Commonwealth Bank CEO Matt Comyn says the bank’s record full-year profit of $10.2 billion illustrates “the support they are able to provide customers.”
CBA recorded a statutory net profit after tax of $10.188 billion for the fiscal year ending June 30, up 5% from the previous year.
It demonstrated “the important role the Commonwealth Bank plays in providing strength and stability to the economy,” according to Comyn.
“While most of our customers are well-positioned, we are seeing more people access their savings buffer,” Comyn added.
“We recognise that some customers are having a difficult time in the current environment.”
“We are proactively assisting customers in need by contacting customers who have exited fixed-rate mortgages to discuss options, as well as providing flexibility and financial assistance to those who require it.”
This year, Comyn will earn $10.4 million in salary and bonuses.
The bank announced a 17 percent increase in dividends to $4.50 per share for shareholders.
Profit is up 5% over the previous fiscal year.
According to Equifax research, debtors who are 30 to 89 days behind on their payments have increased by 33% across all lenders.
Comyn acknowledged the additional costs for the bank’s clients in a market statement this morning, but maintained that this year’s good result will give the bank “resilience” for the coming year.
“Our results demonstrate our continued focus on supporting our customers, investing in our communities, and providing strength and stability for the broader economy,” he said.
“Dealing with rising cost of living pressures has been an increasingly difficult period for our customers.”
“Our balance-sheet resilience enables us to support our customers while also providing shareholders with long-term returns.”
