Australia’s largest bank, The Commonwealth Bank (ASX:CBA) has reported its net cash profit after tax (NPAT) (continuing operations incl. one-offs) fell by about 4.8 per cent on financial year 17 to $9.2 billion for the 2018 financial year.
The result missed UBS expectations of $9.55 billion.
Taking out one-off items such as the AUSTRAC civil penalty, net profit was actually up 3.7 per cent to just over $10 billion.
The company declared a final dividend of $2.31, slightly beating UBS’ expectations, making a full year dividend of $4.31 per share, up 2 cents on the previous financial year.
The bank’s operating income increased by 2.6 per cent to $25.9 billion.
Meantime CBA’s net interest margin was up 2.15 per cent or 5 basis points.
CEO, Matt Comyn says despite challenges the fundamentals of the business have remained strong, with performance supporting a higher dividend for shareholders.
Shares in the Commonwealth Bank (ASX:CBA) closed about 0.91 per cent lower to $72.89 yesterday.