Key highlights of FY24 results

Commonwealth Bank of Australia (ASX: $CBA) has reported a 6% increase in net profit after tax for the year ended 30 June 2024, reaching $9,481 million. The company declared a final dividend of $2.50 per share, fully franked, resulting in a full year dividend of $4.65. The results reflect the company's focus on supporting customers, disciplined operational and strategic execution, and the strength of its balance sheet.

Executive commentary on FY24 results and outlook

Chief Executive Officer, Matt Comyn, emphasized the company's continued focus on supporting customers, disciplined operational and strategic execution, and the strength of its balance sheet. He highlighted the company's efforts to support customers facing cost of living pressures and economic challenges, including providing hardship assistance and options to suspend mortgage repayments. Comyn also mentioned the company's commitment to deepening customer relationships and its strong loan loss provision coverage. Regarding the outlook, he acknowledged the resilience of the Australian economy but also highlighted downside risks around productivity, housing affordability, and global uncertainty. Comyn expressed the company's commitment to stimulating economic growth by lending to productive parts of the economy and investing in the franchise to bring its purpose to life.

Summary of FY24 results and outlook

Commonwealth Bank of Australia's FY24 results demonstrate a 6% increase in net profit after tax, reflecting the company's customer focus and disciplined execution. The company declared a final dividend of $2.50 per share, fully franked, resulting in a full year dividend of $4.65. The outlook acknowledges the resilience of the Australian economy but also highlights downside risks, to which the company aims to respond by stimulating economic growth and investing in its franchise. The company's efforts to support customers and businesses, contribute to communities, and generate value for shareholders are evident in its FY24 performance. With a strong balance sheet and focus on customer relationships, Commonwealth Bank of Australia aims to continue delivering sustainable returns and supporting economic growth.