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(Reuters) -Australia's Westpac Banking Corp on Monday said its first quarter unaudited net profit was lower than its prior six-month's quarterly average, citing the impact of notable items related to hedge accounting.
Westpac's margins also took a hit in the first quarter as nearly two years of high interest rates raised cost of mortgage repayments. That along with sticky inflation spurred intense competition among banks which has now flattened their profit margins.
"From a credit quality pers...
>>> Read more: Australia's Westpac first-quarter profit falls from its prior HY quarterly average
Westpac's margins also took a hit in the first quarter as nearly two years of high interest rates raised cost of mortgage repayments. That along with sticky inflation spurred intense competition among banks which has now flattened their profit margins.
"From a credit quality pers...
>>> Read more: Australia's Westpac first-quarter profit falls from its prior HY quarterly average
