CBA profits rise to $10.25b, dividend rises
Delivering the full-year results on Wednesday, chief executive Matt Comyn said economic conditions had improved for many of its customers during the year, as household incomes rose due to interest rate cuts, tax cuts and lower inflation.
'Pleasingly, many households have seen a rise in disposable incomes due to the recent relief from reduced interest rates, lower inflation and tax cuts,' Comyn said.
'Despite global uncertainty, the Australian economy has remained resilient, with strong fundamentals including a healthy labour market, steady immigration and ongoing public sector investment,' Comyn said in a statement.
'Even though sentiment remains subdued, we expect economic growth to improve modestly as the year progresses.'
CBA's full-year result on Wednesday said the bank would raise its second-half dividend to $2.60 a share, after its profits grew due to growth in its core business of lending and taking deposits, and lower charges for impaired loans.
The bank's net interest margin - which compares the cost of funding with what it charges for loans - was higher compared with the 2024 financial year, but flat in the June half compared to the December half.
The result is virtually in line with analyst forecasts for CBA's cash profits to hit $10.26 billion for the year.
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