Strip out its recent takeover of Suncorp Bank and the March 2025 first half profit for ANZ looks ordinary.

The pre-provision profit of ANZ, ex Suncorp, was $4.7 billion, down from $4.8 billion in the second half of 2024, ex Suncorp, and $4.8 billion in the first half of 2024.

Suncorp Bank represented 17 per cent of the ANZ Australia retail and commercial businesses net profit of $1.65 billion over the half year.

This equates to $281 million, so on an ex Suncorp basis the ANZ group NPAT over the first half of 2025 was a little lower than over the first half of 2024.

ANZ acquired Suncorp Bank at the end of July last year and is delivering diversification to ANZ but not necessarily scale.

Suncorp now accounts for 9% of ANZ’s assets.

ANZ Plus, the bank’s new consumer and (in time) SME platform looks to be growing much more slowly than ANZ might wish.

Launched in late 2002, there are 1.06 million customers on the ANZ Plus platform. 

Deposits on ANZ Plus were $21 billion at March, out of a group total of $359 billion in deposits.

Only 55 per cent of users of the ANZ Plus platform rate it as their ‘main bank’.

This result was the last for ANZ CEO Shayne Elliott. His replacement, Nuno Matos, takes over on Monday.