Westpac’s half-year profit slumps 16 per cent
Westpac’s half-year profit has slumped 16 per cent to $3.4 billion.
This comes amid increased competition in the mortgage market.
Revenue dropped four per cent to $10.6 billion, with the bank’s net interest margin falling seven basis points to 1.89 per cent.
The bank lifted its dividend by five cents per share and paid a special dividend of 15 cents to shareholders, bringing the total distribution to 90 cents per share.
Westpac’s half-year profit slumps 16 per cent
Westpac also increased the size of its share buyback program by $1 billion.