CBA's record FY cash profit beats expectations
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Commonwealth Bank of Australia (CBA) has posted a strong lift in full-year cash profit and remains confident of the group's ability to meet customers needs when the economy rebounds.
In the year to June 30, CBA posted cash profit of $7.819 billion, a 10% lift on the $7.113 billion recorded in 2012 and significantly above the $7.6 billion consensus forecasts.
Net profit in the same period was $7.677 billion, an 8% increase on the previous year's $7.090 billion.
CBA announced a fully-franked final dividend of $2.00, payable on October 3 to shareholders on the register at August 23.
Combined with the group's interim dividend of $1.64, CBA's total dividend for the year was $3.64, a 9% increase on the previous year.
Narev confident of year ahead
CBA chief executive officer Ian Narev said the lender's outlook for the global economy remained similar to six months ago.
"Our primary areas of economic focus are the level of confidence of Australian business and households, the impact of economic conditions in China on the demand and price for resources, the value of the Australian dollar and the resultant impact on export-sensitive parts of the Australian economy and the stability of funding markets.
"Indicators relating to all of these factors have been mixed over the past six months, and we expect that to remain the case in the near term.
Mr Narev said he expects competition to remain strong in all the lender's businesses, both from traditional financial services competitors and new technology-enabled business models.
"So overall, we believe that the underlying conditions for our business in the 2014 financial year will be similar to those we have experienced in the recently completed year," he said.
"However, we are well positioned to meet the needs of our customers should the economy rebound more quickly than anticipated."
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