Key facts
- Commonwealth Bank of Australia reported a 7% rise in full-year cash earnings.
- The bank's cash earnings for the year ended June 30 were A$10.98 billion.
- This result exceeded the Visible Alpha consensus estimate of A$10.85 billion.
- Strong home and business lending volumes and resilient credit quality drove the profit increase.
- The bank plans to increase investment in AI technology, including a partnership with OpenAI.
Commonwealth Bank of Australia (CBA) announced a 7% increase in its full-year cash earnings, reaching A$10.98 billion for the year ended June 30. This result surpassed the Visible Alpha consensus estimate of A$10.85 billion. The bank attributed the profit growth to strong volumes in home and business lending, alongside resilient credit quality.
In addition to its financial performance, Commonwealth Bank indicated plans to enhance its investment in artificial intelligence technology, including a new partnership with OpenAI, the pioneer behind ChatGPT. The bank's market capitalization and mortgage portfolio rank it as Australia's largest lender.