Using Reserve Bank figures as a proxy for lending by registered banks in the December quarter, that suggests its share of the mortgage market eased to 20.55% at December 31 from 20.69% at September 30.

The December quarter growth was well down on the $309 million growth in mortgage lending Westpac reported in the September quarter and the $347 million growth in the June quarter. Westpac began reporting its LVR figures in their current form in March last year when its mortgage book stood at $34.30 billion.

Backing up reports from other banks and mortgage brokers, Westpac's figures suggest its recent lending has been at the riskier end of the spectrum.

Its loans with LVRs below 80% fell by $114 million to $26.37 billion in the December quarter from the September quarter.

Meanwhile, its loans with LVRs above 80% but below 90% grew by $72 million to $5.49 billion and its loans with LVRs above 90% grew by $71 million to $3.14 billion.

Westpac's net profit for the three months ended December 31 jumped 52.6% to $145 million. That reflected an 11% rise in net interest income to $343 million and a 16.2% increased in non-interest income including fees and commissions.

It also reflected a drop in charges against profit for bad loans to $28 million compared to $57 million in the December quarter of 2010.