(Adds details on results, background)
Aug 10 (Reuters) - Commonwealth Bank of Australia (CBA) posted its highest annual cash earnings in four years on Wednesday, as it rode a first-half surge in home lending amid record low interest rates and booked a loan impairment benefit as COVID-19 risks eased.
The results wrapped up a solid fiscal year in which CBA beat out rivals to home buyers when rates were ultra-low, before the central bank began tightening its policy which halted the surge in the real estate market seen last year.
The over 100-year old bank said cash net profit after tax was A$9.60 billion in the twelve months to June 30, compared with A$8.65 billion a year earlier.
Its net interest margin, a key measure of profitability, however, fell 18 basis points to 1.90% amid stiff competition in home lending and an increase in low-yielding liquid assets.
It declared a final dividend of A$2.10 per share, compared with A$2.00 last year.
News: CBA UPDATE 1-Australia's CBA profit hits 4-year high on first-half strength
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Last
$179.46 |
Change
-3.000(1.64%) |
Mkt cap ! $301.7B | |||
| Open | High | Low | Value | Volume |
| $181.50 | $181.60 | $179.24 | $44.47M | 246.6K |
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| No. | Vol. | Price($) |
|---|---|---|
| 5 | 72 | $179.44 |
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| Price($) | Vol. | No. |
|---|---|---|
| $179.46 | 198 | 8 |
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| CBA (ASX) Chart |