Commonwealth Bank of Australia CEO Matt Comyn says growth in new mortgages and business lending will slow abruptly later this year as the impact of higher rates is felt “unevenly” across the economy, after reporting a double-digit rise in full-year cash profit, belying the challenges ahead.
CBA boosted its final dividend to $2.10 fully franked per share after cash profit in the year ended June 30 rose 11 per cent to $9.6 billion, buoyed by growth in home and business lending and lower bad debts, even as interest rates started to rise.
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Ayesha de Kretser is a senior reporter with The Australian Financial Review covering the aviation and tourism sectors. She has previously reported on banking, mining and commodity markets. Connect with Ayesha on Twitter. Email Ayesha at ayesha.dekretser@afr.com.au
James Eyers writes on banking, payments and fintech. He is a former legal and investment banking editor at the AFR, has degrees in commerce and law from UNSW, and is co-author of Buy now, pay later: The extraordinary story of Afterpay Connect with James on Twitter. Email James at jeyers@afr.com.au
