Commbank reports $9.6b net profit

The Commonwealth Bank has turned in a strong full-year result reporting a 9% increase in net profit after tax to $9,673 million.

Announcing the full-year result to the Australian Securities Exchange (ASX) today, the bank said it had achieved the outcome by focusing on serving customers and maintaining disciplined operational and strategic execution.

The result saw the board declare an increased dividend of $2.85 per share fully franked.

Commenting on the result and looking over the horizon, CBA chief executive, Matt Comyn said the business was facing a challenging time, but remained optimistic that a path could be found to navigate economic conditions which included higher inflation and increasing interest rates which had impacted consumer confidence.