ANZ's CEO is defending its cash net profit, at a time where households struggle with the cost of living.

The country's largest bank has reported a 10 percent increase in its cash net profit in the year ending September.

Antonia Watson says their profit of over $2 billion is a lot of money in a New Zealand sense.

"The thing is, we're just really big- and I think that's the hard thing for Kiwis to get their heads around. Our profits are middle-of-the-road."

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