CBA’s net profit down 4.8% | Finance News Network

CBA’s net profit down 4.8%

Company News

by Anna Napoli

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.

 

Anna Napoli

Finance News Network
Anna joined FNN February 2018 and also works with Channel 7 as a freelance producer. Anna has also worked as a lawyer and lecturer. She has also presented news updates for interstate news with Southern Cross Austereo.