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Westpac New Zealand posts YOY decline in fiscal Q1 net profit

Westpac New Zealand Ltd. said net profit for the fiscal first quarter ended Dec. 31, 2017, slipped year over year to NZ$228 million from NZ$239 million in the prior-year period.

The bank said Feb. 15 that net interest income for the period amounted to NZ$456 million, up from NZ$438 million, while operating income before operating expenses and impairment charges grew to NZ$561 million from NZ$530 million.

Operating expenses inched up to NZ$238 million from NZ$236 million. The bank posted impairment charges of NZ$6 million, compared to impairment benefits of NZ$37 million in the same period last year.

At end-December 2017, the bank's total capital ratio stood at 16.5%. Its Common Equity Tier 1 and Tier 1 capital ratios clocked in at 11.5% and 14.3%, respectively, in the same period.

Westpac New Zealand is a unit of Westpac Banking Corp.

As of Feb. 15, US$1 was equivalent to NZ$1.35.