Commonwealth Bank of Australia Posts Higher Annual Profit
Commonwealth Bank of Australia (OTC: CMWAY) reported a 13% rise in its annual earnings.
Its net profit jumped to 8.63 billion Australian dollars (US$8 billion) versus A$7.62 billion in the year-ago period.
CBA's full-year cash profit surged to A$8.7 billion ($8 billion), in line with estimates.
It also declared a final dividend of A$2.18 a share. Home lending increased 6.7% versus the industry average of 6.2%.
The bank's net interest margin widened 1 basis point to 2.14% in the year. Cash Return on Equity came in at 18.7%.
New impaired assets dropped by 21% in the fiscal year from the previous year. Customer deposits rose AU$34 billion to AU$439 billion.
Group Chief Executive Officer, Ian Narev said, “This result benefits a wide range of stakeholders, and we are proud of the role we have continued to play in building a strong Australia. During this financial year, we lent over $130 billion to Australian households and businesses, held $26 billion more deposits, and increased the investments we helped manage by over $20 billion.”
Commonwealth Bank shares gained 1.28% to close at $75.58 yesterday.
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