ANZ shares fall 2 per cent after profit

SHARES in ANZ Banking Group fell more than two per cent in opening trade after the Melbourne-based lender posted record statutory and cash profits that were in line with market expectations. By 10.24am (AEDT) ANZ's stock had dropped 43 cents, or 2.06 per cent, to $20.47, amid falls of at least 0.7 per cent among its banking rivals. ANZ statutory net profit jumped 19 per cent to $5.355 billion for the 12 months to September 30, and its cash profit rose 9.2 per cent to $5.606 billion. Underlying profit for the year to September increased by 12 per cent from the previous year to $5.65 billion. Underlying profit is the bank's preferred measure of profit as it takes into account any one-off effects in the value of non-cash assets. Analysts said the result was in line with market consensus, although the final dividend of 76 cents per share had fallen slightly short of expectations. ANZ shareholders will pocket a full year fully-franked dividend of 140 cents per share, which met the market consensus. The performance of ANZ's wealth management division was disappointing, Citi Index's chief market analyst Peter Esho said. However, the bank's Asia growth strategy is starting to deliver strong results, he added.