ANZ group posts US$ 5.5 B profit

ANZ Banking Corp. posted a 19 percent rise in annual profit to 5.36 billion Australian dollars or $5.54 billion.

A 31 percent drop in ANZ's provision for bad debts to AU$1.24 billion boosted the net profit, while all divisions posted profit growth.

This is the Melbourne-based company's highest ever net profit for the year to Sept. 30.

But chief executive Mike Smith says ANZ's operating income fell in the second half of the year, due to subdued global markets.

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