ANZ Bank annual profit jumps 11 percent to $6.3B

SYDNEY (AP) — ANZ Banking Group Ltd., one of Australia's largest banks, has posted an 11 percent increase in annual profit to 6.5 billion Australian dollars ($6.3 billion), buoyed by strong demand for home loans and growth from its Asian business.

The bank's chief executive Mike Smith on Tuesday attributed the profit growth for the year through September to the bank's long-term strategy, which includes expansion into Asia.

The bank's shares jumped more than 2 percent to AU$33.92 in morning trading after the news.

David Ellis, an analyst with investment researcher Morningstar, said the result had beaten expectations.

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