ANZ chief executive Mike Smith is walking away from a target to boost a key gauge of shareholder returns, declaring it would be a "bridge too far" for the bank to lift return on equity to 16 per cent.
Mr Smith made the comment as ANZ's record full-year profits of $7.2 billion showed earnings growth slowing, dividends flat, and shareholder returns squeezed by the dilutive effect of its recent capital raising.
Loading...
Clancy Yeates is deputy business editor. He has covered banking and financial services, and was previously national business correspondent in the Canberra bureau. Connect with Clancy on Twitter.
James Eyers writes on banking, payments and fintech. He is a former legal and investment banking editor at the AFR, has degrees in commerce and law from UNSW, and is co-author of Buy now, pay later: The extraordinary story of Afterpay Connect with James on Twitter. Email James at jeyers@afr.com.au
