ANZ bank posts record annual profit

Sydney: Australia and New Zealand Banking Group on Thursday posted a record full-year net profit of 5.66 billion Australian dollars (Dh21.59 billion, $5.85 billion), driven by rising earnings from its Asian operations.

Australia’s third largest bank by market value said net profit for the 12 months to September 30 was up six per cent with underlying profit — the bank’s preferred measure — rising by the same amount, to A$6 billion. Chief executive Mike Smith said the bank continued to expand in Asia, with income there now making up 21 per cent of its total revenue. But he warned that conditions would get more challenging in the year ahead with the global economy softening.