By Alice Uribe

SYDNEY--Australia and New Zealand Banking Group Ltd. said full-year net profit rose by 72%, driven by its Australian retail and commercial business. The bank more than doubled its final dividend.

Australia's fourth-largest lender by market capitalization on Thursday reported a statutory profit of 6.16 billion Australian dollars ($4.63 billion) for the 12 months ended Sept. 30.

Analysts had expected a full-year net profit of A$6.05 billion, according to FactSet's consensus estimate.

"Australia Retail & Commercial grew lending and customer deposits during the year and delivered good margin performance across the division," ANZ said. "However, second half volumes were impacted by a competitive refinancing market, customers paying down their loans faster and processing issues."

Cash earnings--a measure tracked by analysts that strips out non-core items--rose by 69% to A$6.18 billion. When measured only using continuing operations, ANZ's cash profit rose by 65% to A$6.20 billion.

The bank declared a final dividend of A$0.72 per share, compared with A$0.35 a year earlier.

ANZ's Common equity Tier 1 capital ratio--a key measure of a bank's ability to withstand financial shocks--was 12.3%, up from 11.34% a year earlier.

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

(END) Dow Jones Newswires

10-27-21 1722ET