In a statement on Thursday, ANZ said its statutory net profit after tax for the 12 months to 30 September 2021 was $6.16 billion, up 72 per cent on the previous year.
However, the bank's cash profit before credit impairments and tax was $8.4 billion, flat to the prior year.
ANZ chief executive Shayne Elliott said this year demonstrated the benefits of ANZ’s diversified portfolio “as we provided solid returns for shareholders while also successfully navigating the continuing impacts of COVID-19 on our customers and our people”.
Mr Elliott said the bank grew its profits in Australia retail and commercial despite second half challenges in home loan processing.
“Australia retail and commercial grew lending and customer deposits during the year and delivered good margin performance across the division. Home loan revenue growth was in the low double digits.
“However, second half volumes were impacted by a competitive refinancing market, customers paying down their loans faster and processing issues,” Mr Elliott explained.
He acknowledged the bank’s institutional division, noting its “consistent performance”, which reflects the benefits of a simpler, more diversified franchise.
In August, ANZ commenced a buyback of $1.5 billion shares on-market. As at 30 September 2021, the big four confirmed it is almost halfway through its current buyback and will continue to consider the best use of any surplus capital.
