Money

Australia’s CommBank splashes cash to investors as profits jump

Published

3 years ago

August 11, 2021

Anthony Lucas

Commonwealth Bank outage impacting millions

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

China has pledged to “significantly increase” debt to jumpstart its economy

Published

9 hours ago

October 14, 2024

ticker NEWS

Finance Minister Lan Foan announced plans to help local governments tackle debt, support low-income households, and boost the property market.

Investors have been urging such steps as China faces deflationary pressures and a sharp property market downturn.

However, no figure was provided for the stimulus package, leaving markets anxious about the strength and duration of the recovery effort.

Economists warn that this lack of clarity may prolong uncertainty until China’s legislature approves extra debt measures.

Concerns are rising that China may fall short of its 5% growth target, signalling deeper structural challenges ahead.

Leaders

Niche accountants proving essential to e-commerce success

Published

5 days ago

October 9, 2024

ticker NEWS

Expert explores the key benefits of partnering with accountants who specialise in niche industries.

In today’s fast-paced digital world, having an accountant who understands the intricacies of e-commerce can make all the difference in your business’s success.

Specialist accountants understand the specific needs of e-commerce businesses, helping to maximise tax savings, streamline operations, and improve financial health.

Niche accountants can identify opportunities to scale, optimise profit margins, and implement strategies that align with your business goals, ultimately drive growth.

Chris Rivera, Founder of The Ecommerce Accountants, joins to share his key insights into the industry.

#featured

Money

Amazon’s 2024 Prime Day expected to make huge impact on tech sector sales

Published

5 days ago

October 9, 2024

ticker NEWS

Market experts believe Amazon’s upcoming event will drive a surge in sales, benefiting Amazon’s stock and boosting consumer tech companies that sell through its platform.

Experts predict that a short-term rally in retail and tech stocks could be seen as revenue spikes.

Founder/CEO of Unearthing Opportunities, and Board Advisor to Power Hero, Bradley A Gastwirth joins to unpack the latest market moves. #featured #trending