(Reuters) -Australia’s Westpac Banking recorded an increase in 13% on Monday in a net profit in the first quarter, helped the growth of customer deposits and the quantities of housing and business loans.
A lender number 3 by market value said the unregulated net profit was $ 1.7 billion ($ 1.08 billion) in three months that ended on December 31, compared to $ 1.5 billion published a year earlier.
Basic net interest margin of the bank – a difference between interest earned from borrowing and paid deposits – a 2 base point from the second half of last year fell to 1.81%.
“The modest fall reflects prudent management in the context of constant mortgage competition and further movement of mix deposits to lower savings and deposits with less wide,” Westpac said in a statement.
($ 1 = 1,5748 Australian dollars)
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