CBA has announced it will slash its dividend as profits fell 11 per cent and loan-loss provisions rose.
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.
A former AMP financial adviser has called on advisers in the buyer of last resort class action against AMP to “ensure ...
The Financial Services and Credit Panel has made its latest ruling over a case involving an incorrect statement of ...
The head of the FSC says the corporate regulator is sending mixed messages to the financial advice and superannuation ...
Never miss the stories that impact the industry.
Get the latest news! Subscribe to the ifa bulletin