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Australia's ANZ bank profit rises 18 pct on cost cuts
October 25, 2017 / 9:00 PM / a month ago

Australia's ANZ bank profit rises 18 pct on cost cuts

Oct 26 (Reuters) - Australia’s No.3 lender, Australia and New Zealand Banking Group Ltd, posted a 18 percent jump in annual cash profit on cost cutting efforts, following the partial sale of its wealth management arm earlier this month.

ANZ said cash profit, which excludes various one-off items, was A$6.94 billion ($5.34 billion) for the year-ending Sept. 30, compared with A$5.89 billion last year.

The statutory net profit for the year was A$6.41 billion, slightly below an average estimate of A$6.87 billion from 9 analysts surveyed by Thomson Reuters I/B/E/S.

Last year, the bank recorded its weakest profit in five years as a result of A$1.1 billion restructuring charges and a spike in bad debts. ($1 = 1.2994 Australian dollars) (Reporting by Shashwat Pradhan in Bengaluru; Editing by Stephen Coates)

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