ANZ New Zealand has posted an annual cash profit of twelve percent after staff cuts and fewer bad debts trimmed its costs.

Cash Profits rose to 1.44 billion in the last financial year, up from 1.29 billion last year.

Statutory profit also rose 8 percent to 1.37 billion.

The cost cuts came in a period when it shaved 10percent from its workforce to 7400 full time positions.