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CBA reports strong profit growth, lifts dividend
Commonwealth Bank has reported a 23 per cent growth in its cash profit for the first half of 2022.
CBA reports strong profit growth, lifts dividend
Commonwealth Bank has reported a 23 per cent growth in its cash profit for the first half of 2022.
On Wednesday (9 February), the big four bank confirmed an interim cash profit of $4.7 billion, up 23 per cent on the first half of 2021, and increased its interim dividend by 17 per cent to $1.75 per share.
CBA reported a 12.2 per cent increase in household deposits to $36.9 billion in the 12 months to December 2021, alongside an 8.5 per cent jump in home lending to $40.4 billion.
Operating income was $12.21 billion, up 2 per cent, driven by continued core volume growth and improved volume-driven fee income, partly offset by reduced net interest margin.
CBA also reported a strong capital position with a CET1 capital ratio as at 31 December 2021 of 11.8 per cent.
“The strong capital position and our progress on executing our strategy mean that we are well placed to continue to support our customers, manage ongoing uncertainties and continue returning excess capital to shareholders,” CBA said.
Looking further forward, the big four said it expects a strong year in 2022 despite early challenges from the Omicron strain of COVID-19.
In a separate filing to the ASX, it confirmed plans to buy back up to $2 billion of its fully paid ordinary shares on-market, following a $6 billion off-market share buy-back in the first half.
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