Commonwealth Bank
(ASX:CBA) has announced it earned a record profit of $9.45 billion for FY2016.
Australia’s largest bank says its flagship consumer and small business lending arm contributed to its strong profit growth.
The bank says its earnings rose 3%, despite a large increase in bad debts, stiff margin pressure and slower conditions in the second half of the year. Bad loans increased by 27% to $1.25 billion.
Regardless, the bank has declared a final dividend of $2.22 per share.
