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(Reuters) -Australia's Westpac Banking Corp reported a 16% drop in its first-half net profit on Monday as intense lending competition and higher costs squeezed its margins.
It also announced an increase of A$1 billion ($660.90 million) to an existing share buyback program, taking it up to A$2.5 billion.
A rise in borrowing costs and increased competition for lending have prompted banks to cut rates on loans despite having to pay depositors more interest, squeezing their margins.
As a result, ...
>>> Read more: Westpac raises share buyback by $661 million even as costs and competition bite
It also announced an increase of A$1 billion ($660.90 million) to an existing share buyback program, taking it up to A$2.5 billion.
A rise in borrowing costs and increased competition for lending have prompted banks to cut rates on loans despite having to pay depositors more interest, squeezing their margins.
As a result, ...
>>> Read more: Westpac raises share buyback by $661 million even as costs and competition bite
