Commonwealth Bank posts $9.8 billion yearly profit

That formidable number was nonetheless down on the past year, and three per cent down on profits for the first half of this financial year.

In a release, the bank attributed the drop in profits to lower lending and deposit margins driven by increased competition.

Inflation also lifted operating expenses, the bank said.

Despite the lower profits, the board has declared a fully-franked final dividend of $2.50 a share, an increase of three per cent on 12 months ago, taking the total for the year to $4.65 a share.

Among the bank’s expenses has been an $800 million investment in security measures across the financial year.

CBA said it meant scam losses had fallen by 50 per cent.

The Australian-first NameCheck, which verified account-to-account payments, had alone prevented $410 million in mistaken payments and scams.

“Banks, telcos and social media companies need to work together to stop scammers and disrupt cyber and financial crime,” Comyn said.

“We’re helping to coordinate that approach. We’re also sharing our technology and intelligence with other organisations.”

The bank said it had also supported customers in need with 132,000 “tailored” payment schemes, while more than six million people can now access $2000 in credit with no interest or monthly fees.