Commonwealth Bank announces record cash profit
The Commonwealth Bank. (AAP) AAP
Commonwealth Bank has reported a three percent boost in its full-year cash profit to $9.45 billion.
The figure is largely in line with expectations and analysts are projecting next year the bank could top the $10 billion mark.
The record results were mainly driven by strong growth in home loans.
The country’s biggest bank holds 25 percent market shares of home loans.
The banks statutory profit for the 12 months to June 30 was up two percent at $9.2 billion. Its loan impairment expense jumped 27 percent from a year ago to $1.26 billion, largely due to exposures to the resources, commodity and dairy sectors.
Retail banking was the strongest division, with cash profit rising 11 percent to $4.44 billion.
The bank will pay a final dividend of $2.22 a share.
The announcement is likely to set off anger from customers, after the bank failed to pass on last week’s interest rate cut.
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