The CBA has recorded a $7.3 billion full year cash net profit after tax (NPAT), down 11.3% as it counts the cost of COVID-19.
The fall in NPAT is being blamed on extra loan impairmants with CEO Matt Comyn saying the bank anticipates lower credit growth and lower interest rates.
CBA’s net interest margins also fell slightly due to lower interest rates.
Dividends are expected to be reduced from $2.31 to 98 cents as a result:
Leith van Onselen is Chief Economist at the MB Fund and MB Super. Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.
Latest posts by Leith van Onselen (see all)
- Weekend Reading: 19-20 September 2020 - September 19, 2020
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