The Commonwealth Bank has reported an 11% lift in full-year cash profit to $9.6 billion.
The increase in profits came despite a steep fall in net interest margin but CBA said it expected the margin to turn around as rates increase, as it passes more of the Reserve Bank rate rises through to borrowers than it does to savers.
?By focusing on serving our customers and maintaining disciplined operational and strategic execution, we have delivered a strong financial result for our shareholders,? said Chief Executive Officer Matt Comyn.
CBA shares were lower during the first hour of trading while the other major banks were higher.