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Australia’s CommBank splashes cash to investors as profits jump



Commonwealth Bank outage impacting millions

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.

Commonwealth Bank branch

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. 

Anthony Lucas is reporter, presenter and social media producer with ticker News. Anthony holds a Bachelor of Professional Communication, with a major in Journalism from RMIT University as well as a Diploma of Arts and Entertainment journalism from Collarts. He’s previously worked for 9 News, ONE FM Radio and Southern Cross Austerio’s Hit Radio Network. 

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