By Alice UribeSYDNEY--Westpac said its first-half net profit fell by 16%, but said it would return more capital to shareholders through an increased dividend and bigger share buyback. The Australian bank said its net profit totaled 3.34 billion Australian dollars (US$2.21 billion) in the six months through March. Consensus forecasts compiled by FactSet projected Westpac's first-half profit would be A$3.44 billion. On top of that, Westpac said it would pay a special dividend worth A$0.15 a share and raise its share buyback to A$2.5 billion, from A$1.5 billion. Write to Alice Uribe at alice.uribe@wsj.com(END) Dow Jones NewswiresMay 05, 2024 18:14 ET (22:14 GMT)Copyright (c) 2024 Dow Jones & Company, Inc.

Source: Wall Street Journal May 05, 2024 22:22 UTC