What happened for the ANZ share price in the FY22 first quarter?

Curbs on home loans may impact the big bank's bottom line.

The Australia and New Zealand Banking Group Ltd (ASX: ANZ) share price is up 0.6% in early morning trade today, at $27.67 per share.

Despite that gain, the big bank's shares remain down 1.6% since we commenced the second quarter of the 2022 financial year (Q2 FY22) last Friday.

With the first quarter of FY22 now come and gone, we take a look at how the ANZ share price moved over those 3 months.

A man sitting at his dining table looks at his laptop and ponders the share price.

Image source: Getty Images

What happened with the ANZ share price in Q1 FY22?

The ANZ share price kicked off Q1 FY22 by closing at $28.15 on 30 June.

Three months later, by the closing bell on 30 September, shares were worth $28.15.

I'll let you do the maths there.

The big bank finishing the quarter flat was largely in line with the broader S&P/ASX 200 Index (ASX: XJO), which notched a slender 0.3% gain over the 3 months.

It wasn't all smooth sailing for shareholders.

The ANZ share price hit a closing high of $29.53 on 13 August and a closing low of $27.09 on 22 September. That's more than an 8% price swing.

What were investors considering over the quarter?

There were a number of factors impacting the ANZ share price over Q1 FY22.

Tailwinds leading up to the 13 August high included improved investor sentiment across the wider banking sector, spurred by some $10 billion in dividends and share buybacks by Commonwealth Bank of Australia (ASX: CBA).

Another positive looks to have been ANZ's appointment of Farhan Faruqui as its new Chief Financial Officer (CFO).

As the Motley Fool noted at the time, "ANZ's management highlighted Mr Faruqui's accomplishments and experience, painting a positive outlook for the bank's future.".

On the flip side, general market weakness over the quarter certainly didn't help the bank's performance.

There was also a bearish broker note out just before ANZ's share price hit its 21 September closing low, along with concern about the bank's mortgage book.

As the Motley Fool noted on 21 September, broker Citi released a note with a sell rating on ANZ and a price target of $28 per share.

My Fool colleague Nikhil reported in his article that, "According to analysts, recent APRA data indicates a sharp contraction in ANZ's mortgage book. … According to the commentary, moderation in volume and housing growth could slow near-term growth prospects for the big banks."

The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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