Commonwealth Bank Reports $10.9 Billion Full-Year Net Profit

The Commonwealth Bank of Australia reported a statutory full-year net profit of $10.9 billion, marking a seven percent increase from the previous year. Revenue also rose seven percent to $30.2 billion. The bank achieved growth at or above the system average across all five core domestic product categories, a milestone not reached by any major Australian bank in 15 years.

Chief Executive Matt Comyn noted that while the Australian economy remains resilient due to low unemployment, growth is slowing. He attributed this trend to inflation and high interest rates placing pressure on household budgets. This financial performance comes as the housing market softens following federal government changes to capital gains tax concessions and negative gearing.

Meanwhile, the Reserve Bank of Australia maintained interest rates for a second consecutive meeting. Economists have characterized this decision as a hawkish hold, suggesting a bias toward future rate hikes.