Commonwealth Bank reports $8.7 billion cash profit

The Commonwealth Bank has reported an $8.7 billion dollar cash profit – up by almost 20 per cent on last year.

The bank’s business lending portfolio grew by $11 billon, marking a growth of 8 per cent.

Shareholders are the biggest winners with the bank paying $3.50 per share dividend with the CBA also announcing it will return $6 billion to shareholders via an off-market share buy-back.

CBA’s CEO Matt Comyn welcomed the latest developments, saying: "As the past 18 months have shown, Australia has a very strong stable and secure financial system".

"This includes well capitalised and strong banks like the Commonwealth Bank, which have helped the country through the worst pandemic in living memory."