Wed, 28 Sep 2022

SYDNEY, Aug. 10 (Xinhua) -- Australia's largest retail bank, the Commonwealth Bank of Australia (CBA), posted a cash net profit after tax of 9.595 billion Australian dollars (about 6.68 billion U.S. dollars) in its end of financial year results released on Wednesday.

The 11 percent jump in profits has represented the bank's best year in net terms since 2017, when the bank posted over 9.881 billion Australian dollars (about 6.87 billion U.S. dollars) in profits. 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 percent and 7.4 percent 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, Comyn said households and businesses were well positioned but the high inflation and a rapidly increasing cash rate have brought some impacts.

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