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

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

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(Reuters) – Australia’s No.3 lender, Australia and New Zealand Banking Group Ltd <ANZ.AX>, 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 (4.03 billion pounds)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.

(Reporting by Shashwat Pradhan in Bengaluru; Editing by Stephen Coates)
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