Westpac Reports $7 Billion Profit Amid Intense Mortgage Competition

Despite a 3% decline in profit, Westpac increases dividends and expands share buyback program.

Westpac's full-year net profit dropped by 3% to $7 billion, impacted by fierce competition in the mortgage sector.
Outgoing CEO Peter King highlighted signs of economic strength, including rising consumer sentiment and a stable labor market.
The bank declared a final dividend of 76 cents per share and increased its share buyback program by $1 billion.
Analysts predict the combined profits of Australia's major banks will exceed $30 billion, with Westpac, NAB, and ANZ expected to collectively earn over $20 billion.
Despite challenges, Westpac's strong capital position has allowed for increased dividends and strategic investments in technology.