Australia's ANZ Banks posts record $5.9 B profit

A 6 percent rise for the year.

That's how ANZ Bank's full year profit of a record 5.7 billion Australian dollars or US$5.9 billion translates.

The Melbourne-based bank also announced that its cash profit of AU$6 billion to the year to Sept. 30 was also up 6 percent from AU$5.7 billion in the previous year. The statutory and cash profits were records for the bank.

"Although the operating environment in 2013 looks more challenging with stronger headwinds in a number of areas, our unique growth strategy and the momentum we have in adapting to the new environment means we are well placed to deliver value and performance to shareholders in 2013," ANZ chief executive Mike Smith said in a statement.

ANZ has the lowest reliance among major Australian banks on offshore markets to fund its lending, with 61 percent of its funding coming from customer deposits.

For more.

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