Westpac profit jumps to $7.2bn and bank announces share buyback amid rising mortgage stress

Chief executive describes profit result as very strong' and increase in customer stress from interest rates as modest'

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Westpac has recorded a dramatic lift in annual net profit to $7.2bn, prompting the major bank to give some of its excess funds to shareholders even as mortgage stress rises among customers.

The 26% lift in profit rubs against economic warnings issued by the banking sector earlier this year, as lenders continue to profit from a period of fast-rising interest rates felt most acutely by mortgage holders and small businesses.

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