ANZ aims to double profit in next five years

ANZ Banking Group Ltd said it wants to double its profit and have its Asia Pacific division account for 20 per cent of group earnings in five years time.

The bank's Asian operations currently accounts for seven per cent of group earnings.

"High Asian growth will result in more balance geographic contribution as we seek to double our profit over five years," chief executive Mike Smith said in slide show presentation.

The growth would made the bank's Asian presence as large as its New Zealand operation.

It would also make ANZ a "super regional" bank by by 2012, Mr Smith said.

Mr Smith said the bank's Asian growth drive would mainly be focused on organic growth supplemented with "in-fill" mergers and acquisitions.

- AAP