Commonwealth Bank of Australia has posted a statutory net profit after tax of $5.66bn for the year ended 30 June 2010, an increase of 20% compared to $4.92bn reported for the year 2009.

Commonwealth Bank of Australia posted a cash net profit after tax of $6.1bn for the year 2010, up 42% compared to $4.31bn in 2009.

Cash return on equity was 18.7%, up 370 basis points due to increasing profitability.

Retail banking services cash net profit after tax was $2.46bn, an increase of 17% compared $2.11bn in the prior year.

Business and private banking registered 21% growth in cash net profit after tax to $893m compared to $736m in 2009. Wealth management’s underlying profit after tax in 2010 increased 15% to $592m.

Commonwealth Bank of Australia group CEO Ralph Norris said that the company’s financial strength and the resilience of the firm’s business franchise have again delivered excellent outcomes for stakeholders.