Australia and New Zealand Banking Group (ANZ) has reported cash profit of A$5.9bn for the year ended 30 September 2016, a fall of 18% compared to A$7.2bn in the prior year.

The group's statutory profit after tax stood at A$5.7bn, a 24% slump from A$7.5bn a year ago, while net interest margin was 2%.

At the end of September 2016, the group’s total risk weighted assets were A$408.6bn, compared to A$401.9bn a year earlier. Common equity tier 1 ratio was 9.6%.

Gross loans and advances for the year ended September 2016 were A$580bn, compared to A$574.3bn last year.

ANZ CEO Shayne Elliott said: “This year we delivered another good performance in Australia and New Zealand with our consumer and small business franchises producing strong results based on a disciplined approach to market share and tight cost management.”

“We also took steps to create a better experience for our customers and to compete efficiently in the digital age. This included the successful launch of Apple Pay and Android Pay in Australia and Apple Pay in New Zealand. These are market-leading initiatives that have delivered good growth in new to bank customers.”

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By GlobalData