News

Australia ANZ Bank posts 11 per cent increase in annual profit to $6.3 billion helped by Asia

SYDNEY – ANZ Banking Group Ltd., one of Australia’s largest banks, posted an 11 per cent increase in annual profit to 6.5 billion Australian dollars ($6.3 billion) on Tuesday, buoyed by strong demand for home loans and growth from its Asian business.

The bank’s chief executive Mike Smith attributed the profit growth for the year through September to the bank’s long-term strategy, which includes expansion into Asia.

“This result demonstrates that ANZ is firing on all cylinders,” he told analysts.

The bank’s shares jumped more than 2 per cent to AU$33.92 in morning trading after the news.

David Ellis, an analyst with investment researcher Morningstar, said the result had beaten expectations.

“The result was hard to fault,” Ellis said.