ANZ Banking Group
(ASX:ANZ) has delivered a record annual cash profit of $5.13 billion on the back of a fall in charges.
The 51.7 per cent improvement for the year to 30 September was up from the $3.38 billion recorded last year and a better result than was expected.
Also coming in higher than expected was a boost to dividends, ANZ declaring a final dividend of 74 cents per share compared to 56 cents a year ago.
Net profit for the year increased from $2.94 billion in 2009 to $4.5 billion in fiscal 2010.
Chief executive Mike Smith says having weathered the global financial crisis it is pleasing to start putting some serious runs on the board.
The profits will be sure to fuel ANZ’s ambitions of expanding into Asia as a super regional bank. The Asian market made up 14 per cent of ANZ’s underlying profit during the year.
ANZ Banking Group recorded a profit of $1.93 billion in the six months to 31 March 2010.
