ANZ under Nuno Matos: growth remains a work in progress
ANZ has kept pace with the major banks in investor housing under Nuno Matos, but APRA data show weaker relative growth across business lending, owner-occupied mortgages and deposits.
Nuno Matos became ANZ Group CEO on 12 May 2025, succeeding Shayne Elliott after previously leading Wealth and Personal Banking at HSBC. Just over a year into his tenure, APRA’s banking statistics suggest ANZ is yet to match the broader market’s balance-sheet growth.
The weakest result is business lending. ANZ’s business loan book has grown 6.6% since Matos took over, compared with 14.2% across the major banks and 12.4% across all ADIs. Business lending covers credit to companies and other commercial borrowers.
Housing has performed somewhat better. Owner-occupied lending — mortgages on homes borrowers live in — increased 4.0%, against 6.6% for the majors. Investment housing lending, covering loans on rental and investment properties, grew 8.8%, marginally ahead of the major-bank average of 8.6%, although below 10.8% across all ADIs. Overall housing lending increased 5.6%, versus 7.2% for the majors.
Resident deposits — deposits from Australian households, businesses and other residents — increased 8.4%, also below major-bank growth of 10.0%.
The early conclusion is therefore fairly clear: ANZ has broadly kept pace in investor mortgages, but has lost relative ground in business lending, owner-occupied housing and deposits under Matos so far.
The figures are from APRA’s Monthly ADI Statistics for July 2026 and measure changes in outstanding balances rather than new lending flows.