"That's a remarkable achievement and reflects our team's strong discipline, high productivity and our digital push", he said in a statement.
In morning trade the Australia and New Zealand Banking Group (ASX: ANZ) share price is mostly flat at $30.14. "So we just need to be cautious and make sure people don't get themselves into difficulty".
That's some way behind rival Commonwealth Bank, which reported a record $9.88 billion annual profit back in August, but it would be an 18 per cent improvement on last year's impairment-heavy result.
There were still questions around revenue growth in the industry at this point in the cycle, Elliott said, and ANZ was committing resources toward preparing for that.
"[It's] tough times, but that's exactly why we're in this transformation phase".
ANZ chief executive David Hisco has had a strong year.
"What's most pleasing about 2017 is we have not only delivered better outcomes for shareholders, we are also making genuine progress in delivering better outcomes for customers and in rebuilding community trust,"he added". That was a $757 million drop in the provision which in turn allowed the bank to boost earnings. the total provision fell from $1.9 billion a year ago to around $1.2 billion.
A final fully franked dividend of 80 cents a share, a payout ratio of 68% of cash profit, was declared.
Return on equity of 11.9% is well under the peak of 15.4% in 2013-14.
At home in Australia, the ANZ is giving greater emphasis to retail and commercial businesses, which now account for 53% of capital, up from 44% two years ago. Net interest margins were 8 basis points lower at 1.99%.
This year the bank has sold off its Asia retail network to concentrate on institutional business in the region. The latter factor will be present for all of 2017-18 and will relieve some of the pressures.