CBA FY22 profits down, but dividend up
Bank announces 9.5 billion net profit, 6% decrease from previous year
Final dividend of 210 cents per share declared, taking total dividend for FY22 to 385 cents
The Commonwealth Bank of Australia (CBA) has announced a 9.5 billion net profit for the financial year 2022, a 6% decrease from the previous year. Despite the profit decline, the bank has declared a final dividend of 210 cents per share, taking the total dividend for FY22 to 385 cents.
The bank's statutory profit for the year was 95 billion, also a 6% decrease from the previous year. The bank's cash earnings, which exclude non-recurring items, rose 6.2% to 9.9 billion. The bank's net interest margin, a key measure of profitability, increased by 5 basis points to 1.91%.
CBA's chief executive officer, Matt Comyn, said the bank's performance in FY22 was "solid" in a challenging operating environment. "We delivered strong results across our core businesses, with disciplined expense management and a focus on customer service," Comyn said.
The bank's results were in line with analyst expectations. CBA is the largest bank in Australia by market capitalization and the country's largest mortgage lender. The bank's shares have fallen by around 10% in the past year.
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