Australia's Westpac Banking Corp on Monday posted over a 12 per cent drop in first-half cash earnings, as its margins continued to be squeezed by stiff competition in mortgage lending amid record low interest rates and certain impairment charges.
Westpac, which is also emerging from a costly turnaround to fix outdated software and convoluted procedures, said net interest margin - a key profitability indicator - fell 15 basis points to 1.91 per cent in the first half. The country's third-largest bank reported cash earnings of A$3.10 billion for the six months ended March 31, compared with A$3.54 billion reported last year, but beat Visible Alpha consensus forecast of A$2.83 billion.
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