ANZ Group Holdings Ltd.’s profit climbed in the third quarter as the bank grew customer deposits and lending expanded in its business and private banking division. Cash profit rose to A$1.9 billion ($1.3 billion) in the three months ended June 30, according to a statement on Thursday.

The Melbourne-based lender said its return on tangible equity stood at 11.54%, a metric Chief Executive Officer Nuno Matos is hoping will improve over time. The result underscores the bank’s ability to attract deposits while expanding its loan book in a competitive market.

Analysts noted that ANZ’s focus on business lending and private banking helped drive the earnings beat. The bank has been investing in these segments to offset margin pressures in its consumer business.

Shares of ANZ have gained 4.2% this year as investors cheer the lender’s steady performance. Matos reiterated plans to further lift returns over the coming quarters through cost controls and revenue diversification.