Westpac announces new $661 million buyback and special dividend, profit slumps

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-Australian bank Westpac declared a special dividend on Monday and raised its share repurchase program by A$1 billion citing a strong balance sheet even as its first-half profit fell by 16% on intense competition and high costs.

As a result, the country's No. 3 lender by market value posted net profit of A$3.34 billion, below last year's A$4.00 billion. That slightly missed Visible Alpha consensus estimate of A$3.43 billion compiled by UBS.

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