Despite a very excited ANZ Group Holdings Ltd (ASX: ANZ) share price market reaction after the ASX bank share reported its result, not every analyst is convinced about its appeal.

ANZ reported its FY26 first-quarter update, with the bank showing a cash net profit of $1.94 billion, representing a 17% rise compared to the FY25 second half quarterly average, excluding significant items.

However, on that basis of excluding significant items, operating income only increased by 1%, while operating expenses fell by 8%.

The cash profit and cost cuts were stronger than what UBS and other market analysts were expecting.

What to like about the quarterly update