CBA’s cash net profit after tax was $7.2 billion, down 11 per cent on FY19. The bank also increased its loan impairment expense to $2.52 billion, inclusive of its $1.5 billion COVID-19 provision.
“The strength of our core banking businesses, combined with strong operational performance, has delivered good outcomes for our customers and shareholders – despite the challenges presented by lower interest rates and COVID-19,” said chief executive Matt Comyn.
CBA’s final dividend will be 98 cents, bringing its full-year dividend to $2.98 – down 31 per cent from FY19.
More to come.
Disappointing headline guys. $7.2bn profit? 11% down in current environment and it’s a plummet?
Compare it to previous rates of change and consider the forthcoming based on economic data. Also consider bank margins are the slimmest they’ve been in 20-30 years.