ANZ is more confident than its ever been that its transformation journey is on track.

The bank’s new platform ANZ Plus now has a national market share of one per cent, and increased customer numbers over the last year by 84 per cent to 850,000, half of this cohort new to bank.

ANZ Plus held $16 billion in deposits at the end of September, and equal to nine per cent of the overall ANZ retail deposit book in Australia.

Shayne Elliott, ANZ’s CEO, said ANZ Plus was operating at a 35 per cent lower cost to serve than the legacy platform. The cost to acquire customers is 45 per cent lower.

ANZ will take a long time to migrate customers from the legacy platform to ANZ Plus, with this dragging into 2027 and even 2028.

The bank has 5.5 million customers to migrate over this time frame, as well as one million Suncorp Bank customers.

Overall, ANZ had a tough year, with the pre-provision profit down five per cent and net profit down eight per cent to $6.5 billion over the year to September 2024.

In the bank’s Australian retail division cash profit fell 17 per cent over the year to $1.6 billion, with most of this decline in the first half.

The net interest margin in retail fell to 1.91 per cent from 2.22 per cent, with most of the decline once again in the first half.

The cash profit in the commercial division fell seven per cent while the institutional profit fell three per cent. The cash profit for institutional fell 12 per cent in the September half over the March half.