Commonwealth Bank profit dips to $9.5b, raises dividend
Australia's biggest bank made a profit of almost $10 billion in the past financial year. Photo: AAP
Commonwealth Bank made a $9.5 billion statutory profit in 2023/24, down six per cent from a year ago, but is raising its dividend.
Its cash net profit after tax for the 12 months to June 30 was $9.8 billion, down two per cent from 2023/24.
CBA will pay a $2.50 fully franked dividend, taking its full-year dividend to $4.65 per share, up three per cent from a year ago.
CBA said on Wednesday its net interest margin was 1.99 per cent, down eight basis points from 2023/24, largely due to the impact of competition and deposit switching. Margins stabilised during the second half of the year.
“Our results demonstrate our continued focus on supporting our customers, our disciplined operational and strategic execution, and the strength of our balance sheet,” CBA chief executive Matt Comyn said.
-AAP
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