Australia's ANZ Bank posts 10 percent profit rise

The Ponzi schemes and off-balance sheet loans in China's banking system are in the forefront of today's news. Reuters reports Bank of China executive warns of shadow banking risks A senior Chinese banking executive has warned against the proliferation of off-book wealth management products, comparing some to a Ponzi scheme in a rare official acknowledgement of the risks they pose to the Chinese banking system.

One of Australia's largest banks, ANZ Banking Group Ltd., has posted a 6 percent rise in full year profit to a record 5.7 billion Australian dollars ($5.9 billion) as it grew earnings from its domestic and international operations.

Australian banking giant Westpac posted a 2.88 billion dollar (2.62 billion US) net profit for the six months to March 31 on Wednesday, citing better conditions and smaller losses from bad debts.Chief executive Gail Kelly said the 32 percent rise from 2.18 billion dollars a year ago reflected "a much improved Australian economy and good momentum across all our businesses".Westpac Banking Corporation said its losses from bad debts had fallen from 1.56 billion dollars a year ago to 879 million dollars at the end of March.

ANZ bank on Wednesday posted a first half net profit rise of 10 percent to Aus$2.92 billion (US$3.01 billion) on the back of strong international results, and said it was optimistic about the future.The Australia and New Zealand Banking Group's profit for the six months to March 31 was up from Aus$2.66 billion in the previous corresponding period but slightly lower than analysts' forecasts.Its underlying profit, a measure often preferred by financial institutions, rose a more modest six percent to Aus$2.97 billion.

[AP] - ANZ Banking Group Ltd., one of Australia's four dominant lenders, on Thursday posted a better-than-expected 53 percent jump in annual profit to 4.5 billion Australian dollars as bad debt costs diminished.

AP - ANZ Banking Group Ltd., one of Australia's four dominant lenders, on Thursday posted a better-than-expected 53 percent jump in annual profit to 4.5 billion Australian dollars ($4.4 billion) as bad debt costs diminished.

Australia and New Zealand Banking Group Limited (ANZ) has announced the appointment of Kiseok Kim as the new chief executive officer for Korea. Subject to regulatory approvals, Kim will being working for the bank on 1 October and is to be based in Seoul. Kim formerly worked for Bank of America Merrill Lynch as MD, branch manager and head of of Global Markets for Korea.