SYDNEY, Feb 17 (Reuters) - Australia and New Zealand Banking Group on Friday reported a 31-percent rise in first-quarter unaudited cash profit due to a strong performance from its core lending business in Australia and New Zealand.
The country’s No. 3 lender by market value said unaudited cash profit stood at A$2 billion for the quarter ended Dec. 31, but its net interest margin declined by “several basis points” due to higher funding costs.
Adjusted to remove the impact of certain one-off items, such as impairment and restructuring charges, unaudited cash profit rose 20 percent. The trading update did not provide as much detail as a full earnings statement. (Reporting by Jamie Freed; Editing by Louise Ireland)