Westpac Banking Corp reported a 3% decline in annual net profit to A$6.99 billion, attributed to rising costs and stiff competition in the mortgage market. Despite this, the bank is optimistic about future demand for housing and business credit, projecting improvements as interest rates fall. The bank's net interest margin improved slightly, and it successfully reduced customer losses from scams by 29%. Westpac increased its share buyback program by an additional A$1 billion and announced a special dividend, reflecting strong capital management. The bank's business and wealth sectors saw profit growth, while consumer profits decreased due to mortgage competition. CEO King highlighted improvements in customer service and a strong balance sheet as contributors to the bank's resilient performance amidst economic challenges.