ANZ is now reporting profits, equity-accounted, from its two main investments in Asia, and these earnings explain most of the bank's recent profit growth from this region.Profit from Asia Pacific increased 24 per cent over the half year and 47 per cent over the full year to $182 million.AMMB Holdings accounted for $21 million in profit. ANZ has a stake of 19 per cent in AMMB, the fifth largest banking group in Malaysia.Shanghai Rural Commercial Bank, where ANZ holds a 20 per cent stake, accounted for $14 million in profit.PT Bank Pan Indonesia (Panin), the Metrobank cards joint venture in the Philippines and Bank of Tianjin all produced stable profits.