The banking royal commission has hit ANZ’s bottom line after the bank released its full-year profit today.

ANZ’s cash profit, for the year ending September 30, has dropped five per cent to $6.5 billion.

Return on equity to shareholders only dropped slightly and came in at 11 per cent.

The impact of the banking royal commission has hit the bank’s bottom line, with the organisation spending around $400 million on refunds to customers.

They also spent $55 million on legal costs, associated with the commission.

ANZ CEO Shayne Elliott says reputational issues have been “devastating” for the bank and it will take a long time to recover and restore trust.

“That’s going to be a long game and we know that,” he tells Ross Greenwood.

“We have to earn trust through our actions not through our words and so it’s about being really clear to the community, what do we stand for? What do we promise?”

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Higher costs and a slowing housing market have also impacted the bank’s bottom line.

Mr Elliott says it’s a “new world” for banking and they are working to adapt.

“The future is going to be a lot more subdued in terms of just growth opportunities.

“What do you do in that new world? You get really focused on productivity, you get really focused on doing a few things and doing them well.”