Westpac's Profits Decline as It Boosts Buyback Program by AU$1 Billion

Westpac Banking Corp, the third-largest bank in Australia by market capitalization, reported a 3% decline in its annual profit on Monday. The bank's net profit for the year ending September 30 was AUD 6.99 billion (USD 4.61 billion), down from AUD 7.20 billion last year. This decline has been attributed to rising costs and intense competition in the mortgage market.

Despite the decrease in profit, Westpac decided to expand its buyback program by adding another AUD 1 billion. This decision was made in light of the financial pressures the bank is facing.

The reported profit of AUD 6.99 billion fell short of last year's AUD 7.20 billion, but it exceeded the London Stock Exchange Group's (LSEG) estimate of AUD 6.50 billion. This indicates a better-than-expected performance given the challenging market conditions.

The specified exchange rate was 1 USD = 1.5147 AUD.