Australia's largest lender Commonwealth Bank on Wednesday posted a 16 percent rise in first-half net profit to Aus$4.21 billion (US$3.80 billion), with all of its businesses delivering a strong performance.
The bank's result for the six months to December 31 was up from Aus$3.66 billion in the same period the previous year.
Its cash profit, a measure often preferred by financial institutions, jumped 14 percent to Aus$4.27 billion.
Chief executive Ian Narev said the strong result again demonstrated the benefits of the bank's long-term strategic priorities, which he defined as "people, technology, strength and productivity".
"All of our businesses have performed well," he said.
"We have strengthened our focus on enhancing the financial well-being of our customers and have used our leading technology platform to deliver innovative products and services to business and personal customers.
"The strong revenue growth we have achieved, in what has been a period of relatively subdued economic activity, demonstrates the success of our commitment to meeting the needs of our customers."
He added that the bank was "cautiously optimistic" about the economic environment in the year ahead, although he warned that volatility in global markets continued to supress business confidence.
But with growth forecasts for developed economies improving, consumer spending over the holiday season higher than last year and corporate balance sheets remaining strong, the outlook was positive.
"We will stick to our proven strategy, and maintain business settings that reflect both the risks and the opportunities of this economic environment," Narev said.
The lender declared an interim dividend of Aus$1.83, a 12 percent increase from the same period in the previous year.
Australia’s largest lender Commonwealth Bank on Wednesday posted a 16 percent rise in first-half net profit to Aus$4.21 billion (US$3.80 billion), with all of its businesses delivering a strong performance.
The bank’s result for the six months to December 31 was up from Aus$3.66 billion in the same period the previous year.
Its cash profit, a measure often preferred by financial institutions, jumped 14 percent to Aus$4.27 billion.
Chief executive Ian Narev said the strong result again demonstrated the benefits of the bank’s long-term strategic priorities, which he defined as “people, technology, strength and productivity”.
“All of our businesses have performed well,” he said.
“We have strengthened our focus on enhancing the financial well-being of our customers and have used our leading technology platform to deliver innovative products and services to business and personal customers.
“The strong revenue growth we have achieved, in what has been a period of relatively subdued economic activity, demonstrates the success of our commitment to meeting the needs of our customers.”
He added that the bank was “cautiously optimistic” about the economic environment in the year ahead, although he warned that volatility in global markets continued to supress business confidence.
But with growth forecasts for developed economies improving, consumer spending over the holiday season higher than last year and corporate balance sheets remaining strong, the outlook was positive.
“We will stick to our proven strategy, and maintain business settings that reflect both the risks and the opportunities of this economic environment,” Narev said.
The lender declared an interim dividend of Aus$1.83, a 12 percent increase from the same period in the previous year.
