SYDNEY—Westpac said its first-half net profit fell by 16%, but it would return more capital to shareholders through an increased dividend and bigger share buyback.The Australian bank said its net profit totaled 3.

By Sameer Manekar (Reuters) -Australian bank Westpac raised its share repurchase programme by A$1 billion ($661 million) 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.

Westpac Banking Corp.’s first-half profit met analyst expectations as competition in mortgages weighed on the Australian lender’s key consumer business.

By Sameer Manekar (Reuters) -Australian bank Westpac declared a special dividend on Monday and raised its share repurchase program by A$1 billion ($661 million) citing a strong balance sheet even as its first-half profit fell by 16% on intense competition and high costs.