The ANZ bank has posted a $5.7 billion profit for the 2011-12 financial year, recording a 6 per cent increase over the prior year.

 

In its Full Year Result, the company attributed the gains to increased company productivity, improved performance from its Australian in the second half and improved earnings associated with the New Zealand simplification program.

 

The results come after the company injected $1.3 billion in targeted growths in 2012, aiming at productivity improvements and improving its customer relations.

 

“Our super regional strategy, with its focus on significant organic growth opportunities in Asia Pacific and building strong domestic businesses in Australia and New Zealand, together with an increased emphasis on productivity improvements, has seen us deliver a good performance in 2012,” ANZ’s Chief Executive Officer Mike Smith said.

 

Despite the positive outcome, Mr Smith was quick to warn that the bank had tough times ahead, with the cost to income ration falling 1.1 per cent to 45.1 per cent.

 

"With the global economy softening, it’s clear that the post-GFC lower growth business environment will be with us for the foreseeable future, as will the requirement to operate with higher levels of regulatory capital and higher funding and liquidity costs," Mr Smith said.