Commonwealth Bank Profit Falls 6 Percent, Dividend Payout Increased

Published on August 14, 2024

Commonwealth Bank of Australia’s (CBA) statutory net profit after tax (NPAT), which includes one-time, exceptional items, fell 6 percent to $9.48 billion in fiscal 2024, attributed to lower lending and deposit margins. The company said the results were due to increased competition, lower deposit earnings from the competition, unfavourable portfolio mix primarily from customers switching to higher-yielding deposits, and increased wholesale funding costs. In terms of cash NPAT figures, it saw an overall decline of 2 percent to $9.84 billion (US$6.5 billion), while its retail banking services segment slid 4 percent to $5.36 billion. Moreover, business banking grew 4 percent to $3.77 billion and institutional banking and markets rose 5 percent to $1.1 billion....

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