The CEO of the nation’s biggest bank conceded that many households are feeling a “significant strain” after nine rate hikes, as it posts a profit of $5.15 billion.
The massive profit comes after the Commonwealth Bank passed on the Reserve Bank’s ninth consecutive rate hike of 25 basis points earlier this month.
This result by the nation’s biggest bank is nine per cent higher from the same period the year prior. Shareholders will also receive an interim dividend of $2.10 per share, up 35 cents from the previous time.In his outlook Chief Executive Matt Comyn noted that households across the nation are feeling “significant strain” from the nine consecutive rate hikes in addition to rising costs of electricity and other costs.
“Supporting our customers through rising rates and higher cost of living remains a priority and aligns with our purpose to build a brighter future for all,” he said. “We are providing personalised support, flexibility and financial assistance for our customers who need it.”
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