Bank reports 14% increase in year-on-year profits and says Australians are ‘muddling through pretty well’

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ANZ has taken full advantage of a period of fast-rising interest rates to post a record annual cash profit of $7.4bn marked by a surge in the number of mortgage holders falling behind.

The result, up by 14% in the 12 months to the end of September, adds to the string of strong results reported by Australia’s major banks, which have benefited from the difference between the rates they charge loan customers and pay savers.

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