(Reuters) – Australia & New Zealand Banking Group announced Wednesday a 4.1% jump in its first-half cash profits. The bank benefited from a pandemic-induced boom of home lending, amid record low interest rates. However, it saw a small drop in its margins.

No. A strong increase in revenue from institutional clients and an increased home loan volume in New Zealand led to market share growth for 4 banks.

Shayne Elliott, chief executive officer stated “We have a target of growing in line with major Australian banks by the close of our financial years but we will be doing so while keeping an eye on margin performance.”

ANZ’s cash profits on continuing operations, a measure banks pay attention to because it includes only ongoing business, was A$3.11 Billion ($2.21 Billion) in the six-months ended March 31. This compares with A$2.99Billion last year. It beat a Visible Alpha consensus estimate at A$2.99B.

The Melbourne-based bank had a net interest margin (a measure that shows profitability, and which measures how much banks charge to lend money and what they actually pay) of 1.58%. This was compared with 1.65% for the second quarter of 2021.

It also indicated that the bank is seeking to set up a new parent holding company, with separate groups of wholly owned entities. This would include non-banking and banking.

ANZ has declared an interim dividend at A$0.72 per Share, up from A$0.70 a Year Ago.

($1 = 1.4096 Australian dollars)