By Alice Uribe

SYDNEY--Australia and New Zealand Banking Group Ltd. said full-year net profit was up 16% while raising its final dividend, as restored approval times in its Australian home loan portfolio.

The Australian major lender on Thursday reported a statutory profit of 7.12 billion Australian dollars (US$4.63 billion) for the 12 months ended Sept. 30.

Analysts had expected a full-year net profit of A$6.71 billion, according to FactSet's consensus estimate.

Cash earnings--a measure tracked by analysts that strips out non-core items--rose by 5.0% to A$6.50 billion.

The bank declared a final dividend of A$0.74 per share, compared with A$0.72 a year earlier, with cash return on equity at 10.4%.

ANZ's Common equity Tier 1 capital ratio--a key measure of a bank's ability to withstand financial shocks--was flat for the year at 12.3%.


Write to Alice Uribe at alice.uribe@wsj.com


(END) Dow Jones Newswires

10-26-22 1712ET