CBA’s cash NPAT up

CBA NPAT Matt Comyn

17 November 2021
| By Oksana Patron |
image
image
expand image

Commonwealth Bank of Australia (CBA) has reported its cash net profit after tax (NPAT) of approximately $2.2 billion in 1Q22, which was 20% higher than in the same period last year, but 9% lower than 2H21, due to benefitting from the release of collective provisions.

In an announcement made to the Australian Securities Exchange (ASX), it said it expected the sale of a 55% interest in Colonial First State (CFS) to be completed in the second half of calendar year 2022, subject to regulatory approval.

The remediation costs in 2H21 stood at $333 million pre-tax and included $177 million of additional provisions for historical aligned advice remediation issues and associated program costs, and $156 million of banking and other wealth related customer remediation and other litigation provisions.

The operating expenses were reduced by 1% thanks to lower remediation costs, however after excluding remediation costs, expenses were 3% higher due to higher staff costs from lower annual leave usage, increased staffing levels in response to higher volumes and additional days in the quarter.

The operating performance was flat on the 2H21 quarterly average and 2% higher than 1Q21.

CBA’s chief executive, Matt Comyn, said the bank successfully completed a $6 billion off-market share buy-back.

“Strong demand meant the offer was significantly oversubscribed, representing one of the largest ever tenders into a share buy-back in Australia,” he said.

“Though the buy-back and dividends, the bank has returned over $12 billion to shareholders in the past 12 months.”

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

Interesting. Would be good to know the details of the StrategyOne deal....

4 days 5 hours ago

It’s astonishing to see the FAAA now pushing for more advisers by courting "career changers" and international recruits,...

3 weeks 2 days ago

increased professionalism within the industry - shouldn't that say, FAR register almost halving in the last 24 months he...

4 weeks 1 day ago

Insignia Financial has made four appointments, including three who have joined from TAL, to lead strategy and innovation in its retirement solutions for the MLC brand....

2 weeks 4 days ago

A former Brisbane financial adviser has been charged with 26 counts of dishonest conduct regarding a failure to disclose he would receive substantial commission payments ...

3 days 3 hours ago

Pinnacle Investment Management has announced it will acquire strategic interests in two international fund managers for $142 million....

2 days 6 hours ago