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-Australian bank Westpac raised its share repurchase programme by A$1 billion and declared a special dividend on Monday citing a strong balance sheet, even as its first-half profit fell 16% on tight competition and high costs.
Its consumer division, which writes just over a fifth of the country's mortgages, reported a 32% drop in its first-half profit to A$1.08 billion owing to competition. "While inflation has fallen, getting it down to target range is proving difficult globally and here in Australia," CEO Peter King said in a media release.Westpac declared an interim dividend of 75 Australian cents per share and a special dividend of 15 cents apiece. It hiked its existing share buyback programme by A$1 billion to A$2.5 billion.
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