By Alice Uribe
SYDNEY--Westpac said its first-half net profit fell by 16%, but said it would return more capital to shareholders through an increased dividend and bigger share buyback.
The Australian bank said its net profit totaled 3.34 billion Australian dollars (US$2.21 billion) in the six months through March. Consensus forecasts compiled by FactSet projected Westpac's first-half profit would be A$3.44 billion.
Directors of the company declared an ordinary half-year dividend of A$0.75 per share, up from A$0.70 last year. On top of that, Westpac said it would pay a special dividend worth A$0.15 a share and raise its share buyback to A$2.5 billion, from A$1.5 billion.
Write to Alice Uribe at alice.uribe@wsj.com
(END) Dow Jones Newswires
05-05-24 1814ET