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AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED

(ANZ)
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Australian banks jump as Bell Potter gives "buy" call on hopes of big dividends

12/16/2020 | 12:07am EDT

Dec 16 (Reuters) - Shares of Australian banks jumped on Wednesday after financial advisory firm Bell Potter placed a "buy" rating on all four of the country's top lenders for the first time since the global financial crisis of 2007-08.

The brokerage's buy call comes after the Australian Prudential Regulation Authority (APRA) said on Tuesday that from next year banks need not hold a portion of their profit back, giving the green signal to higher dividends.

Commonwealth Bank of Australia rose to a near 10-month peak, while shares of Australia and New Zealand Banking Group, Westpac, and National Australia Bank were set for their best session since Nov. 25.

Australian banks had been asked to limit paying dividends to less than half their profit in early 2020, in a bid to help banks preserve capital and weather higher loan defaults as well as thinner margins due to the economic blow from the COVID-19 pandemic.

However, the economic outlook has improved since its guidance in July as infections were brought under control, leading the regulator to loosen rules around dividend payouts.

Citi Research said the Australian banking regulator's move to lift limits on bank dividend payouts could lead to capital return as early as February when CBA reports its first half 2021 results.

Citi said a combination of slower asset growth, recovering profits, lower dividends, and sale of non-core businesses this year will contribute to a substantial build in banks' CET1 over the next three years.

The increased bullishness around the sector following APRA's announcement lifted the S&P/ASX 200 Financials index to a near three-week high. (Reporting by Nikhil Subba in Bengaluru; Editing by Arun Koyyur)


ę Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED -0.61% 27.7 End-of-day quote.22.03%
COMMONWEALTH BANK OF AUSTRALIA 0.03% 102.88 End-of-day quote.25.30%
NATIONAL AUSTRALIA BANK LIMITED -1.10% 27.89 End-of-day quote.23.41%
S&P/ASX 200 -2.10% 7248.2 Real-time Quote.12.40%
WESTPAC BANKING CORPORATION -0.46% 25.88 End-of-day quote.33.61%
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Financials
Sales 2021 17 387 M 12 599 M 12 599 M
Net income 2021 6 135 M 4 445 M 4 445 M
Net Debt 2021 - - -
P/E ratio 2021 13,4x
Yield 2021 5,01%
Capitalization 76 402 M 55 565 M 55 363 M
Capi. / Sales 2021 4,39x
Capi. / Sales 2022 4,22x
Nbr of Employees 37 844
Free-Float -
Chart AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED
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Australia and New Zealand Banking Group Limited Technical Analysis Chart | ANZ | AU000000ANZ3 | MarketScreener
Technical analysis trends AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED
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Mean consensus OUTPERFORM
Number of Analysts 14
Last Close Price 27,70 AUD
Average target price 29,75 AUD
Spread / Average Target 7,40%
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Managers and Directors
Shayne Cary Elliott Chief Executive Officer & Executive Director
Shane Buggle Chief Financial Officer
Paul Dominic O'Sullivan Chairman
Gerard Florian Group Executive-Technology
Michael Liarakos Chief Compliance Officer