The Commonwealth Bank has posted a half-yearly net profit of $5.1 billion as chief executive Matt Comyn predicts further relief for households this year.
The figure is up from its previous half-yearly result of $4.8 billion and two per cent year-on-year, which the bank attributed to core business growth and lower loan impairment costs in an ASX announcement today.
The profit was partly offset by higher operating costs due to inflation and an increase in investment spending.
“Through supporting our customers and investing in our franchise we have been able to deliver solid results for our shareholders despite the weaker economic backdrop,” Comyn said.
The bank’s annual net profit after tax in 2024 was $9.4 billion.
The bank noted that its younger customers were making sacrifices as cost of living pressures continued to weigh on households.
Additionally, the private sector is experiencing weak growth, immigration is slowing and geopolitical uncertainties remain.
Despite the daunting economic backdrop, Comyn had an optimistic forecast for the year ahead after inflation fell inside its target range to 2.4 per cent in the December quarter.
“However underlying inflation is now moderating towards the target range and we expect Australia will follow offshore economies with an easing cycle starting in 2025,” he said.
“This should provide some relief to many households and improve business confidence.
“The strong labour market and level of ongoing public sector infrastructure spend also provide cause for optimism on the domestic economic outlook.”
