ANZ Q1 cash profit up 13pc, helped by Asia growth

SYDNEY: Australia New Zealand Banking Group Ltd, Australia's third-largest bank by market value, on Tuesday reported a 13 percent rise in first-quarter cash profit, slightly ahead of analyst forecasts.

ANZ reported a cash profit of A$1.73 billion for the three months to December, up from A$1.53 billion a year earlier, bolstered by double-digit growth in its institutional banking business in Singapore, China and Hong Kong.

Two analysts had forecast cash profit would climb to A$1.70 billion.

While banks reap the benefits of cost controls and record low interest rates, ANZ is aiming to set itself apart by pursuing a pan-Asian strategy and growing the proportion of earnings it gets outside Australia.