By Alice UribeSYDNEY--Westpac Banking Corp. said its annual net profit more than doubled and it would seek to buy back shares worth up to 3.50 billion Australian dollars (US$2.63 billion). Analysts had expected a full-year net profit of A$5.38 billion, according to FactSet's consensus estimate. Excluding notable items, cash profit rose by 33% to A$6.95 billion. "Demand for housing is likely to remain elevated but home price increases should moderate to 8% next year," Mr. King said. Mr. King said Westpac's cost reset program, targeting an A$8 billion cost base by the 2024 fiscal year was under way.

Source: Wall Street Journal October 31, 2021 22:04 UTC