Commonwealth Bank of Australia (ASX:CBA) has generated a record first half net profit of $3.624 billion, gaining 19 per cent from the year before.
In the six months to the end of December 2011 CBA’s cash net profit rose 7 per cent to $3.567 billion.
The profits come just days after CBA hitched its standard variable mortgage rate by 10 basis points to 7.41 per cent, independent of the Reserve Bank of Australia’s (RBA) decision to keep rates steady.
CEO Ian Narev says the bank welcomes some positive signs of economic recovery but recognises that in times of uncertainty banks must remain cautious.
CBA has also stated today it has no plans to send jobs offshore or for major redundancy programs.
An interim dividend of $1.37 per share has been declared. Shares in Commonwealth Bank closed at $49.96 yesterday.
