Westpac Reports 16% Profit Drop, Raises Buyback by A$1B Amid Mortgage Competition

Westpac Banking Corporation reported a 16% decline in net profit for the first half of 2024, with earnings totaling A$3.34 billion, which aligned with analyst expectations. Despite the profit drop, the Australian bank announced an increase in its buyback program by A$1 billion. The bank's CET1 ratio stood at 12.6%, slightly above the estimated 12.4%, indicating a solid capital position. The earnings report highlighted pressures from the competitive mortgage market impacting its key consumer business.