CBA shares rise on better-than-expected profit
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More news: Commonwealth Bank shares rose more than 2% to $104.32 in early trading on the ASX after Australia's top lender reported a better-than-expected cash profit of $10.16 billion. The lender also lifted its final dividend to $2.40 a share from $2.10 a year ago and announced a share buyback of up to $1 billion during the current year.
Commonwealth Bank lifts full year profit to $10.2 billion
The news: Commonwealth Bank of Australia has lifted its full year profit after expanding margins in a rising interest rate environment.
The numbers: Cash profit for the year to June 30 rose 6% from a year ago to $10.16 billion, ahead of analysts expectations. Statutory net profit was up 5% to $10.2 billion. The bank said its net interest margin rose 17 basis points from a year earlier to 2.07%.
The context: Australia’s top lender benefited from rising interest rates but has warned there are signs of downside risks building in the economy as high interest rates and cost of living pressures become a financial strain for customers. The bank also announced it would expand its on-market share buyback by another $1 billion.
The source: ASX announcement
