CBA profit plummets

CBA’s cash net profit after tax was $7.2 billion, down 11 per cent on FY19. The bank also increased its loan impairment expense to $2.52 billion, inclusive of its $1.5 billion COVID-19 provision.

“The strength of our core banking businesses, combined with strong operational performance, has delivered good outcomes for our customers and shareholders – despite the challenges presented by lower interest rates and COVID-19,” said chief executive Matt Comyn.

CBA’s final dividend will be 98 cents, bringing its full-year dividend to $2.98 – down 31 per cent from FY19.

More to come.