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Commonwealth Bank of Australia’s Annual Profit Rises 7%
Record cash earnings were driven by stronger home and business lending, while credit quality stayed resilient and the bank lifted its final dividend to $2.70.
- On Wednesday, Commonwealth Bank of Australia reported record full-year cash earnings of $11 billion, a 7% increase, and raised its final dividend to $2.70 per share.
- Growth across loan and deposit portfolios fueled the profit rise, with business lending gaining 9.6% and home lending increasing 5.8%, as CEO Matt Comyn noted CBA grew at or above system rates.
- CBA's technology focus was evident as daily digital logins surpassed 14 million and active app users exceeded 9.6 million, alongside 655,000 new retail transaction accounts.
- Despite overall growth, CBA flagged cooling demand in the housing market, reporting a 15% decline in home loan application volumes since May, including a 28% drop in investor applications.
- Comyn warned that economic growth will likely slow as households face cost-of-living pressures, though the bank remains committed to disciplined growth while maintaining a 12.0% CET1 ratio.
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Commonwealth Bank Posts Near $11 Billion Profit, Warns of Slowing Economy
Australia’s economy remains resilient but growth is slowing as higher interest rates and inflation continue to pressure household budgets, the nation’s biggest bank says, after delivering a massive annual profit. Commonwealth Bank of Australia has reported a statutory full-year net profit of $10.9 billion (US$7.7 billion), up 7 percent from the previous year, on a 7 percent boost in revenue to $30.2 billion. Cash net profit—its preferred measure…
·New York, United States
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Coverage Details
Total News Sources20
Leaning Left4Leaning Right4Center6Last UpdatedBias Distribution43% Center
Bias Distribution
- 43% of the sources are Center
43% Center
L 29%
C 43%
R 28%
Factuality
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