Feb 3 (Reuters) - Westpac Banking Corp (WBC) on Thursday posted an around 20% drop in first-quarter cash earnings and pointed to shrinking margins as it struggles with steep competition in mortgages.
Australia's fourth-largest bank by market value said cash earnings for the three months to Dec. 31 came in at A$1.58 billion ($1.13 billion), compared with A$1.97 billion reported a year ago.
It beat a A$1.47 billion forecast by Citigroup and A$1.38 billion by Morgan Stanley. ($1 = 1.3996 Australian dollars)
News: WBC Australia's Westpac posts 20% drop in Q1 cash earnings
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