29 October 2012 6:48am

ANZ's decision to make a large release of funds from a management overlay in its collective provision was the most contentious aspect of the bank's 2011/12 financial report, which was released last week. UBS and JP Morgan questioned the bank's management of its collective provisions.

ANZ reported a net profit of A$5.66 billion in the year to September, which was an increase of six per cent over the profit of $5.35 billion it made in the previous financial year. On an underlying basis, profit rose six per cent, from $5.6 billion to $6 billion. Underlying ROE fell from 16.2 per cent to...