AUSTRALIA: ANZ is one of the Australia’s biggest lenders. The bank has announced a record annual profit of $7.3bn ($6.4bn, £4bn). The profit has increased 15 % than the previous year. Cash profit number is a preferred way to measure the performance of bank. Chief Executive of ANZ Mike Smith said it was a good performance from the bank and noted its overseas operations.
The bank’s annual results follow an announcement from rival National Australia Bank (NAB) on Thursday of a 10% fall in annual cash profit, due mainly to problems at its UK operations.
ANZ and NAB are among the top four banks in Australia, together with Westpac and Commonwealth Bank. ANZ is regarded as the nation’s third biggest bank by market value.
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