Commonwealth Bank of Australia
(ASX:CBA) has generated a record profit of $7.1 billion in the 2012 financial year. The bank’s result grew by 11 per cent over the year, boosted by spending cuts and a fall in provisions for bad debt.
Cash profit after tax, excluding one-offs and non-cash accounting items, rose by 4 per cent over the year to $7.113 billion. Revenue came in 2 per cent higher at $47.2 billion.
CEO Ian Narev has described the result as good given the uncertain operating environment and says the bank will retain conservative business settings given the present uncertainty.
An interim fully franked dividend of $1.97 per share has been declared, taking the full year payout to $3.34 per share, fully franked.
