ANZ : Australia and New Zealand Banking Group Limited - Consolidated Half Year Financial Report

Australia and New Zealand Banking Group Limited

ABN 11 005 357 522

Half Year

31 March 2024

Consolidated Financial Report

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

CONTENTS	Page
Directors' Report	3
Condensed Consolidated Income Statement	7
Condensed Consolidated Statement of Comprehensive Income	8
Condensed Consolidated Balance Sheet	9
Condensed Consolidated Cash Flow Statement	10
Condensed Consolidated Statement of Changes in Equity	11
Notes to Condensed Consolidated Financial Statements	12
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 Group has a formally constituted Audit Committee of the Board of Directors. The Condensed Consolidated Financial Statements were approved by resolution of the Board of Directors on 6 May 2024.

DISCLAIMER & IMPORTANT NOTICE:

The material in this Consolidated Financial Report contains general background information about the Group's activities current as at 6 May 2024. 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, specific provisions and risk management practices. When used in the Consolidated Financial Report, the words 'forecast', 'estimate', '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; or 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.

2

DIRECTORS' REPORT

The Directors present their report for Australia and New Zealand Banking Group Limited (the Company) for the half year ended 31 March 2024, 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 SC Elliott	Director and Chief Executive Officer
Ms IR Atlas, AO	Director, ceased 21 December 2023
Mr JP Cincotta	Director, appointed 15 February 2024
Mr RBM Gibb	Director, appointed 15 February 2024
Ms SJ Halton, AO PSM	Director
Mr GK Hodges	Director
Rt Hon Sir JP Key, GNZM AC	Director, ceased 14 March 2024
Ms HS Kramer	Director
Mr JT Macfarlane	Director, ceased 21 December 2023
Ms CE O'Reilly	Director
Mr JP Smith	Director
Mr SA St John	Director, appointed 25 March 2024
Performance overview
Condensed Consolidated Income Statement			Half Year				Movement
	Mar 24		Sep 23	Mar 23		Mar 24	Mar 24
	$M		$M	$M		v. Sep 23	v. Mar 23
Net interest income	7,900	8,071		8,497	-2%	-7%
Other operating income	2,248	2,248		1,662	0%	35%
Operating income	10,148		10,319		10,159	-2%	0%
Operating expenses	(5,179)	(5,101)		(4,986)	2%	4%
Profit before credit impairment and income tax	4,969		5,218		5,173	-5%	-4%
Credit impairment (charge)/release	(70)	(112)		(133)	-38%	-47%
Profit before income tax	4,899		5,106		5,040	-4%	-3%
Income tax expense	(1,435)	(1,495)		(1,450)	-4%	-1%
Profit for the period	3,464	3,611		3,590	-4%	-4%

March 2024 v March 2023

• Net interest income decreased $597 million (7%) driven by a 20 bps decrease in net interest margin, partially offset by a $43.0 billion increase in average interest earning assets. The net interest margin decreased from 175 bps to 155 bps driven by pricing competition in the Australia Retail, Australia Commercial and New Zealand divisions, a decrease in Markets net interest income driven by higher funding costs, primarily on commodity assets, where the related revenues are recognised as Other operating income, unfavourable asset and funding mix, and higher wholesale funding rates. This was partially offset by higher earnings on capital and replicating deposits, and favourable deposit margins. The increase in average interest earning assets was driven by higher average trading assets and investment securities, and net loans and advances.
• Other operating income increased $586 million (35%) driven by higher net foreign exchange earnings and other financial instruments income
  ($522 million), loss on reclassification of data centres in Australia to held for sale in March 2023 half ($43 million), higher fee and commission income ($26 million), and recycling of foreign currency translation reserves (FCTR) from other comprehensive income to profit or loss on dissolution of several international entities ($20 million). This was partially offset by a loss on partial disposal of investment in AMMB Holdings Berhad (AmBank) ($21 million).
• Operating expenses increased $193 million (4%) driven by higher personnel expenses ($156 million), higher restructuring expenses ($87 million), and higher technology expenses ($55 million), partially offset by lower other expenses ($100 million) benefitting from productivity initiatives.
• Credit impairment charge decreased $63 million (47%) driven by a decrease in the collectively assessed credit impairment charge, partially offset by an increase in the individually assessed credit impairment charge due to lower write-backs.

March 2024 v September 2023

• Net interest income decreased $171 million (2%) driven by a 10 bps decrease in net interest margin, partially offset by a $38.4 billion increase in average interest earning assets. The net interest margin decreased from 165 bps to 155 bps driven by a decrease in Markets net interest income driven by higher funding costs, primarily on commodity assets where the related revenues are recognised as Other operating income, pricing competition in the Australia Retail and Australia Commercial divisions, and higher wholesale funding rates. This was partially offset by higher earnings on capital and replicating deposits. The increase in average interest earning assets was driven by higher average trading assets and investment securities, and net loans and advances.
• Other operating income remained flat as higher net foreign exchange earnings and other financial instruments income ($167 million) was offset by lower net fee and commission income ($46 million), a decrease in share of associates' profit ($29 million), an adjustment to the gain on sale relating

3

DIRECTORS' REPORT

to the completed UDC Finance divestment in the September 2023 half ($23 million), lower gain from recycling of FCTR from other comprehensive income to profit or loss on dissolution of a number of international entities ($23 million), and a loss on partial disposal of investment in AmBank ($21 million).

• Operating expenses increased $78 million (2%) driven by higher personnel expenses ($192 million), higher technology expenses ($31 million) and higher restructuring expenses ($26 million), partially offset by lower other expenses ($168 million) benefitting from productivity initiatives and the Compensation Scheme of Last Resort levy incurred in the September 2023 half.
• Credit impairment charge decreased $42 million (38%) driven by a decrease in the individually assessed credit impairment charge due to higher write-backs and lower impairment, and a decrease in the collectively assessed credit impairment charge.

Condensed Consolidated Balance Sheet

			As at			Movement
Assets	Mar 24		Sep 23	Mar 23		Mar 24	Mar 24
$B		$B	$B		v. Sep 23	v. Mar 23
Cash / Settlement balances owed to ANZ / Collateral paid	149.7	186.1	225.1	-20%	-33%
Trading assets and investment securities	160.0	134.0	133.1	19%	20%
Derivative financial instruments	47.5	60.4	45.6	-21%	4%
Net loans and advances	715.8	707.7	690.7	1%	4%
Other	17.1	17.9	17.1	-4%	0%
Total assets	1,090.1		1,106.1	1,111.6	-1%	-2%
Liabilities
Settlement balances owed by ANZ / Collateral received	22.4	29.7	31.0	-25%	-28%
Deposits and other borrowings	807.2	815.2	843.1	-1%	-4%
Derivative financial instruments	42.7	57.5	46.2	-26%	-8%
Debt issuances	127.1	116.0	106.2	10%	20%
Other	20.5	18.6	16.5	10%	24%
Total liabilities	1,019.9		1,037.0	1,043.0	-2%	-2%
Total equity	70.2		69.1	68.6	2%	2%

March 2024 v March 2023

• Cash / Settlement balances owed to ANZ / Collateral paid decreased $75.4 billion (33%) driven by decreases in balances with central banks, overnight interbank deposits and settlement balances owed to ANZ.
• Trading assets and investment securities increased $26.9 billion (20%) driven by increases in short term and semi-government bonds.
• Net loans and advances increased $25.1 billion (4%) driven by home loan growth and higher business lending, partially offset by impact of foreign currency translation movements.
• Settlement balances owed by ANZ / Collateral received decreased $8.6 billion (28%) driven by a decrease in cash clearing accounts.
• Deposits and other borrowings decreased $35.9 billion (4%) driven by decreases in deposits from banks and repurchase agreements, customer deposits, and certificates of deposit. This was partially offset by an increase in commercial paper and other borrowings and impact of foreign currency translation movements.
• Debt issuances increased $20.9 billion (20%) driven by issue of new senior and subordinated debt, including ANZ Capital Notes 9, partially offset by the redemption of ANZ Capital Notes 4.

March 2024 v September 2023

• Cash / Settlement balances owed to ANZ / Collateral paid decreased $36.4 billion (20%) driven by decreases in balances with central banks, settlement balances owed to ANZ, overnight interbank deposits, reverse repurchase agreements, and the impact of foreign currency translation.
• Trading assets and investment securities increased $26.0 billion (19%) driven by an increase in short term and semi-government bonds.
• Derivative financial assets and liabilities decreased $12.9 billion (21%) and $14.8 billion (26%) respectively driven by market rate movements, primarily decreases in USD swap rates and the depreciation of certain major currencies against the USD.
• Net loans and advances increased $8.1 billion (1%) driven by home loan growth, partially offset by lower business lending and the impact of foreign currency translation movements.
• Settlement balances owed by ANZ / Collateral received decreased $7.3 billion (25%) driven by decreases in cash clearing accounts and lower collateral received.
• Deposits and other borrowings decreased $8.0 billion (1%) driven by decreases in deposits from banks and repurchase agreements, customer deposits, certificates of deposit, and the impact of foreign currency translation movements. This was partially offset by increases in commercial paper and other borrowings.
• Debt issuances increased $11.1 billion (10%) driven by the issue of new senior and subordinated debt, including ANZ Capital Notes 9, partially offset by the redemption of ANZ Capital Notes 4.

4

DIRECTORS' REPORT

Liquidity	Half Year Average			Movement
						Mar 24	Mar 24
		Mar 24	Sep 23	Mar 23		v. Sep 23	v. Mar 23
Total liquid assets ($B)	281.7	270.8	265.9	4%	6%
Liquidity Coverage Ratio (%)	134%	132%	128%	2%	6%

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-qualityliquid 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-qualityliquid 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 this period.

Funding		As at			Movement
		Mar 24	Sep 23	Mar 23		Mar 24	Mar 24
		$B	$B	$B		v. Sep 23	v. Mar 23
Total customer liabilities (funding)	652.1	659.1	661.3	-1%	-1%
Wholesale funding	319.7	316.8	335.6	1%	-5%
Shareholders' equity	70.2	69.1	68.6	2%	2%
Total funding	1,042.0	1,045.0	1,065.5	0%	-2%
Net Stable Funding Ratio (%)	118%	116%	119%	2%	-1%

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

During the March 2024 half, the ANZ Bank Group issued $21.2 billion of term wholesale funding1, $1.7 billion of APRA compliant Additional Tier 1 Capital and $0.3 billion of RBNZ compliant Additional Tier 1 Capital.

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

1. Excludes unsubordinated debt with shorter tenors (such as 12 to 18 months).

Capital Management (Level 2)			As at			Movement
			Mar 24	Sep 23	Mar 23		Mar 24	Mar 24
				v. Sep 23	v. Mar 23
Common Equity Tier 1	13.5%
-	APRA		13.3%	13.2%
-	International Comparable	19.7%		19.7%	19.4%
Credit risk weighted assets ($B)	348.4		349.0	345.3	0%	1%
Total risk weighted assets ($B)	432.8		433.3	435.5	0%	-1%
APRA Leverage Ratio	5.4%		5.4%	5.3%

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 13.5% at 31 March 2024, exceeding APRA's minimum requirements. The increase of 16 bps during the March 2024 half was driven by current period earnings, proceeds from partial disposal of investment in AmBank, partially offset by the impact of dividends paid during the period, higher underlying risk weighted assets usage, and capital deduction and other impacts.

At 31 March 2024, the Group's APRA Leverage Ratio was 5.4% which is above the 3.5% proposed minimum for Internal Ratings Based Authorised Deposit-taking Institution, which includes ANZ.

Dividend

ANZBGL paid a 2023 final dividend of $2,771 million to its intermediate holding company, ANZ BH Pty Ltd, a wholly owned subsidiary of ANZGHL, during the March 2024 half.

On 6 May 2024, the Directors proposed a 2024 interim dividend of $2,496 million be paid on 1 July 2024, to ANZ BH Pty Ltd.

5

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 48 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

There have been no significant events from 31 March 2024 to the date of signing this report.

Signed in accordance with a resolution of the Directors.

Paul D O'Sullivan	Shayne C Elliott
Chairman	Managing Director
6 May 2024

6

CONDENSED CONSOLIDATED INCOME STATEMENT

Australia and New Zealand Banking Group Limited

			Half Year			Movement
		Mar 24	Sep 23	Mar 23		Mar 24	Mar 24
	Note	$M	$M	$M		v. Sep 23	v. Mar 23
Interest income		29,832	27,089	22,840	10%	31%
Interest expense		(21,932)	(19,018)	(14,343)	15%	53%
Net interest income	2	7,900	8,071	8,497	-2%	-7%
Other operating income	2	2,104	2,070	1,507	2%	40%
Net income from insurance business	2	48	53	55	-9%	-13%
Share of associates' profit/(loss)	2, 15	96	125	100	-23%	-4%
Operating income		10,148	10,319	10,159	-2%	0%
Operating expenses	3	(5,179)	(5,101)	(4,986)	2%	4%
Profit before credit impairment and income tax		4,969	5,218	5,173	-5%	-4%
Credit impairment (charge)/release	8	(70)	(112)	(133)	-38%	-47%
Profit before income tax		4,899	5,106	5,040	-4%	-3%
Income tax expense	4	(1,435)	(1,495)	(1,450)	-4%	-1%
Profit for the period		3,464	3,611	3,590	-4%	-4%
Comprising:
Profit attributable to shareholders of the Company		3,450	3,597	3,576	-4%	-4%
Profit attributable to non-controlling interests	13	14	14	14	0%	0%

The notes appearing on pages 12 to 45 form an integral part of the Condensed Consolidated Financial Statements.

7

CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

Australia and New Zealand Banking Group Limited

		Half Year			Movement
	Mar 24	Sep 23	Mar 23		Mar 24	Mar 24
	$M	$M	$M		v. Sep 23	v. Mar 23
Profit for the period	3,464	3,611	3,590	-4%	-4%
Other comprehensive income
Items that will not be reclassified subsequently to profit or loss
Investment securities - equity securities at FVOCI	20	(80)	50		large	-60%
Other reserve movements1	(59)	(48)	(32)	23%	84%
Items that may be reclassified subsequently to profit or loss
Foreign currency translation reserve	(378)	(74)	792		large	large
Cash flow hedge reserve	1,075	(832)	1,067		large	1%
Other reserve movements	(128)	(42)	6		large	large
Income tax attributable to the above items	(273)	279	(301)		large	-9%
Share of associates' other comprehensive income2	(17)	23	8		large	large
Total comprehensive income for the period	3,704	2,837	5,180	31%	-28%
Comprising total comprehensive income attributable to:
Shareholders of the Company	3,701	2,826	5,136	31%	-28%
Non-controlling interests1	3	11	44	-73%	-93%

1. Includes foreign currency translation differences attributable to non-controlling interest of -$11 million (Sep 23 half: -$3 million; Mar 23 half: $30 million).
2. Share of associates' other comprehensive income includes:

	Mar 24 half	Sep 23 half	Mar 23 half
	$M	$M	$M
FVOCI reserve gain/(loss)	(4)	23	2
Defined benefits gain/(loss)	(13)	-	6
Total	(17)	23	8

The notes appearing on pages 12 to 45 form an integral part of the Condensed Consolidated Financial Statements.

8

CONDENSED CONSOLIDATED BALANCE SHEET

Australia and New Zealand Banking Group Limited

			As at			Movement
		Mar 24	Sep 23	Mar 23		Mar 24	Mar 24
Assets	Note	$M	$M	$M		v. Sep 23	v. Mar 23
Cash and cash equivalents1		137,696	168,154	208,800	-18%	-34%
Settlement balances owed to ANZ		3,809	9,349	7,020	-59%	-46%
Collateral paid		8,241	8,558	9,245	-4%	-11%
Trading assets		42,442	37,004	39,611	15%	7%
Derivative financial instruments		47,481	60,406	45,614	-21%	4%
Investment securities		117,618	96,969	93,505	21%	26%
Net loans and advances	7	715,821	707,694	690,737	1%	4%
Regulatory deposits		696	646	646	8%	8%
Investments in associates		1,405	2,321	2,214	-39%	-37%
Current tax assets		45	37	49	22%	-8%
Deferred tax assets		3,199	3,398	3,026	-6%	6%
Goodwill and other intangible assets		3,907	3,961	3,933	-1%	-1%
Premises and equipment		2,293	2,360	2,613	-3%	-12%
Other assets		5,485	5,207	4,629	5%	18%
Total assets		1,090,138	1,106,064	1,111,642	-1%	-2%
Liabilities
Settlement balances owed by ANZ		15,026	19,267	23,010	-22%	-35%
Collateral received		7,409	10,382	8,002	-29%	-7%
Deposits and other borrowings	9	807,189	815,203	843,098	-1%	-4%
Derivative financial instruments		42,728	57,482	46,154	-26%	-7%
Current tax liabilities		195	305	342	-36%	-43%
Deferred tax liabilities		59	60	58	-2%	2%
Payables and other liabilities		17,982	15,984	13,941	13%	29%
Employee entitlements		579	568	592	2%	-2%
Other provisions		1,660	1,714	1,692	-3%	-2%
Debt issuances	10	127,109	116,014	106,157	10%	20%
Total liabilities		1,019,936	1,036,979	1,043,046	-2%	-2%
Net assets		70,202	69,085	68,596	2%	2%
Shareholders' equity
Ordinary share capital	13	29,033	29,082	29,054	0%	0%
Reserves	13	(1,510)	(1,796)	(1,065)	-16%	42%
Retained earnings	13	41,911	41,277	40,082	2%	5%
Share capital and reserves attributable to shareholders of the Company		69,434	68,563	68,071	1%	2%
Non-controlling interests	13	768	522	525	47%	46%
Total shareholders' equity		70,202	69,085	68,596	2%	2%

1. Includes Settlement balances owed to ANZ that meet the definition of Cash and cash equivalents.

The notes appearing on pages 12 to 45 form an integral part of the Condensed Consolidated Financial Statements.

9

CONDENSED CONSOLIDATED CASH FLOW STATEMENT

Australia and New Zealand Banking Group Limited

		Half Year
	Mar 24	Sep 23	Mar 23
	$M	$M	$M
Profit after income tax	3,464	3,611	3,590
Adjustments to reconcile to net cash flow provided by/(used in) operating activities:
Allowance for expected credit losses	70	112	133
Depreciation and amortisation	456	463	478
Loss on reclassification of data centres to held for sale	-	-	43
Net derivatives/foreign exchange adjustment	858	(1,912)	5,417
(Gain)/loss on sale from divestments	21	(29)	-
Other non-cash movements1	(22)	(86)	(12)
Net (increase)/decrease in operating assets:
Collateral paid	262	958	3,185
Trading assets2	(20)	384	(6,272)
Net loans and advances1	(10,665)	(16,300)	(11,989)
Other assets1	(591)	(499)	(1,226)
Net increase/(decrease) in operating liabilities:
Deposits and other borrowings	(4,532)	(19,833)	41,699
Settlement balances owed by ANZ	(4,178)	(3,775)	9,053
Collateral received	(2,897)	2,044	(7,892)
Other liabilities2	2,196	1,926	2,924
Total adjustments	(19,042)	(36,547)	35,541
Net cash (used in)/provided by operating activities3	(15,578)	(32,936)	39,131
Cash flows from investing activities
Investment securities assets:
Purchases	(43,900)	(38,480)	(13,494)
Proceeds from sale or maturity	22,996	35,969	5,432
Proceeds from divestments, net of cash disposed	668	558	577
Net investments in other assets	(451)	(254)	(350)
Net cash (used in)/provided by investing activities	(20,687)	(2,207)	(7,835)
Cash flows from financing activities
Deposits and other borrowings (repaid) / drawn down	(27)	(12,042)	937
Debt issuances:4
Issue proceeds	26,240	19,141	25,041
Redemptions	(16,639)	(9,296)	(14,689)
Dividends paid5.6	(2,784)	(2,401)	(2,299)
Other equity distribution7	(126)	(2)	(19)
Repayment of lease liabilities	(164)	(181)	(156)
ANZ Bank New Zealand Perpetual Preference Shares	252	-	-
Net cash (used in)/provided by financing activities	6,752	(4,781)	8,815
Net increase/(decrease) in cash and cash equivalents	(29,513)	(39,924)	40,111
Cash and cash equivalents at beginning of period	168,154	208,800	168,132
Effects of exchange rate changes on cash and cash equivalents	(945)	(722)	557
Cash and cash equivalents at end of period	137,696	168,154	208,800

1. Certain items were reclassified from Other non-cash movements to Net loans and advances and Other assets in the September 2023 half to better reflect the net movement in operating assets. Comparatives have been restated (Mar 23 half: reduction to Other non-cash movements of $751 million, an increase in Net loans and advances of $112 million, and an increase in Other assets of $639 million).
2. Certain items were reclassified from Other liabilities to Trading assets to better reflect the movement in operating assets and operating liabilities. Comparatives have been restated (Sep 23 half: reduction to Trading assets and an increase in Other liabilities of $1,866 million; Mar 23 half: reduction to Trading assets and an increase to Other liabilities of $3,999 million).
3. Net cash (used in)/provided by operating activities includes interest received of $29,361 million (Sep 23 half: $26,266 million Mar 23 half: $22,079 million), interest paid of $21,287 million
   (Sep 23 half: $17,990 million; Mar 23 half: $12,717 million), and income taxes paid of $1,779 million (Sep 23 half: $1,674 million; Mar 23 half: $1,827 million).
4. Non-cashchanges in debt issuances include a loss of $1,494 million (Sep 23 half: $12 million loss; Mar 23 half: $2,072 million loss) from unrealised movements primarily due to fair value hedge adjustments and foreign exchange differences.
5. Cash outflow for shares purchased to satisfy the dividend reinvestment plan in the March 2023 half are classified in dividends paid.
6. March 2023 half Includes $320 million cash outflow as part of the special dividend to the Group's parent entity, ANZ BH Pty Ltd.
7. Represents funding of on market purchases of ANZGHL ordinary shares for employee share and option plans.

The notes appearing on pages 12 to 45 form an integral part of the Condensed Consolidated Financial Statements.

10