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Australia's Westpac net profit falls 16%, announces additional $661 million buyback

(Reuters) -Australia's Westpac Banking Corp reported a 16% drop in its first-half net profit on Monday as intense lending competition and higher costs squeezed its margins. It also announced an increase of A$1 billion ($660.90 million) to an existing s...
Lisa Shumaker Rajasik Mukherjee Sameer Manekar Australia Westpac Banking Corp Westpac Banking Corp Visible Alpha

Westpac announces new $661 million buyback and special dividend, profit slumps

(Reuters) -Australian bank Westpac declared a special dividend on Monday and raised its share repurchase program by A$1 billion ($661 million) citing a strong balance sheet even as its first-half profit fell by 16% on intense competition and high costs. Traditionally beneficiaries of rising interest rates, the country's so-called Big Four lenders have spent the past year sacrificing margins to write new home loans and paying more to depositors, narrowing their closely watched "net int...
Lisa Shumaker Big Four Peter King Sameer Manekar Rajasik Mukherjee National Australia Bank
Source: yahoo.com

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