Australia's ANZ Banking Group posts 7 per cent rise in half-year profit to $3 billion

SYDNEY – ANZ Banking Group Ltd., one of Australia’s largest banks, said Tuesday its half-year profit rose 7 per cent as revenue from overseas grew.

The bank reported a net profit of 2.9 billion Australian dollars ($3 billion) for the six months ended March 31.

ANZ said its cash profit, which excludes one-time gains or losses, rose by 10 per cent from a year earlier to AU$3.2 billion, slightly above expectations.

It increased its interim by 11 per cent to 73 Australian cents a share.

The bank said in a statement that diversification of its business was continuing, with 20 per cent of revenue now derived from outside Australia and New Zealand.

Australian banks proved resilient against the global economic downturn and remain among a handful of banks in the world to maintain AA credit ratings.