ANZ has achieved a 6% increase in full-year cash profit to take its profit to a record $6.01 billion.
The results were in line or slightly ahead of market expectations, including a 4% increase in final dividend to 79 cents a share.
This takes ANZ’s full-year payout to $1.45 a share, also up 4%.
Chief executive Mike Smith told analysts the group has delivered an improved performance in its Australian division, particularly in the second half.
“Profit grew 4%, underpinned by a strong focus on productivity, market share gains in retail, growth in commercial customer numbers and tighter management of margins,” he said.
Commissioner of Taxation to step down
The Commissioner of Taxation, Michael D’Ascenzo, is stepping down from his role at the Australian Taxation Office at the end of 2012 after seven years in the position.
D’Ascenzo will take up a new role on the Foreign Investment Review Board.
Institute of Chartered Accountants Australia’s chief executive Lee White said that after decades of service in senior roles at the ATO, D’Ascenzo has undoubtedly played an instrumental role in the development and administration of Australia’s tax system.
“During his term over the last seven years as Commissioner, as well as in earlier positions, Mr D’Ascenzo has contributed to a number of reforms which have helped position Australia’s tax system and its administration as world-class,” he said.
This article was first published on LeadingCompany’s sister site, SmartCompany.