(Updates with context and detail on margins)
May 9 (Reuters) - Commonwealth Bank of Australia (CBA) , the country's biggest lender, posted a more than 7% drop in its third-quarter cash earnings on Thursday, hurt by intense competition in mortgages and high operating costs.
Though CBA has been the largest beneficiary of Australia's A$2 trillion mortgage industry and has made profits from rising house prices locally, fierce competition, increased costs and weak borrowing capacity have hurt its margins.
The bank, which provides a limited quarterly trading update, said its net interest margins were slightly lower during the quarter from "continued competitive pressures and customers switching to higher yielding deposits".
CBA posted cash net profit after tax of A$2.4 billion ($1.58 billion) for the three months ended March 31, beating a Visible Alpha consensus estimate of A$2.33 billion compiled by Citi, but came in below the A$2.6 billion logged a year ago.
($1 = 1.5205 Australian dollars)
(Updates with context and detail on margins) May 9 (Reuters) -...
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