ANZ's H2 profit surges, says bad debts stabilising

SYDNEY Oct 29 (Reuters) - Australia and New Zealand Banking Group Ltd (ANZ.AX), the smallest by assets of Australia's four big banks, reported a 79 percent jump in second-half cash profit, beating market forecasts due to strong revenue growth. ANZ on Thursday posted a cash profit of A$2.43 billion ($2.22 billion) for the six months ended Sept 30, compared with A$1.36 billion for the same period a year earlier.

The average forecast of eight analysts surveyed by Reuters was for a profit of A$2.04 billion, with the forecasts ranging from A$1.66 billion to A$2.30 billion.

The bank will pay shareholders a final dividend of 56 cents. ANZ shares, which closed at A$23.35 Wednesday, have risen 53 percent so far this year, compared with a 26 percent gain in the benchmark S&P/ASX 200 stock index .AXJO over the same period. (Reporting by Morag MacKinnon; Editing by Muralikumar Anantharaman)