Commonwealth Bank see cash profit for the year down 4.7% to $8.49b

Company News

by Rachael Jones

The Commonwealth Bank (ASX:CBA) has reported an 8.1 per cent fall in its full year profit with statutory NPAT at $8.571 million.

Underlying cash profit was $8.5 billion, slightly below market expectations.

Chief Executive Officer, Matt Comyn says this year the bank has made progress on becoming a simpler, better bank.

They simplified their business through the sale of Sovereign, TymeDigital, Count Financial and Colonial First State Global Asset Management, and have announced their exit from aligned advice.

The full year dividend was flat at $4.31 a share.

Shares in Commonwealth Bank (ASX:CBA) closed 1.74 per cent lower at $79.80 yesterday.
 

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.