Presenting ANZ’s half-year result this morning, there was a moment on the analyst call when chief executive Nuno Matos appeared to lose his cool.
His first year in the job, spent zealously cutting costs, has won him the affection of investors and put a rocket under the bank’s share price, even at the risk of alienating its shrinking workforce. His European sensibilities have even charmed Australia’s political class, which had intended to grill him at parliamentary hearings but ended up fawning instead.
But as he enters his second year, already ahead of his ambitious return targets, analysts overwhelmingly want to know one thing: when will ANZ finally start growing again?
“I think I already answered that question very clearly. I am not so sure if I should repeat it or not, but I will with pleasure,” Matos said, clearly tired of the thorny questions. He pointed out he had another 18 months to iron out the issues he inherited before ANZ could finally outperform.
