Australia and New Zealand Bank saw its net profit after tax for 2013 financial year rise by 11 per cent.

Australia and New Zealand Bank, one of Australia's Big Four banks, saw its net profit after tax for 2013 financial year rise by 11 per cent from the previous year to A$6.3 billion ($6 billion) as client deposits grew and expansion initiatives both inside and outside of Australia started to bear fruit.

The bank issued its results and insisted on how Asia's rising wealth made its focus on the region as more important than ever before.

Its global wealth division, in particular, posted a 36 per cent rise in profit, with earnings before provisions gaining 20 per cent year-on-year on a 5 per cent increase in income and 2 per cent drop in expenses. Global Wealth serves over two million clients and manages some A$59 billion in investment and retirement savings in Australia and New Zealand.

Wealth solutions held by ANZ customers also rose 11 per cent year-on-year, helped by increased demand for superannuation products. Retail life insurance in-force premiums grew 10 per cent and funds under management went up 13 per cent, driven by the productivity improvements in both ANZ and aligned planner channels, as well as improved investment market performance. 

Credit quality also continued to improve in the 2013 financial year, with gross impaired assets reduced by 18 per cent, with reductions happening across all divisions. Profit from its Australia division grew 11 per cent, driven by income growth and fewer expenses; the international and institutional banking arm posted a 15 per cent profit gain; while its New Zealand arm grew profit by 29 per cent. 

"Today, the continued shift of global growth to Asia means that our strategy focused on building an Asia-connected bank makes more sense than ever. It is creating growth options in all our businesses by allowing us to better meet the needs of customers by capturing the banking opportunities linked to regional capital, trade and wealth flows," said Mike Smith, chief executive of ANZ, in a statement.

"Almost 90 per cent of our top 100 customers use ANZ in more than five countries. Together this has seen IIB Asia income grow from 24 per cent to 34 per cent of total IIB income in the past three years and cross-border income is growing three times faster than local time," added Smith.

The financial year refers to the full year to 30 September 2013.