Westpac Banking Corporation's first-quarter cash profit has fallen slightly due to a fall in income from its markets-related business.
Westpac said its unaudited cash earnings in the three months to December 31 were approximately $1.5 billion, down from $1.55 billion in the previous corresponding period.
The bank said there was a $200 million decline in markets-related income, which was only partially offset by asset sales and establishment fees in its institutional bank.
Westpac's net profit for the three months to December was $1.4 billion.
"Operating conditions deteriorated in the December 2011 quarter with slowing global growth and an escalation in the European sovereign debt crisis leading to high market volatility and increased business and consumer caution," the bank said in a statement on Thursday.
