Provided by NZX
  • WBC35.25

    $ 0.0000%

  • Open 35.25 High 0 Low 0 Bid Price 34.8

    Offer Price 35.55 Value 261909.18 Volume 7384

Current as of 27/11/15 09:39AM NZST

Westpac interest margin slims as costs rise

Kiwi lift: NZ earnings were stronger.
Photo / Richard Robinson
Kiwi lift: NZ earnings were stronger. Photo / Richard Robinson

Westpac Group's net interest margin fell in the first quarter, reflecting higher funding costs and lower Treasury earnings, contributing to a 3.2 per cent drop in cash earnings.

Cash earnings fell to about A$1.55 billion ($2 billion) in the three months to December 31, from A$1.5 billion a year earlier, the Sydney-based lender said. Markets-related income fell by A$200 million in what CEO Gail Kelly called a "more challenging operating environment".

Impairment charges rose to about A$300 million from A$280 million a year earlier. The net interest margin fell by 10 basis points in the latest quarter. New Zealand earnings were stronger with lower impairment charges.

- BusinessDesk

Get the news delivered straight to your inbox

Receive the day’s news, sport and entertainment in our daily email newsletter


© Copyright 2015, NZME. Publishing Limited

Assembled by: (static) on production apcf01 at 27 Nov 2015 09:52:57 Processing Time: 336ms