Westpac NZ annual earnings fall 4% as margins squeezed

Sun, 06 Nov 2016

By Paul McBeth Nov. 7 (BusinessDesk) - Westpac Banking Corp's New Zealand division posted a 4 percent fall in annual earnings as lenders give up margin in the hunt for mortgage customers. Cash earnings, the favoured measure of the Australian-owned lenders, fell to $872 million in the 12 months ended Sept. 30 from $905 million a year earlier, the Sydney-based parent said in a statement. Net interest income edged up 2 percent to $1.71 billion, with the bank's New Zealand loan book expanding 9 percent to $75.1 billion over the period, thoug...

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