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SYDNEY, Feb 11 (Reuters) - 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. (Reporting By Byron Kaye and Sonali Paul; Editing by John Mair)