Australia and New Zealand Banking Group (ANZ) has reported cash profit of AUD 6.94bn ($5.34bn) for the year ended 30 September 2017, a surge of 18% compared to AUD5.89bn ($4.53bn) a year earlier.

The banking group’s statutory profit after tax stood at AUD6.40bn, a rise of 12% over AUD5.71bn last year.

The bank’s net interest margin at the end of September 2017 stood at 1.99%, a fall of eight basis points from 2.07% last year. Return on Equity increased 159 basis points year-on-year to 11.9%.

The group’s common equity tier 1 ratio was 10.6% as at 30 September 2017.

Commenting on the performance, ANZ CEO Shayne Elliott said: “This is a good result which demonstrates further progress in becoming a better balanced, better capitalised, more efficient bank. Two years ago it was clear we needed to reshape ANZ’s future. Although we had a strong business, the external environment was changing faster than we were and our customers, the community and our shareholders expected much more from us.”

“We have made some difficult calls in that time and the new shape of ANZ is now emerging. We’ve shifted our capital base to give greater emphasis to the Retail and Commercial businesses in Australia and New Zealand which now accounts for 53% of our capital, up from 44% two years ago. We have generated strong organic capital growth and our APRA CET1 capital ratio now stands at 10.6%, up from 9.6%, so we already meet APRA’s ‘unquestionably strong’ 2020 capital target,” Elliott added.

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