The Commonwealth Bank of Australia increases its annual net profit by 9%

The Commonwealth Bank of Australia increases its annual net profit by 9%

Sydney (Australia), Aug 10 (Globe Live Media).- The Commonwealth Bank of Australia announced this Wednesday that its net profit increased by 9% in the last fiscal year, between July 1, 2021 and June 30, until the 9,673 million Australian dollars (6,735 million US dollars or 6,593 million euros).

The Commonwealth Bank of Australia (CBA), the largest bank in Australia, also reported that its net liquid profit increased by 11% in those twelve months, compared to the previous fiscal year.

The net liquid benefit of the CBA – which excluded specific elements such as the sale of 10% of shares of the Bank of Hangzhou, amortizations and other costs – reached 9,595 million dollars (6,672 million US dollars or 6,536 million euros), the CBA, in a statement.

“The increase in net profit was supported by operating performance and volume growth in the main businesses, as well as by the solid quality of credit and the reduction of provisions related to the uncertainties associated with the impacts of the covid pandemic. -19”, according to the statement.

The CBA announced a final dividend of A$2.10 (US$1.46 or €1.43) per share, which is higher than the A$2 (about US$1.39 or €1.36 exchange rate). today) for fiscal year 2020-2021.

CBA Executive Director Matt Comyn explained that the bank’s key businesses and strategies changed significantly in the last fiscal year, which runs from July 1, 2021 to June 30, when the Australian economy began to recover after covid-19.

“However, many of our clients have been affected by devastating natural disasters and cost of living pressures, while global geopolitical tensions create uncertainties in financial markets,” Comyn said in the CBA statement.

Australia is facing the effects of high inflation, currently at 6.1%, due to factors such as the Russian invasion of Ukraine, global supply chain problems and rising interest rates, as well as flooding in the east coast of the oceanic country and the shortage of labor supply in various sectors due to the spread of the omicron variant.

Melissa Galbraith
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