Commonwealth Bank of Australia (ASX:CBA) has met expectations of a record full year result, posting a cash profit of $6.835 billion.
Cash profit excludes one-offs and non-cash accounting items.
The bank’s net profit also rose, gaining 13 per cent to $6.394 billion over the year.
CEO Ralph Norris has warned that on-going offshore instability continues to impact the domestic economy and has the potential to place further upward pressure on wholesale funding costs.
Mr Norris will retire in November and hand the reigns to CBA’s current head of private and business banking, Ian Narev.
The bank has declared a final dividend of $1.88 per share, up 11 per cent from the year before and bringing the full year payout to $3.20.
