(Reuters) – Australia and New Zealand Banking Group Ltd reported a 65% jump in annual cash profit on Thursday as the country’s fourth-largest lender released funds kept aside to cover potential bad loans during the pandemic.
Cash profit from continuing operations came in at A$6.20 billion ($4.66 billion) for the year ended Sept. 30, compared with A$3.76 billion a year earlier. It was above the average expectation of A$5.96 billion in a Reuters poll of seven analysts.
($1 = 1.3303 Australian dollars)
(Reporting by Riya Sharma and Nikhil Kurian Nainan in Bengaluru; Editing by Arun Koyyur)
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