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Commonwealth Bank Of Australia FY Profit Rises; To Buy Back A$6 Bln Of Shares

Commonwealth Bank of Australia (CBA.AX) reported that its net profit attributable to equity holders of the Bank for fiscal year 2021 rose to A$10.18 billion or 539.7 cents per share from A$9.59 billion or 521.0 cents per share last year.

Cash net profit after tax from continuing operations increased 19.8% to A$8.65 billion from the previous year, due to an improvement in economic conditions and outlook resulting in a lower loan impairment expense and a strong contribution from volume growth in all core markets.

Net interest income grew to A$18.84 billion from A$18.61 billion last year. Other banking income was A$5.27 billion up from A$5.00 billion in the prior year.

Revenues from ordinary activities were A$24.41 billion up 2% from the previous year.

Looking ahead, the company anticipates ongoing economic impacts and earnings pressure from lower interest rates.

Based on a pay-out ratio of 71 per cent of cash profit, the Board determined a final dividend of A$2.00 a share, taking the total for the year to A$3.50 a share fully franked.

In addition, Commonwealth Bank of Australia has announced a A$6 billion off-market buy-back of shares following the divestment of a number of businesses. The Buy-Back will be conducted by way of an off-market tender process which will open on Monday, 30 August 2021 and close on Friday, 1 October 2021.

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