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CBA reveals profit jump to nearly $10 billion

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Commonwealth Bank of Australia has posted a robust rise in full-year profit, buoyed by strong home and business lending.

The country’s biggest lender on Wednesday reported cash profit of $9.59 billion for the year to June 30, an 11 per cent increase from the year earlier, ahead of analyst estimates.

Its statutory bottom-line result was up 9 per cent to $9.67 billion.

It will pay a fully franked final dividend of $2.10 per share, up from a $1.75 a share interim payment in the first half.

Chief executive Matt Comyn said the bank’s focus on strengthening customer engagements helped in growing its core deposit and lending volumes to retail, business and institutional customers.

“Our operating performance was higher as a result of this continued volume growth and profitability was further supported by sound portfolio credit quality,” he said in a statement.

-AAP

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