CBA has announced a 20% rise in cash NPAT, resulting in a $1.4 billion rise in profits and a total profit of $8.7 billion.
Australia’s biggest bank announced the results to the ASX early this morning. It is already by far the biggest company listed on the stock exchange and prices spiked yet further, reaching an all time high of 106c.
The bank put its success down to the burgeoning post-COVID economy – the results are dated to before the current lockdowns, having been filed at the end of June – and better operational performances.
Notably for the broker channel, those better operational performances may well include having onshore processing for loans throughout the pandemic, which allowed CBA to keep turnaround times lower than other major lenders.
“We are focused on continuing to make progress on our more ambitious strategy – building tomorrow’s bank today for our customers,” said CBA CEO Matt Comyn.
“Reimagining banking through new products and partnerships that will support our customers and help build Australia’s future economy, while focused on disciplined execution and investing in digital and technology capability.”
“We are prepared for a range of different economic scenarios and are well placed to support our customers.”
“We’re committed to new and ongoing support measures for those most impacted by COVID-19 and other events. We will continue to work closely with our retail and business customers to understand their needs.”
“Looking ahead, we anticipate ongoing economic impacts and earnings pressure from lower interest rates,” continued Matt Comyn in his statement to the ASX.
“We will continue to invest in the business to reinforce our product offering to our retail and business customers and extend our digital leadership.”
“Through disciplined execution and our people’s care and commitment, we will continue to deliver for our customers, community and our shareholders as we build tomorrow’s bank today.”
