The Commonwealth Bank of Australia (CBA) reported its financial results for the half year ended December 31, 2023, showcasing a mix of challenges and strategic responses.
Statutory Net Profit After Tax (NPAT) was $4,837 million, a decrease of 8% compared to the previous corresponding period, reflecting the impact of flat operating income, higher operating expenses, and a lower loan impairment expense.
Cash NPAT also saw a decrease, down 3% to $5,019 million. Despite these challenges, CBA announced an interim dividend of $2.15 per share, fully franked, which represents a payout ratio of 72% of cash NPAT.
The bank's performance was influenced by competitive pressures, cost inflation, and a lower contribution from its New Zealand operations. Nonetheless, CBA maintained a strong capital position with a CET1 Capital ratio of 12.3%, ensuring its resilience and capacity to support customers and deliver long-term sustainable returns.
THIS POST WAS BASED ON THE FACTS OF THE ASX ANNOUNCEMENT 14/2/2024