Citigroup is not surprised by the expenses provisioned by Australia and New Zealand Banking Group for the second half of the fiscal year, and has rated the stock as neutral.

Citibank analyst Thomas Strong is not surprised by any new expenses forecast by ANZ Bank for its second half performance. With most of the $1.1 billion major projects already disclosed, Strong believes investors will overlook these one-off projects that will soon impact the bank's performance. In a report to clients, he stated that the $285 million asset impairment on PT Panin shares was not unexpected considering the performance of the investment. Strong added that the $68 million cost associated with the migration to SunCorp Bank and the $78 million goodwill write-down are in line with the strategies outlined to the market. Citibank rates the stock as neutral with a target price of $37.00.