May 6 (Reuters) - Australia's Westpac Banking Corp (WBC) reported a 16% drop in its first-half net profit on Monday as margins are squeezed by intense lending competition and higher costs. It also announced an increase of A$1 billion to an existing share buyback program.
The country's No. 3 lender in terms of market value said its net profit was A$3.34 billion ($2.21 billion) for the six months ended March 31, compared with A$4.00 billion a year earlier.
That slightly missed Visible Alpha consensus estimate of A$3.43 billion compiled by UBS.
($1 = 1.5133 Australian dollars)
News: WBC Australia's Westpac net profit falls 16%, announces additional $661 million buyback
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Last
$34.31 |
Change
0.650(1.93%) |
Mkt cap ! $117.3B | |||
| Open | High | Low | Value | Volume |
| $33.89 | $34.31 | $33.71 | $133.4M | 3.905M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 1 | 50 | $34.27 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $34.32 | 1160 | 3 |
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| WBC (ASX) Chart |