Commonwealth Bank Of Australia HY Profit Down, But Cash Profit Up

Commonwealth Bank of Australia (CBA.AX) reported that its net profit after income tax for the half year ended 31 December 2022 declined to A$5.15 billion from last year’s A$5.87 billion, with earnings per share decreasing to 294.8 cents from 323.6 cents in the prior year.

But net profit after income tax from continuing operations for the period rose to A$5.22 billion from A$4.74 billion in the prior year.

On a cash basis, net profit after tax from continuing operations was A$5.15 billion up 9% from the prior year, reflecting strong operational performance, a rising rate environment and higher loan loss provisioning.

On a cash basis, Operating income was A$13.59 billion, up 12% from the previous year, driven by volume growth in core products, a recovery in net interest margin, partly offset by a decrease in other operating income.

Net interest income for the period was A$11.64 billion up from A$9.75 billion in the previous year.

The bank expects business credit growth to moderate and global economic growth to slow during 2023. However, it remains optimistic that a soft landing for the Australian economy can be achieved and positive on the medium term outlook for Australia.

An interim dividend of A$2.10 per share was determined, an increase of 35 cents on the prior comparative period. The record date is 23 February 2023, the interim DRP participation date is 24 February 2023 and the interim dividend will be paid on or around 30 March 2023.

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