Commonwealth Bank‘s cash profits rose 4 per cent to $10.25 billion for the year to June, as the banking giant benefited from growth in business loans and mortgages, while also posting lower bad debts.
Delivering the full-year results on Wednesday, chief executive matt Comyn said economic conditions had improved for many of its customers during the year, as household incomes rose due to interest rate cuts, tax cuts and lower inflation.
Matt Comyn said economic conditions had improved for many of its customers during the year, as household incomes rose due to interest rate cuts, tax cuts and lower inflation.Credit: Oscar Colman
“Pleasingly, many households have seen a rise in disposable incomes due to the recent relief from reduced interest rates, lower inflation and tax cuts,” Comyn said.
“Despite global uncertainty, the Australian economy has remained resilient, with strong fundamentals including a healthy labor market, steady immigration and ongoing public sector investment,” Comyn said in a statement.
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