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.