CBA prospers from rates environment, increases buy-back

Mike Taylor

Managing Editor/Publisher, Financial Newswire

15 February 2023

Remediation costs continue to weigh on the Commonwealth Bank but rising interest rates have been kind, resulting in a solid first-half result with statutory net profit up 10% to $5,261 million.

The directors declared an interim dividend of $2.10 per share fully franked.

Commenting on the result, Commonwealth Bank chief executive, Matt Comyn attributed it to strategic focus and volume growth.

He said higher interim cash profits were the result of volume growth and the recovery in the bank’s margins as cash rate rise from historic lows.

At the same time s pointing to the $2.10 interim dividend, Comyn said the bank was continuing its long-term approach to capital management by announcing an intention to increase its on-market share buy-back by an additional billion.