By Alice Uribe

SYDNEY--Australia & New Zealand Banking Group Ltd. said cash earnings in the fiscal first quarter was 54% higher than the average of the last two quarters of fiscal 2020, with the company gaining market share in Australian home loans.

The lender, one of Australia's largest, recorded an unaudited net profit of 1.6 billion Australian dollars (US$1.2 billion) in the December quarter, higher than the quarterly average of A$1.0 billion in the second half of fiscal 2020.

Cash earnings from continuing operations totaled A$1.8 billion for the quarter, higher than the quarterly average of A$1.2 billion in the second half of fiscal 2020.

"All our major businesses performed well through the quarter with market-share gains in our key home-loan market in Australia as well as record home loan volumes in New Zealand," ANZ Chief Executive Shayne Elliott said.

The company's proforma CET1 ratio was 11.8% for the quarter, and the total provision result in the December quarter was a net release of A$150 million.

"The small release in the collective provision reflected improved economic conditions, particularly here in Australia," Mr. Elliott said. "However, recent lockdowns in Perth, Brisbane, Melbourne and Auckland demonstrate how quickly things can change and we believe our current settings are both prudent and appropriate given this uncertainty."

Write to Alice Uribe at alice.uribe@wsj.com

(END) Dow Jones Newswires

02-17-21 1648ET