Money
Australia’s CommBank splashes cash to investors as profits jump
Australia’s Commonwealth Bank has announced a $6 billion share buyback and dividend hike following a jump in profits
The banking giant’s profits rose by a fifth from last year’s pandemic-affected levels.
CommBank on Wednesday delivered full-year cash profits of $8.65 billion – that’s a a 20 per cent annual increase.
Australia’s biggest bank has become latest financial firm to return some of its excess capital to shareholders.
CBA will launch a $6 billion share buyback, saying it was well-placed to support customers while returning excess capital.
In a sign of the board’s relative optimism on the economy, it lifted the final dividend to $2, up from 98c last year, at a time when dividends were capped by the regulator due to coronavirus pandemic.
“The continuing strength of our businesses, combined with a focus on customer needs, digital engagement and consistent operational excellence has contributed to a strong financial result this year,”
chief executive OF COMMBANK Matt Comyn.
Australia’s banking giants reveal similar news
Competing banking firms, National Australia Bank (NAB) and ANZ Bank have also unveiled share buybacks in recent weeks.
Lenders are right now holding billions of dollars more in capital than required by regulators, following asset sales and last year’s moves to retain earnings.
The Commonwealth Bank’s profits were driven sharply higher by a $554 million fall in its charges for impaired loans – a benefit that goes straight to the bottom line.
Money
France receives lowest credit rating due to crisis
France’s credit rating downgraded to record low amid political and fiscal crisis, raising concerns over debt and stability
France’s credit rating downgraded to record low amid political and fiscal crisis, raising concerns over debt and stability
– Fitch Ratings downgraded France’s credit rating to A+, citing political instability and fiscal challenges.
– New Prime Minister Lecornu must secure budget approval amidst rising deficit and potential no-confidence vote.
Fitch highlighted political instability as a key factor undermining fiscal reforms, with France’s debt now at €3.3 trillion, or 113.9% of GDP.
The budget deficit increased to 5.8% of GDP and is expected to rise, posing challenges ahead.
Political Instability
The new prime minister faces a divided parliament and must secure budget approval by October 7.
The far-left plans a no-confidence vote against Lecornu, complicating further cooperation on legislative reforms, with S&P Global hinting at a potential downgrade.
Money
ANZ job cuts spark banking clash
ANZ plans to cut 3,500 jobs, sparking debate on the future of Australia’s banking sector and employment dynamics.
ANZ plans to cut 3,500 jobs, sparking debate on the future of Australia’s banking sector and employment dynamics.
ANZ has announced plans to cut 3,500 staff and 1,000 contractors over the next year, triggering a fierce debate between business leaders, unions, and government about the future of Australia’s banking sector.
The decision raises wider questions about the resilience of the business community and the role of politics, productivity, and technology in shaping employment.
#ANZ #Banking #Jobs #Unions #Australia #Economy #TickerNews
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