CANBERA (dpa-AFX) - Commonwealth Bank of Australia (CBA.AX) reported that its net profit after income tax for the year ended 30 June 2024 declined to A$9.394 billion from last year's A$9.998 billion, with earnings per share declining to 557.8 cents from 578.7 cents in the previous year.
'The Australian economy remains resilient with low unemployment, continued private and public investment, and exports supporting national income. Higher interest rates are slowing the economy and gradually moderating inflation. Australia remains well positioned but downside risks continue around productivity, housing affordability, as well as ongoing global uncertainty,' said Chief Executive officer, Matt Comyn.
Annual cash net profit after tax from continuing operations decreased A$236 million or 2% on the prior year to A$9.836 billion. The result was driven by flat operating income, a 4% increase in operating expenses and a A$306 million decrease in loan impairment expense.
Annual net interest income was A$22.82 billion down from A$23.06 billion in the prior year.
The final dividend determined was A$2.50 per share, bringing the total dividend for the year ended 30 June 2024 to A$4.65, an increase of 15 cents compared to the prior full year dividend. The final dividend will be paid on or around 27 September 2024 to owners of ordinary shares at the close of business on 22 August 2024 (record date).
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