Westpac Banking Corp.’s profit beat estimates as higher interest rates buoyed the bank’s margins and handed investors an additional buyback worth A$1 billion ($660 million) as well as a special dividend.

Australia's third largest lender by market value reported net profit attributable of A$6.99 billion ($4.61 billion) for the year ended Sept. 30, compared with A$7.20 billion reported last year and an LSEG estimate of A$6.50 billion.