Commonwealth Bank rides home loan wave to record $10.25bn profit
Commonwealth Bank announced cash profits rose by 4 per cent through the year to June, with the banking giant benefiting from lowering bad debts and growth in its business loan sector.
The record result was largely in line with expectations.
In welcome news for households, CBA said loan impairments expenses had decreased, pointing to Aussies being able to make repayments on their home loan.
Commonwealth Bank chief executive Matt Comyn said even though the Australian economy remained subdued, he expected it to improve in the coming year.
'Despite global uncertainty, the Australian economy has remained resilient, with strong fundamentals including a healthy labour market, steady immigration and ongoing public sector investment.
CBA has declared a final dividend of $2.60 per share, fully franked, taking the business's dividend for the full year to $4.85.
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