ANZ posts $3 billion six-month profit

ANZ has posted a half-year profit of almost $3 billion, but its earnings grew only 1 per cent.

The legally required measure of ANZ's net profit came in at $2.94 billion for the six months to March 31, up 1 per cent on the same period a year earlier and 7 per cent on the most recent half-year.

However, the bank's preferred measure of cash earnings, which strips out many one-off costs and gains, rose 10 per cent compared to the same period a year ago, and 8 per cent on the most recent half, to $3.2 billion.

ANZ's chief executive Mike Smith says the result is solid given the current trend toward lower lending growth.

"This result is a good performance and demonstrates ANZ is delivering consistent, well diversified revenue growth supported by strong productivity and capital management outcomes," he noted in the report.

Read more at ABC news online.