Australia's Westpac net profit falls 16%, announces additional $661 million buyback
) Corp reported a 16% drop in its first-half net profit on Monday as margins are squeezed by intense lending competition and higher costs. It also announced an increase of A$1 billion to an existing share buyback program.
The country's No. 3 lender in terms of market value said its net profit was A$3.34 billion for the six months ended March 31, compared with A$4.00 billion a year earlier.Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors.
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