of financial assets and financial liabilities, cont'd

Financial assets and financial liabilities measured at fair value

a) Fair value designation

b) Fair value approach and valuation techniques

c) Fair value hierarchy

12. Fair value of financial assets and financial liabilities, cont'd

12. Fair value of financial assets and financial liabilities, cont'd

Fair value measurements incorporating unobservable market data

a) Level 3 fair value measurements

i) Investment securities - equity holdings classified as FVOCI

ii) Net loans and advances - classified as FVTPL

b) Sensitivity to level 3 data inputs

c) Deferred fair value gains and losses

12. Fair value of financial assets and financial liabilities, cont'd

Financial assets and liabilities not measured at fair value

13. Shareholders' equity

Shareholders' equity

Ordinary share capital

Non-controlling interests

14. Changes in composition of the Group

15. Investments in associates

Contribution to Group profit after-tax

Impairment assessment

Key judgements and estimates

16. Related party disclosure

17. Commitments, contingent liabilities and contingent assets

Other contingent liabilities and contingent assets

Contingent liabilities

Regulatory, customer and third-party exposures

Non-financial risk management enforceable undertaking

17. Commitments, contingent liabilities and contingent assets, cont'd

Contingent assets

Australia and New Zealand Banking Group Ltd. Interim / Quarterly Report 2026