Westpac Banking Corp’s hit a record high after Australia’s third-largest bank by market value beat first-quarter profit estimates and forecast resilient credit demand.

The bank reported first-quarter unaudited net profit of A$1.9 billion ($1.35 billion), 6% higher than the average of the prior two quarters, and about 5% ahead of the Visible Alpha consensus, as per Citigroup.

That was driven by solid deposit and loan growth, with Westpac adding A$12 billion in deposits and A$22 billion in new loans during the quarter, cushioning margin pressure.

“We are optimistic on the outlook for the economy and expect demand for both business and household credit to remain resilient,” CEO Anthony Miller said.

Westpac shares jumped 2.8% in early trade to a record high of A$42.130.

“With costs well managed, asset quality benign, and capital strong, we think the result will be well received,” analysts at Citi said, calling the results and the quarter “solid”.