ANZ has posted a cash profit of $3.41 billion for the half-year to 31 March 2017, up 23 per cent on the prior corresponding period.
Net profit for ANZ over the first half was $2.91 billion, up 6 per cent on the previous first half.
The bank also saw its earnings per share increase by 22 per cent on the prior corresponding period to 117 cents, and its return on equity increase 210 basis points to 11.8 per cent.
ANZ's common equity tier 1 (CET1) ratio increased from 9.8 per cent to 10.1 per cent half-on-half, and the CET1 internationally comparable Basel III ratio increased from 14 per cent to 15.2 per cent.
Commenting on the result, ANZ chief executive Shayne Elliott noted that the increase in the bank's ROE was the first "material" increase since 2010.
"We are in a very strong position ahead of anticipated changes to capital requirements by APRA and this allows us to neutralise the first half dividend reinvestment plan," Mr Elliott said.
"Our strategy involves a significant reshaping of ANZ's business and I am very pleased to have made significant progress while also producing good results across the group."
ANZ recently announced the sale of its retail and wealth management businesses in six Asian countries, and is currently looking for a buyer for its Australian product manufacturing arm.