Westpac NZ 1Q underlying earnings rise 9.7 percent on fatter margins

Wed, 20 Feb 2013

By Paul McBeth Feb. 20 (BusinessDesk) - Westpac Banking Corp's New Zealand unit lifted first-quarter earnings 9.7 percent as it widened its interest rate margins, although its bottom line was eroded by unrealised changes in the value of its financial instruments. Profit after tax and before fair value movements climbed to $159 million in the three months ended Dec. 31 from $145 million a year earlier, according to the Westpac NZ general disclosure statement. That came from an 11 percent increase in net interest income to $382 million, where...

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