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October 30, 2015updated 04 Apr 2017 1:34pm

ANZ records marginal rise in annual cash profit; wealth unit profit up 11%

Australia and New Zealand Banking Group (ANZ) has reported a cash profit of A$7.21bn for the year ended 30 September 2015, a rise of 1% compared to compared to A$7.11bn a year ago.

By Verdict Staff

Australia and New Zealand Banking Group (ANZ) has reported a cash profit of A$7.21bn for the year ended 30 September 2015, a rise of 1% compared to compared to A$7.11bn a year ago.

The group’s bank’s statutory profit after tax increased 3% to A$7.49bn from A$7.27bn in the prior year.

The bank’s global wealth division saw an 11% rise in profit. Private Wealth continued to deliver growth through customer focused investment solutions with FUM growing 22% and customer deposits 33% year-on-year.

ANZ claims that its Smart Choice Super product now leads the industry in value for money and innovation, with funds under management (FUM) exceeding $4.3bn.

The company’s ANZ KiwiSaver continued to build its market position with FUM growing 32% to A$7bn.

ANZ CEO Mike Smith said: "Global Wealth again produced a positive performance. In International and Institutional Banking profit was down reflecting the challenging global environment. This included pronounced market volatility in the final weeks of FY15 which saw a disappointing trading outcome in Global Markets.

"I know ANZ will be in good hands when Shayne Elliott succeeds me as Chief Executive on 1 January," Smith added.

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