Commonwealth Bank boss Matt Comyn says executing strategic priorities and maintaining strong operational performance has paved the way for a successful FY25.
CBA told the market on Wednesday that its net cash profit rose by 4 per cent to $10.25 billion, while its statutory net profit rose by 7 per cent to $10.13 billion.
Following an early double-digit sized percentage hit to its share price, CBA shares closed trade on Wednesday down 5 per cent to $169.41.
It's daily range fluctuated between $177.70 and $167.43 per share.
The company said these results were supported by a variety of factors – including lending volume growth across its core businesses, a stable underlying net interest margin, along with lower loan impairment-based expenses.
CBA did note that these gains were ‘partially offset’ by raised operating expenses, courtesy of fast-tracked investment and inflation.
Along with its net interest margin rising by 9 basis points from the prior corresponding period to 2.08 per cent, the CBA board also declared a final dividend of $2.60 per share – meaning the overall FY25 dividend reached $4.85 per share, fully franked, a boost of 4 per cent from FY24.
“Despite global uncertainty, the Australian economy has remained resilient, with strong fundamentals including a healthy labour market, steady immigration and ongoing public sector investment,” Mr Comyn said.
“Even though sentiment remains subdued, we expect economic growth to improve modestly as the year progresses.
“We will play our part to help the nation prosper by lending to productive parts of the economy, advocating for national policy settings that help build a brighter future for all Australians and
maintaining conservative financial settings that ensure we are well prepared for a range of economic scenarios.”
