Commonwealth Bank of Australia (ASX:CBA) Announces 8% Profit Increase and Interim Dividend
Financial Performance
Commonwealth Bank of Australia reported a 4% increase in revenue from ordinary activities, reaching $14,098 million. The net profit after tax attributable to equity holders rose by 8% to $5,134 million, demonstrating the bank’s resilience amidst a challenging economic backdrop.
Dividend Declaration
The bank has declared an interim dividend of 225 cents per share, fully franked. The record date for determining entitlements to the dividend is set for 20 February 2025.
Executive Comments
CEO Matt Comyn stated, “It has been another challenging period for many of our customers and we have maintained our focus on proactive engagement to offer a range of support options. This has included improved access to hardship assistance, delivery of money management tools for greater visibility of finances, and tailored payment arrangements for those customers most in need of support.
Through supporting our customers and investing in our franchise, we have been able to deliver solid results for our shareholders, despite the weaker economic backdrop. Our consistent financial performance demonstrates our disciplined operational and strategic execution, and the bank’s deep customer relationships that help us understand needs and risks and deliver superior digital experiences. Our balance sheet settings remain strong, with surplus capital and conservative funding, provisioning and interest rate risk settings. This enables us to support our customers, while lending to productive parts of the economy to stimulate economic growth. We will continue to invest in our franchise, including to protect our communities against fraud, scams, and financial and cyber crime. We aim to provide strength and stability through economic cycles, while maintaining the capacity to deal with macroeconomic and geopolitical uncertainties. Millions of Australians continue to benefit from our focus on strong and sustainable returns, and we have declared an interim dividend of $2.25 per share, fully franked.”
Motley Fool contributor Matt Burgess has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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