Commonwealth Bank Profit Falls 6 Percent, Dividend Payout Increased

The bank cited increased competition, lower deposit earnings from the competition, and unfavourable portfolio mix as among the reasons for the decline.
Commonwealth Bank Profit Falls 6 Percent, Dividend Payout Increased
People walk past a branch of the Commonwealth Bank in Melbourne, Australia, on Feb. 6, 2019. William West/AFP via Getty Images
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Commonwealth Bank of Australia’s (CBA) statutory net profit after tax (NPAT), which includes one-time, exceptional items, fell 6 percent to $9.48 billion in fiscal 2024, attributed to lower lending and deposit margins.

The company said the results were due to increased competition, lower deposit earnings from the competition, unfavourable portfolio mix primarily from customers switching to higher-yielding deposits, and increased wholesale funding costs.

Celene Ignacio
Celene Ignacio
Author
Celene Ignacio is a reporter based in Sydney, Australia. She previously worked as a reporter for S&P Global, BusinessWorld Philippines, and The Manila Times.
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