.
Westpac Banking Corporation (ASX:WBC) has reported a five per cent lift in its first quarter cash earnings to $1.55 billion for the three months to 31 December, 2010.
The result represents an increase over the average cash earnings of the third and fourth quarters of the 2010 financial year.
However, the latest first quarter result was lower than the $1.6 billion cash earnings reported in the first quarter of the 2010 financial year, that was boosted by high Treasury and Markets income.
Westpac says its first quarter cash earnings were achieved through improved operating income, slightly lower expenses and a continuing improvement in impairment charges.
In the same period Westpac’s operating income was up 2 per cent over the prior quarters while interest margin was up three basis points to 2.2 per cent.
CEO Gail Kelly says the operating environment is positive, although the recent natural disasters and subdued consumer sentiment are likely to see businesses remaining cautious.
In the year to 30 September 2010, Westpac Banking posted a net profit of $6.4 billion.
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