Big bank records monster $10bn 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. CBA has announced a record profit. Photo: NewsWire/ Gaye Gerard Credit: News Corp Australia
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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15 minutes ago
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Big bank posts huge $10b profit, sees economic recovery
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The bank still provided 139,000 tailored payment arrangements to help customers manage their mortgages and consumer finance repayments over the year. The bank's operating expenses weighed in at $12.9 billion in the year to June 30, equating to a rise of six per cent. Higher operating costs were driven by inflation and a $900 million technology investment to fight scams and fraud activity. CBA is now sending ten times more alerts warning customers about suspicious transactions through its banking app. At the same time, its NameCheck technology has stopped $880 million worth of scam payments and is using nation-leading artificial intelligence bots to confront scammers on voice calls and WhatsApp chats. CBA will pay a $2.60 final dividend, taking its total payout for the year to $4.85 per share, up four per cent from a year ago. CBA shares ended at $178.80 at the close of trading on Tuesday. 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The Advertiser
17 minutes ago
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Another Chinese automaker drops an Australian distributor
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Before GWM distributed its own vehicles here, for example, they were sold by Ateco which also briefly handled the Chery brand. MORE: China's GAC confirms Australian launch date, plans BYD Shark rival MORE: BYD drops local importer EVDirect, will distribute vehicles in Australia itself Content originally sourced from: Chinese car brand GAC has cancelled a deal to distribute its cars in Australia through local company AGA Auto, stepping in to establish its own operations instead. It's the second Chinese manufacturer to take over Australian distribution this year following BYD's July 1 takeover from local company EVDirect. Guangzhou-based GAC sells petrol, hybrid and electric vehicles (EVs) in China, the Middle East, South America and Europe. As well as GAC-badged cars, it also sells cars under the Aion brand, GAC Trumpchi (only sold in China) and has a premium brand called Hyptec which it used to launch its stunning SSR electric supercar. CarExpert can save you thousands on a new car. Click here to get a great deal. A deal with Sydney-based AGA Auto to distribute cars in Australia was signed in 2022, but that has now been cancelled, with GAC set to enter Australia as a factory-backed operation after delays given the restructuring. "We have moved from a distributor-based model to an OEM direct-to-market approach, given hyper-competitiveness of the market," Jason Pecotic, GAC Australia chief operating officer (COO), told CarExpert. "The distributor is still part of the GAC fold, and we'll continue to work together with them running a number of dealers within our Australian network." Mr Pecotic became COO of GAC's local operation in April 2025 as the automaker geared up for an Australian launch, with AGA Auto CEO Charles Lau confirming the separation. "GAC and AGA have been undergoing background negotiation and handovers… and [AGA is] no longer the distributor for GAC Australia as GAC is looking to enter on an OEM operation," said Mr Lau. "We have other brands soon to be announced in due course and will keep you posted." Chinese automakers have taken over from local distributors in the past, and often gone on to enjoy greater success. Before GWM distributed its own vehicles here, for example, they were sold by Ateco which also briefly handled the Chery brand. MORE: China's GAC confirms Australian launch date, plans BYD Shark rival MORE: BYD drops local importer EVDirect, will distribute vehicles in Australia itself Content originally sourced from: Chinese car brand GAC has cancelled a deal to distribute its cars in Australia through local company AGA Auto, stepping in to establish its own operations instead. It's the second Chinese manufacturer to take over Australian distribution this year following BYD's July 1 takeover from local company EVDirect. Guangzhou-based GAC sells petrol, hybrid and electric vehicles (EVs) in China, the Middle East, South America and Europe. As well as GAC-badged cars, it also sells cars under the Aion brand, GAC Trumpchi (only sold in China) and has a premium brand called Hyptec which it used to launch its stunning SSR electric supercar. CarExpert can save you thousands on a new car. Click here to get a great deal. A deal with Sydney-based AGA Auto to distribute cars in Australia was signed in 2022, but that has now been cancelled, with GAC set to enter Australia as a factory-backed operation after delays given the restructuring. "We have moved from a distributor-based model to an OEM direct-to-market approach, given hyper-competitiveness of the market," Jason Pecotic, GAC Australia chief operating officer (COO), told CarExpert. "The distributor is still part of the GAC fold, and we'll continue to work together with them running a number of dealers within our Australian network." Mr Pecotic became COO of GAC's local operation in April 2025 as the automaker geared up for an Australian launch, with AGA Auto CEO Charles Lau confirming the separation. "GAC and AGA have been undergoing background negotiation and handovers… and [AGA is] no longer the distributor for GAC Australia as GAC is looking to enter on an OEM operation," said Mr Lau. "We have other brands soon to be announced in due course and will keep you posted." Chinese automakers have taken over from local distributors in the past, and often gone on to enjoy greater success. Before GWM distributed its own vehicles here, for example, they were sold by Ateco which also briefly handled the Chery brand. MORE: China's GAC confirms Australian launch date, plans BYD Shark rival MORE: BYD drops local importer EVDirect, will distribute vehicles in Australia itself Content originally sourced from: Chinese car brand GAC has cancelled a deal to distribute its cars in Australia through local company AGA Auto, stepping in to establish its own operations instead. It's the second Chinese manufacturer to take over Australian distribution this year following BYD's July 1 takeover from local company EVDirect. Guangzhou-based GAC sells petrol, hybrid and electric vehicles (EVs) in China, the Middle East, South America and Europe. As well as GAC-badged cars, it also sells cars under the Aion brand, GAC Trumpchi (only sold in China) and has a premium brand called Hyptec which it used to launch its stunning SSR electric supercar. CarExpert can save you thousands on a new car. Click here to get a great deal. A deal with Sydney-based AGA Auto to distribute cars in Australia was signed in 2022, but that has now been cancelled, with GAC set to enter Australia as a factory-backed operation after delays given the restructuring. "We have moved from a distributor-based model to an OEM direct-to-market approach, given hyper-competitiveness of the market," Jason Pecotic, GAC Australia chief operating officer (COO), told CarExpert. "The distributor is still part of the GAC fold, and we'll continue to work together with them running a number of dealers within our Australian network." Mr Pecotic became COO of GAC's local operation in April 2025 as the automaker geared up for an Australian launch, with AGA Auto CEO Charles Lau confirming the separation. "GAC and AGA have been undergoing background negotiation and handovers… and [AGA is] no longer the distributor for GAC Australia as GAC is looking to enter on an OEM operation," said Mr Lau. "We have other brands soon to be announced in due course and will keep you posted." Chinese automakers have taken over from local distributors in the past, and often gone on to enjoy greater success. Before GWM distributed its own vehicles here, for example, they were sold by Ateco which also briefly handled the Chery brand. MORE: China's GAC confirms Australian launch date, plans BYD Shark rival MORE: BYD drops local importer EVDirect, will distribute vehicles in Australia itself Content originally sourced from:
