CBA attributed the increase in increased profits to growth in operational performance and volume in core businesses, along with strong credit quality and the reduction of provisions related to impacts of the Covid-19 pandemic
CBA reports increase in full year 2022 net profits. (Credit: Commonwealth Bank of Australia)
Commonwealth Bank of Australia (CBA) has reported a net profit of A$9.6bn ($6.7bn) for the full year ended 30 June 2022, an 11% increase compared to A$8.6bn ($6bn) for the prior year.
The bank reported a net interest income of A$19.4bn for the 12 months ended 30 June 2022, a 1% increase compared to A$19.3bn for the year 2021.
CBA reported a net profit before tax of A$13.6bn for the full year ended 30 June 2022, an 11% rise compared to A$12.2bn for the previous year.
The company’s total operating expenses for the reported period were A$11.6bn, an increase of 2% compared to A$11.3bn for 2021.
CBA attributed the increase in cash profits to operational performance and volume growth in core businesses, along with strong credit quality and the reduction of provisions related to impacts of the Covid-19 pandemic.
CBA chief executive officer Matt Comyn said: “Against many measures, Australian households and businesses are in a strong position given low unemployment, low underemployment, and strong non-mining investment.
“However, inflation is high and we have seen a rapid increase in the cash rate which is negatively impacting consumer confidence. We expect consumer demand to moderate as cost-of-living pressures increase.
“We remain of the view that the medium-term outlook for Australia is a positive one. Our purpose, to build a brighter future for all, reflects the role we play in supporting our customers and the domestic economy during periods of uncertainty.”
CBA’s Retail Banking Services division reported a net profit of A$4.9bn for the full year ended 30 June 2022, a 5% rise from A$4.7bn for the previous year.
Its Business Banking unit reported a net profit of A$3bn for the full-year ended 30 June 2022, a 6% increase compared to A$2.8bn for the full-year 2021.
The company’s Institutional Banking and Markets business reported a net profit of A$1.05bn for the 12 months ending 30 June 2022, a 13% rise compared to A$926m for the previous year.
The bank’s New Zealand operations reported a net profit of A$1.26bn for the full-year ended 30 June 2022, a 9% increase compared to A$1.19bn for the full-year 2021.