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News > Commonwealth Bank reports 11% rise in 2022 annual profits to $6.7bn

Commonwealth Bank reports 11% rise in 2022 annual profits to $6.7bn

Thursday 11 August 2022

CBA attributed the increase in increased profits to growth in operational performance and volume in core businesses, along with strong credit quality and the reduction of provisions related to impacts of the Covid-19 pandemic.

Commonwealth Bank of Australia (CBA) has reported a net profit of A$9.6bn ($6.7bn) for the full year ended 30 June 2022, an 11% increase compared to A$8.6bn ($6bn) for the prior year.

The bank reported a net interest income of A$19.4bn for the 12 months ended 30 June 2022, a 1% increase compared to A$19.3bn for the year 2021.

CBA reported a net profit before tax of A$13.6bn for the full year ended 30 June 2022, an 11% rise compared to A$12.2bn for the previous year.

The company’s total operating expenses for the reported period were A$11.6bn, an increase of 2% compared to A$11.3bn for 2021.

CBA attributed the increase in cash profits to operational performance and volume growth in core businesses, along with strong credit quality and the reduction of provisions related to impacts of the Covid-19 pandemic.