Commonwealth Bank reveals huge leap in yearly profits, up 12 percent to $8.68bn

Commonwealth Bank has revealed a huge leap in yearly profits, up 12 percent to $8.68bn.

The performance comes as the bank continues to wrestle with the scandal of poor financial planning advice it gave to some customers.

The cash profit, which reflects underlying performance, is above analysts’ expectations of $8.63bn.

“This result benefits a wide range of stakeholders and we are proud of the role we have continue to play in building a strong Australia,” said Group Chief Executive Officer Ian Narev today.

The bank lifted its fully-franked final dividend 18 cents to $2.18, taking its full year dividend pay out to $4.01, a 10 per cent increase.

Just last month Mr Narev apologised unreservedly to customers who lost money in the financial advice scandal and launched a program of compensation.