Commonwealth Bank of Australia (ASX:CBA) has boosted its interim payout and revealed better than expected profit growth.
The bank reported a first half cash profit of $4.27 billion on the back of revenue growth and a fall in bad debts in a low interest rate environment.
The result has exceeded analyst expectations of a $4.1 billion result and represents 14 per cent growth from the prior corresponding period.
CEO Ian Narev says while the bank is cautiously optimistic about the economic environment any improvements in economic activity in the next year will be gradual rather than dramatic.
The bank has rewarded shareholders by boosting its dividend by 12 per cent to $1.83 per share.
