ANZ Bank has reported a 65 per cent rise in cash profit from its continuing operations to $6.2 billion for its full year, despite pressure on mortgage growth, boosted by the release of more than half a billion dollars in provisions for bad debts as the economic outlook improves.

The result to the end of September showed its mortgage book has stagnated even though housing markets are rollicking. ANZ sold $3 billion fewer home loans over the half or 1 per cent lower than the first half in the face of heavy discounting from competitors and customers paying down debt faster than anticipated.