Commonwealth Bank’s Net Profit Drops to $5 Billion in First Half of 2023-24

Australia’s largest commercial bank has reported a drop in profit in the first half of the 2023-2024 financial year, citing the impact of inflation and challenging economic conditions. According to its latest performance report (pdf), the Commonwealth Bank of Australia (CBA) posted a cash NPAT (net profit after tax) of $5.02 billion (US$3.24 billion) between July 1 and Dec. 31, 2023. While the company’s revenue almost remained the same at $13.6 billion, its operating expenses were 4 percent higher ($6.01 billion) than the first half of the 2022-2023 financial year. During the six-month period, the bank’s staff expenses rose by 6 percent, occupancy and equipment expenses by 5 percent, and information technology expenses by 8 percent....