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

The group's statutory profit after tax stood at A$5.7bn, a fall of 24% compared with A$7.5bn a year ago. Net interest margin was 2%.

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

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.”

Simultaneously, ANZ also unveiled plans to divest its wealth business in Australia and New Zealand, following a strategic review of their operations.

The group said that although wealth products should remain a core component of its offering, it need not manufacture them.

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ANZ said: “The initial focus will be on the Australian wealth business where ANZ is exploring a range of possible strategic and capital market options that will maintain strong outcomes for customers.

“This includes the possible sale of the life insurance, advice and superannuation and investments businesses in Australia. ANZ will pursue a disciplined approach to this process and will update the market as appropriate.”

The New Zealand wealth operations would be considered separately during 2017, the bank added.

Recently, ANZ also agreed to sell its retail banking and wealth management businesses in five Asian markets, including Singapore, Hong Kong, China, Taiwan and Indonesia, to Singapore-based lender DBS.