News Karnataka
Tuesday, December 06 2022
Australia

Canberra: Australia’s largest retail bank posts surge in profits

Australia's largest retail bank posts surge in profits
Photo Credit : IANS
Canberra: The Commonwealth Bank of Australia (CBA), the country’s largest retail bank, posted a cash net profit after tax of A$9.595 billion ($6 billion) in its end of financial year results released on Wednesday.

The 11 per cent jump in profits has represented the bank’s best year in net terms since 2017, when the bank posted over A$9.881 billion in profits, reports Xinhua news agency.

It also showed a recovery from the pandemic as profits slumped across 2020 and 2021.

The bank’s margins were predominated by a jump in business and mortgage lending which grew by 13.6 per cent and 7.4 per cent, respectively.

CBA CEO Matt Comyn said the results reflected operational improvements to the bank despite the ongoing challenging economic environment.

“We have focused on strengthening our relationships with our customers, which resulted in further growth in our deposit and lending volumes to household and business customers,” Comyn said.

Commenting on the outlook of the national economy, he said households and businesses were well positioned but the high inflation and a rapidly increasing cash rate have brought some impacts.

Share this:
MANY DROPS MAKE AN OCEAN
Support NewsKarnataka's quality independent journalism with a small contribution.

How useful was this post?

Click on a star to rate it!

Average rating 0 / 5. Vote count: 0

No votes so far! Be the first to rate this post.

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Leave a Reply

Your email address will not be published. Required fields are marked *

Visit 7Jackpots and find the best online casinos in India! Play the most popular casino games for real money!

Find the best odds at 10Cric and ipl betting 2021! Signup today and get up to a 100% deposit bonus.

To get the latest news on WhatsApp